How to increase income: TOP 10 ways + tips

On Oct 22, 2022

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Almost everyone wants to make more money. Moreover, this desire arises in any normal person, regardless of the income level of a businessman. How to increase income – we will tell in our article.

How to increase income – active profit

Active income is the profit that a person receives for their activities.

This is:

the salary;
side job;
freelancing;
IP;
private business.

But you should not stop at one source of income. You need to have a couple of sources of income, as well as enjoy the activities that a person is engaged in. But before increasing income, it is worth figuring out how to reduce costs.

Cost reduction

What should be done to reduce costs?

Start with savings. A person who wants to make a profit should first try to save. But not everyone likes to save money. Indeed, in this case, a person will have to abandon the usual expensive things, items, and other additional costs. And this negatively affects the quality of life of a person and his mood. And in this case, you have to buy cheap goods.

Remember: saving is not good for increasing income. Because of it, a person often loses motivation and the desire to further develop and grow.

But if a person nevertheless decided to start saving, then at first he should calculate his own balance. And here it is important to use the concept called CASH FLOW.

Cash Flow is the part of the money that a person has left after paying for services, monthly payment of payments.

Moreover, in order for a person to learn how to save, he should use the following simple rules.

He must start a special notebook and enter in it:

the exact amount of money he received;
the purpose for which the money should be spent;
all costs and expenses incurred by a person;
the balance of funds that a person has at the end of the month.

Every family needs a notebook like this. With its help, you can monitor the movement of funds. Increasing income after such a notebook is much easier.

Optimize costs. This method of reducing costs is considered by economists to be the best. But this method has both advantages and disadvantages. The main feature of this method is that a person who wants to reduce costs should remove unnecessary expenses. To do this, he should first analyze all the expenses made in a month. And then you should think about what expenses you can permanently refuse. This will reduce the cost.

Remember: you should not refuse small expenses to your loved one. For example, a person can drink coffee every day in his favorite cafe. But if a person does not have enough money for such small amenities, then in this case it is not worth reducing expenses, but it is worth increasing income.

How to increase income – Redistribution of financial flows

In addition, it will not be superfluous to deal with the redistribution of financial flows. So a person gets rid of unnecessary and unnecessary expenses.

The person needs:

Make a list of what you need ahead of time. So he will not buy unnecessary goods in the store. Also, don't go to the supermarket hungry.
Follow the promotions held in the store. Often, with the help of such promotions, a person can buy products with a 30-50% discount.
Pay attention to the tariff plans provided by cellular operators. If the operator has tariff plans with more favorable conditions, then you should pay attention to them.
Carefully plan the route if a person drives a private car. He must choose a route where there are no bypass roads and traffic jams, because. Usually you have to pay for driving on such roads.

But remember that this is part of the ways in which a person can reduce their spending. There are other ways that a person can also use.

How to increase your income

Now it's time to think about how to increase your income. If a person works at one job, then he has nowhere to get money. But such thoughts are wrong, because. There are other ways to earn money too.

how to increase income on a website or blog

A person can create their own blog or website. But building a website takes time. Although, you are not doing it in vain. After all, in 1-2 months it will generate income. Income from a personal site comes in 9-12 months after its implementation. But remember that the first 1-2 months you need to devote at least 2-3 hours a day to your own site.

Now more and more users create blogs on the Internet and successfully maintain them. But for a blog to make a profit, the user must follow the following simple rules.

He must:

choose the right topic for the blog, niche;
write articles and add to the site at least 2-3 times a week;
make articles not only interesting for readers, but also useful;
use different methods of monetization on the blog.

In this case, the blog owner will receive income from:

contextual advertising;
banner advertising;
affiliate programs.

How to increase income – Make money on a podcast

In addition, the user can create his own podcast. It will also help him increase his income.

To do this, a blogger will only need to create his personal page and share his impressions, emotions, thoughts with other users live.

In order to start a podcast, the user must:

determine the subject of your program;
listen to several podcasts created by other famous users;
analyze previously listened to information and take out from it important points that can be applied to yourself;
think about a topic with which the user can attract the public. You also need to think about what useful this blog can give to other users;
study other important issues and solve them in practice.

Remember: the better the user studies the niche he will be engaged in, the higher his income will be.

Remember: if a user has created his own blog, added successful materials to it and gathered an audience, then now he can invite other famous bloggers working in the same field to blog.

This will be beneficial for both the blogger and the guest star. As a result, more and more people are learning about them. But do not forget that the stars go only to blogs with a wide audience. And if the user's popularity grows, then he will even be able to attract advertisers to his blog and receive passive income.

Calculate your income per hour

Another way is to increase your value as an employee and calculate your hourly income. At work, a person can work extra shifts, take overtime.

It will not be superfluous to calculate:

their income per hour;
time spent at work;
spent on the way to work;
time spent at work outside working hours;
the amount of work a person takes home.

Only in this way the calculations will be more correct. But how to increase income per hour?

Need:

Ask your boss for a pay rise
find an additional way to earn money;
change jobs and find a job that is closer to the person's home or one that pays more.

And a person can combine the main work with additional. For example, if he works as a teacher, then at home he can do tutoring.

And if a person in real life works as a lawyer, then he can advise individuals, legal entities, various firms at home. Accountants can do their work from home or combine work in two different firms.

In addition, he can sell:

goods at home. He can knit things, sew them. Embroider, make various decorations, collect mushrooms, make your own honey, grow vegetables and fruits in your garden, sell them to people;
product created by another manufacturer. A person with a commercial streak can buy a product he likes, contact the manufacturer, sell this product to an interested audience. Here, the user only needs to call and look for customers, promote their advertising, write texts, correctly design content;
their services. The person can work from home. And now many companies are hiring freelancers. So the company does not need to rent an office, introduce a new employee to the state, pay taxes for him;
engage in training. At home, a person can independently learn languages, learn sewing, proper breathing, sports, house cleaning, and then earn a living with these skills;
learn a new profession. Now relevant, for example, copywriter, rewriter, SMM specialist, content manager, SEO specialist. You can learn this profession in real time. There are many different videos on the Internet on these topics.

how to increase income through investments

The user can invest personal funds in important projects.

So the user can buy:

Promotions. Experts note that the profit from such investments comes out twice as much. For example, a client can buy shares of Apple, Facebook, Lukoil, Gazprom. Moreover, anyone can buy them, regardless of whether he works in this company or not. Moreover, the user even receives a good profit from such shares. Experts call such profit dividends. Usually their size varies from 1 to 15%.
Apartment, repair it and rent it out. Moreover, if the user has a down payment, then he can buy an apartment in a mortgage. The money received from the rent, the user can cover his mortgage agreement. And in a few months the apartment will become the property of the user. Moreover, you can even buy and rent commercial premises. The income from such real estate will be good. And if the user cannot purchase the property, then he can sublease it. In this case, the income received in excess of the rent remains with the user. Typically, the income from such a lease is 5-10%. And if you rent an apartment by the day, then the income from it will vary from 20 to 30%.Remember: if an apartment or room is rented for a period of no more than 2 weeks a year, then it is not required to register such income and pay taxes to the state on it. And you can advertise an apartment for rent through the Airbnb service. But to use this service, a person must register in it, upload photos of his apartment, describe the living conditions, and set the rental price.

car. You can rent it out and get good money from it. The income from such a lease will vary from 25 to 40%.
A large amount of money and lend it at interest. And you can give such an amount on bail. Valuable property held by the creditor can act as collateral. Income from such a lease varies from 18 to 25%.
Domain, open a website on it. A person can purchase a ready-made, promoted site, receive money from it. And the user can create his own website, make a profit from it. Usually sites bring 30% per year.
And invest in someone else's business. Any person who does not want to open his own business can invest money in someone else's business, and then get a good income from this. But the disadvantage of such earnings is that with this method of investment, the user faces serious risks. For example, a client can make a large investment, but end up with a very small profit.

Where to spend extra money

The funds received can be:

save and spend them as before;
spend in an instant;
set aside some of the money, and spend the rest on improving your quality of life.

But experts recommend setting aside 50% of the funds received, and spending the remaining 50% on personal needs.

For example, they can be spent on yourself, your family, travel. And experts recommend sending 10% of profits to charitable organizations.

Remember: women should spend extra money on themselves. They can buy cosmetics, visit a beauty salon.

In addition, do not forget about your parents, who also need financial assistance.
Do not forget about your own development. It is also desirable to set aside funds for it. And it's not worth saving on yourself, because. the money spent on yourself will definitely be returned.
In addition, there are additional earning options that do not require large investments.

For example, a person can earn:

in your deposit account. He can put a large amount of money in the bank and receive decent interest from it. Moreover, you can place your salary on the savings account and also receive interest from it. Payments can be made with a credit card and no interest is charged for using the borrowed money. Now, on a savings account, a client can receive from 6 to 8% of net profit. The main thing is that the payer sets a limit on the card that does not exceed his expenses, and a reminder of the payment deadlines. Also, the client can install "Auto payment" on the credit card. So he will not even need to remember the payment due date every month.
On cashback. The client only needs to pay for purchases with a card, and receive a decent cashback from each purchase. Now the amount of cashback varies from 1 to 10%. But the client himself can choose a card that suits him.

How can a person start saving money?

Saving is not as difficult as it might seem at first glance. First, a person must put the received salary into his deposit or brokerage account. You can even put 1000 🪙. The user, as it were, hides this money from himself.

The rest of the money can be spent however you see fit. Thanks to this, the client will have to give up forced purchases, so he will save his budget. It is necessary to build on the monthly expenses.

It is advisable to keep money not under the pillow, but on a deposit and brokerage account. How do they differ from each other?

A deposit account is a deposit opened by a person in a bank. Interest, of course, on such an account is small, but inflation with such an account is not terrible for a person.

But on such an account you cannot place an amount more than 1.4 ml 🪙. Remember: if the bank's license is revoked, then funds in excess of this amount will not be returned to the client.

A brokerage account is a special account with which a person can invest in securities that are on the stock market.

So, for example, a person can buy shares in Gazprom Neft, Lukoil, Sberbank, Norilsk Nickel. Dividends are paid on purchased shares. This is passive income. But do not forget that by buying shares a person is investing in a business that may not be so successful.

But if the client does not want to take risks, then he should buy federal loan stocks and bonds of large companies.

Thus, it is desirable that a person's investment portfolio contains:

shares of many and foreign companies;
federal loan bonds;
bonds of many and foreign companies;
deposits in 🪙 and foreign currencies.

Of course, thanks to such a portfolio, a person will learn how to increase money, but the percentage of them will be small.

How to increase income – basic rules

And in the process of increasing income, a person should use the following simple rules.

He must:

Find faith in yourself and your potential. If a person is clearly confident in his victory, then no one will take away this faith from him.
Study the biography of other famous people and learn from their experience, advice, lifestyle. Only in this way will a person be motivated.
Switch to proper nutrition and the correct daily routine. Particular attention should be paid to sleep. The body of a successful businessman must receive a sufficient amount of vitamins and microelements. Healthy sleep will help him work productively.
Develop and constantly discover new things for yourself. Don't spend too much time on social media. It is better to devote this time to reading special literature, attending trainings. It will not be superfluous to subscribe to the channel of a successful businessman.
Don't waste time. At this time, it is better to get useful experience, meet new people, be interested in what is happening in the world.
Use electronic devices correctly. They help the user to reduce costs. And they also remind you of the events taking place in the life of a businessman, on which his business depends.
Experiment. If a business opened in one industry turned out to be unsuccessful, then a person should not completely abandon additional income. He can always try himself in a new field.
Set a goal and outline how to achieve it.
Think forward, don't fuss or rush.

Outcome

To recap: learning how to increase your income is easy. But do not forget that a person's personal income is not only a salary. This includes additional profit received by the businessman. But it is important that a person's salary is a small part of his profit.

And if a person makes a career, has a passive income, creates projects, manages expenses, then in 1-2 years he will be able to see the process of increasing money. They will be 2 times larger than the original size. And if measures were taken, but the goal was not achieved, then it is worth understanding the current situation, sorting out the mistakes, and finding ways to solve the problem.