Want to increase you monthly income?
Well, you have a three choices…
1. Increase the number of hours you work
2. Increase your rate of pay – hourly or salary
3. Get other people to work for you
On a high level, these are the only 3 ways we can increase our income. Think about it and you’ll realize this is correct.
If you wanted to increase your income, what would you do? Would you ask for a raise? Would you look for a new job at a higher pay rate? Would you look for a 2nd job? Or if you’re self employed, would you work harder in order to increase your sales?
Because our time is severely limited, the only way we’re able to dramatically increase our income is to use #3 and have other people go to work for us. Now that we’ve focused on getting other people to work for you, you only have two options:
1. Hire people directly to work for you.
This typically is through your own business. Way back in 2000, I started my own real estate brokerage. As I hired more sales people for this brokerage, my income increased dramatically. These sales people went to work and I shared in the income they generated. Each sales person hired could potentially increase my income significantly.
2. Use your money to buy income producing assets.
Behind all income producing assets, you’ll find people working. If you buy Coke-Cola stock for the dividend, you’ll have 700,000 people working for you. These are the employees of Coke-Cola, Inc. The income provided by the asset you acquire is ALWAYS the product of someone working. Buy vacant land, which doesn’t provide any income, and you’ll notice nobody is working. No work = no income.
Income comes from work.
Your work, or the work of another person.
You can trade your time at work for income.
You can also have other people trade their time at work to increase your income.
Today I don’t have any employees.
However, I do have dozens of tenants who go to work throughout the week in order to send me a monthly check. If I want more income, I don’t think about trading my time for income because this is a losing game. My time is limited just like your time is limited. Instead I will figure out way to acquire another income property. This new income property will be occupied by someone who goes to work. Part of the income from their work will be mailed to me each month. Yes, this may sound a little harsh, but it is the truth.
Want to increase your income in 2015?
Get more people to go to work for you.