Watching every penny we spend it one way to approach personal finance. Frugality does have its place, and I’ve been known to devote some attention to smart purchasing decisions. Of course, that can only take us so far.
We have to make sure we make money as well. Money has to be made before it can be saved!
It’s like a bucket full of water sitting outside, for example. You can spend all your time trying to plug the holes in the bucket, but eventually the water will slowly evaporate. Maybe you can keep the bucket in the shade, but that will only slow the inevitable. That’s how our money eventually drains after normal expenses are incurred.
Why not try to focus on income? In the water analogy, this would mean less time trying to stop leaks, and more time refilling the bucket. However, if we get more water than needed for the present day, we can fill up more buckets. That’s the thing about money, we always want a flow of cash (yes, cash flow!) that will be there for us. Keep it flowing!
Here are 10 ways we can orient ourselves to making sure that we can maintain or increase our income:
- Hustle. Get up, and get moving! We probably already are, but this really means taking it to the next level and spending a little less time hoping and more time taking action. Action beats inaction.
- Be persistent. This is related to hustling, but it refers to being determined and not giving up. I’m convinced that in many cases, if one person is only slightly smarter than another, he or she might easily get outperformed by the other person who is more persistent. Many people are smart enough that they meet that entry-level requirement, but from there it often comes down to who wants it more.
- Get a good education. Now, this doesn’t mean racking up unnecessary student loan debt just to get the highest ranked degree available. Rather, it means taking your formal education seriously at every level and making sure that you get a good quality degree, be it undergraduate or graduate. Don’t fall into the trap of thinking that education is unimportant, or the amateur notion that you can just Google anything to gain all the knowledge you need any just about any practical subject. Not true.
- Keep on learning. Yes, a formal education is your foundation. However, with the rate of change of information, technology, tools, etc – it’s vital to practice life-long learning. Keeping our minds open and brains engaged, we need to embrace change and seek ways to thrive in changing conditions. All the while, we accumulate wisdom that we can take with us and apply in different situations.
- Over-deliver. When you have work to do at your job, don’t just do what is asked of you. Do it to the best of your ability, and then deliver more. In this day and age, that’s not only important for having a chance to advance, but in many cases it’s vital to keeping a job as well.
- Be healthy. Easier said than done sometimes, I know. But we need to have the energy and strength to work and move forward. It’s hard to do that to our fullest ability when our time and energy is diverted to managing health issues. The healthier we are, the better chance we have to keep that income coming in – especially as we get older.
- Network. Its often said that it’s who you know that can matter as much or more than what you know. While I think that’s truly situational in its application, there is something to be said about the value of having a network. Learn tips on how to use LinkedIn for your career. Make sure to give to your network regularly, not just when you need it. Then, it will be there when actually needed.
- Think like an entrepreneur. We are all entrepreneurs in a way. If you’re working for someone else, you are selling the product that is you. Additionally, by thinking with an entrepreneurial mindset, we can not only help our employer but also ourselves. Then we can have the nice decision to make of what to do with side income.
- Follow the money. In business – and many organizations really are businesses at the end of the day – profit is the bottom line. What is often valued disproportionately are efforts to either bring in more money or save money. Since we know that you can only save so much, keep in mind that generating revenue is where its at. Employers often especially like people that can directly help to increase revenue, instead of simply working as necessary overhead.
- Don’t take your success for granted. Often times, some people don’t appreciate what they have until its gone. Don’t take things for granted, and always remember how hard you worked for what you have. Also, remember how easily much of it can be lost be a variety of situations. Keeping our head in the game this way can help keep the income coming in!
Readers, do you follow any of these tips when it comes to making money? Do you have any other tips to suggest on how to keep and increase inflow of money?