One of the most critical wealth building insights is your ability to generate or earn more money.
Generally speaking, income is generated from our investments or our job. By focusing on earning more revenue, it makes way for us to save (or save more), invest and accumulate more assets. Because we generally need income to become financially free, today we will dive into three options to help you earn more money.
Option #1: Get a raise
If you are employed, find out what it is you need to do to get a raise. It may include additional training, education or a combination of both. One of our friends went to his supervisor to find out how he could increase his responsibilities and (most importantly) his income. His supervisor was surprised and explained that they really didn’t have an advancement or promotion track. Without missing a beat, our friend elected to pursue Option #2.
Option #2: Get a new job
First, he did research and found a variety of employers in his specialty. He then did some “behind the scene’s” research to confirm that each of these companies had opportunities for advancement. Within a few months, he was hired by a new employer. He currently is enjoying his job, receives regular bonuses (which his previous employer did not have), and is on the path to his next advancement.
Option #3: Get a second job
One of the most logical options to earn more money is to get a second job. One avenue is a traditional job with an employer. While this may provide more security, it generally doesn’t provide as much upside for income or residual income where you eventually make money without putting in the time. For that reason it may not be the best option.
Another option is a home based business such as an online business, affiliate marketing business, network marketing or a direct sales position to name a few. The advantage of a home based business is that you can build equity and ultimately sell the business or use it to create a residual stream of income. If you already have stable income, a home based business may be the perfect mix. While I became financially free through more traditional means, creating MillionaireSeries.com has been a great decision as it provides another stream of residual income to my portfolio.
Regardless of which option you choose, do the research and consult with a qualified advisor to review your unique situation. This will help you determine what is the best option to earn more cash so you can achieve financial freedom.
Access The Millionaire Insider’s Financial Freedom Formula guide here: