Earning more requires stopping trading time for money. I will break down this answer into a couple of key categories such as mindset, goal setting, planning, execution, and improvement. I hope you will find this answer valuable.
Have the right mindset to start earning more – Those who work whole day have no time to make money (John D. Rockefeller)
What you are and what you become depends on how you use your time. Each person in the world has 24 hours a day. You cannot stop time. You can control how you use time.
I have been in the corporate world for 15 years. I have been trading time for money for many years. After first five years, I knew for sure that despite what your career branding specialist say, despite the performance schemes that are available, irrespective of how much effort you put in delivering value in the workplace, there is a salary ceiling that you are never going to break.
Moreover, even if you are a top performer, being there every day, delivering above expectations, it may not be enough to earn more. Your corporation’s budget drives annual salary and bonuses revision. These days each firm operates in an unstable environment. Everything becomes blurry.
The bottom line is, you invest more and more time to be the top performer. Your efforts might not get recognized because the corporation did not adapt to change quickly enough and now it will make the easiest (not smartest) move it can. The corporation will freeze salary revision or even start letting people go. Do you want to take this risk?
Set your mind to stop trading time for money and start earning more.
Set goals to start earning more – Setting goals is the first step in turning the invisible into visible (Tony Robbins)
Now that you have the right mindset you need to set your goals. How much more you want to earn? How are you going to do that? What is required? Make sure it is all ambitious. You need to leave your comfort zone to progress. I have used an approach to goal setting that takes into consideration three components. Working on those three elements at the same time will multiply your results.
1. Set time goals – before you set a revenue goal, think about how much time daily (on top of your regular job) you can invest in building your financial freedom. Make it a habit of investing at least 2 hours a day of executing on your dreams. Make sure you schedule this among all your other activities. Baby steps count. You need to have the discipline to achieve something greater.
2. Set revenue goals – now that you have scheduled the time to work on your financial independence think about a number that you want to achieve in your first year. Make sure it is ambitious but also achievable. Say, you want to cover 15% of your fixed expenses from a passive income source in the first year.
3. Set expense goals – work on the expense side as well. Set an annual goal to cut your expenses by 15%. Doing that will give you extra funds before your passive income kicks in. Make sure you invest those extra funds well. Learn a skill that is needed to build your passive income, pay down some of your debt, make reserves. Make all the smart financial decisions and remember that victory loves preparation.
Plan earning more – A goal without a plan is just a wish
A plan does not only tell you what to do. More importantly, it tells you what you must avoid. The key to success is to have a clear plan. Now that you have set your goals and you know what you want to achieve it is time to think about how you are going to achieve it.
1. Time planning – it starts with understanding how you use your time every day. I suggest you took notes of what you do for one week to get a sense of where your time is invested or lost. You need to be able to categorize what you have done this weak into at least the following categories:
– work time (including commute)
– exercise time (gym or any other form of physical activity)
– family time (anything related to keeping your family happy)
– sleep time
– wasted time (binge-watching, social media, gaming)
Take a look at your typical week now and make time for building financial independence. Look at the low hanging fruit. Eliminate binge-watching, cut your social media activities and stop gaming. Use that time to work on your own goals. Stop being a viewer. Viewer pays, players get paid.
2. Revenue planning – I have this habit of brainstorming revenue opportunities every single year. Let me tell you how this works. I already know my annual revenue target. What are the next steps?
Step one – think about your annual revenue target and write down ten opportunities that you have in your mind to achieve it. There is the world of opportunities out there. Think about freelancing or review some ways to make income online. Have a look at what you already own and if you can turn it into a source of passive income.
Step two – organize the list of opportunities. Look at the ones that are most probable to be achieved within one year. As soon as you understand your chances, look at those few top ones that have the greatest revenue potential.
Step three – plan victory around actions, not the target itself. Now that you have your top opportunities selected think about what actions you need to take today, following week, next month and this quarter to progress. Write down those actions.
3. Expense planning – another habit I have is to review my fixed expenses every year and look for ways to reduce them. When have you last reviewed your contracts with utility suppliers to see if you can renegotiate a better price or cancel some of the options that you currently have and do not use? How often do you review your contracts with utility suppliers? Here is a quick win:
Make a list of all your recurring payments
Note down when you have signed/ amended the contract
Note down what is the annual charge
Make a phone call, renegotiate, cancel or change
Make sure you execute those four baby steps within one week. You will immediately start seeing more cash in your bank account. But that is not all. Now, use this extra money to learn a new skill or use it to pay down some of your debt. Make smart spending decisions that will accelerate your journey to financial independence.
Execute on earning more – Discipline is the bridge between goals and accomplishment (Jim Rohn)
It is not the smartest people who achieve success. It is the ones who procrastinate less, make fewer excuses and take action every day towards the goals they want to achieve. By now you have set your mindset to stop trading time for money. You have also set goals. You even made plans to succeed. Now you need to make working on your financial independence a habit. You need to work on your discipline. It might require changing some of your current habits and will definitely require stepping out of your comfort zone. Do not get discouraged. When it is evident that goals cannot be achieved, do not adjust goals, adjust actions.
Further inspirations to start earning more
One final thing I wanted to share. You need to become skilled at making, controlling and safeguarding your money. You need to start working on your financial IQ. This will help you to understand money, make money work for you instead of you working for money.
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