3 steps to increase your income

The way the economy is right now, we could all use a boost in our personal economies. Here are 3 steps to increase your income.

1. Figure out how much you make.

The first step to economic recovery is to assess exactly where you are financially. Start with your paycheck.

How much do you take home every month?

What other income do you receive?

Don't have additional income? We will address that later. First you must know exactly how much you make each month.

2. Find out how much you spend.

The second step to economic recovery is to know how much you spend every month. Start with your bank and credit card statements. Add up all the transactions for the month.

Here's a tip:

For the next 30 days, only use one card (ATM or credit) for all of your purchases and payments.
At the end of 30 days, you will have an accurate account of your expenses.
Try this for 3 months to get an average of your monthly expenses.

3. Create additional income now!

You have two choices. Get a part time job. Or start a business.

Lets explore option one. If you work a full time job, you have very little time to devote to a part time job. Think about it: 40-50 hours per week now and an additional 10-30 hours more part time? That is assuming you can find the work. Jobs are scarce these days. How much would you get paid? Hopefully $10-15/hr? If you work during the day, what job could you work at night?

As frightful as option one sounds, starting your own business may be even more scary. Here are 3 ways you can start a business and still minimize your fears.

1. Stick with what you know. What do you do now? Can you provide the same services to your current company and one additional company? Maybe to a vendor or client of your current company?

2. Turn hobby into income. What are you passionate about? Is there one thing people come to you for advice about? (Fill in the blank.) "I am an avid ___________" How can you help others with what you know? How much could you sell your "toys" for?

3. Do something someone has already done before. Network marketing. Distributor. Sales rep. Buying and selling on eBay. Online marketing.

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Will Making More Money Help?

Making more money won't help to improve your life. If you have the same bad money habits, you will continue to have the same money problems.

Here's what I mean:
Let's say that you make money but you keep you were taught that the safest place to put your money was in the garbage can. Everytime you got paid, you put your paycheck into the garbage can. If I gave you more money, do you think that would help your situation? What do you think would happen to the extra money I gave you?

I know that this scenario is silly. But I just want to make a point. More money doesn't help if you have bad money habits.

Now let's imagine that I'm your boss. (Don't worry. My management skills have gotten considerably better since I first started.) I'm going to double your current salary. (See...you like me already!) Will your money life improve, will it stay the same or get worse?
I'm betting that it will get worse. Let me explain...

Juxtapose your current money habits with The 5 Habits of Money.

How are your money habits like now?

1. Hustle: YES. twice as much
2. Pay Yourself first: NO. most likely.
3. Financial Diet: Poor. You spend more than you make.
4. Pimp Your Dollars: NO. no money saved.
5. C.Y.A.: NO.

As your imaginary boss, your HUSTLE will double next pay period. But does making more money help?
1. Hustle: just increased by 100%
2. Pay Yourself First: You won't because you haven't before.
3. Financial Diet: Your appetite to spend adjust to whatever amount you earn.
4. Pimp Your Dollars: You spent your new paycheck and didn't save.
5. C.Y.A.: You haven't done it before. You won't start now.

What if you changed your money habits first?

How you would look with The 5 Habits...
The 5 Habits of Money
1. Hustle: You make twice as much.
2. Pay Yourself First: 10% of your paycheck (You keep way more than the $0 you were saving before.)
3. Financial Diet: Income = Expenses ( You could afford more expenses now. or you could spend the same and Pay Yourself more)
4. Pimp Your Dollars: Make money work for you. (You now have some money to put to work.)
5. C.Y.A.: Cover your assets with enough insurance to protect yourself.

Will making more money help you?
What if you changed your money habits first?
Could The 5 Habits of Money help YOU?