This is such an ongoing issue with my readers. I ran this post on my blog on August 09, 2010 and the topic continues to come up week after week on my Radio Show questions. Again this week: “Dan, I’m making $40,000 a year working for the state. How can I significantly increase my income?”
In challenging times I see people managing their money better. And I commend them on getting involved with Dave Ramsey’s Financial Peace University as thousands of you have done. But here’s an important principle — Not only is it important to manage your money better; it’s also important to realize that now is a great time to figure out how to make more money.
Wealth isn’t made by the hour – it’s made with ideas and a plan of action. If you make $15 an hour, you’re making $31,000 a year. A cost of living increase of 3-4% is not going to significantly change your financial position. Yes, you can do a great job and ask for a 10% raise each year and in 8 years you’ll double your income to $62,000. But that’s 8 years from now. And doubling your pay in an hourly position is not going to happen – unless you bring new skills to the table.
A better question is how can you make an extra $2600 a month starting now – to make that doubling of your income be a reality this next year? What would that do to your debt snowball? Here are some ideas to get your own thinking started:
• Mow 10 yards weekly at $60 each
• Spend $1300 on old silver at garage and estate sales; clean it up, know the market and double your investment selling on eBay
• Create a sports themed sticker package for golf carts and sell 100 at $26 each
• Buy a fixer-upper in this wild real estate market – do the repairs and make the entire $31,000 in one carefully orchestrated transaction
• Be the graffiti removal expert in your town. Get 10 contracts for $260 monthly to keep a building graffiti free
• Set up to sell kettle corn at local fairs, festivals, fund raisers and church events. Book 3 events a month were you could reasonably expect to net $850 each
• Explore the list of my 48 Low-Cost Business Ideas
Nothing here requires another degree or a waiting time. But making an idea work for you does require a break from a paycheck mentality. If you can do that, the sky is the limit in where your income can go – this year.
