As you may know, saving money is not as effective as making money, so it will probably interest people how to increase their own income. Here I would like to point out three ways that I would like to introduce to you how to do it.
Way one: work more
This is one of the most common ways that is used. So, it is no longer uncommon to do one or even two part-time jobs next to the main job or to work overtime in his main job and to get more money for it. The problem here is that the day is limited to 24 hours and at some point it is no longer possible to work more anymore.
For example, 80 hours of work may be possible for a week, but it is very harmful to the body over time, and in the worst case, this behavior can end in burnout. The advantage is that it earns more money very quickly and a current emergency can be caught-up with that way, since the effect occurs immediately in contrast to the other two ways. This is not suitable as the only solution strategy, but this way is the basis for the other income streams.
Path two: continuing education
In our society, even more than a decade of schooling and the subsequent further multi-year training shows that continuing education is the basis for later life and has a high priority. So you usually get more money if you have more knowledge. There are various possibilities for further development through studies, advanced training or own learning.
This way is much better than the first one, since there are basically no limits up here and through ever higher education more and more money can be earned. There will also be a lot of time to invest in this path before you earn more, but later on much better results are possible.
But in both these ways, the focus of most people lies in essence on the salaried relationship as an employee, where money is exchanged for time.
Here, the following equation is derived for the income:
Income = time x hourly wage
The time is limited and the hourly wage is paid only for each hour worked. In here is the problem, because if you want to be financially free, then you have to eliminate the time factor from this equation. Even if you earn $1,000 per hour, you will only receive this money in exchange for your time.
Way three: passive income
In this way, a lot of time, knowledge and often money is invested in the beginning to build up a recurring passive income for which once finished nothing else needs to be actively done later on. The problem here is that hardly anyone tries this and of those who do most give up quickly, because it usually takes a long time-investment up-front and requires a lot of patience and perseverance.
But if you don’t let yourself get diverted from your goals and put in the necessary efforts, you will get paid well in this field of activity for your results and not just for your time which is limited, so that one can earn extremely high figures.
For example, you could write a bestseller and earn millions in no time. However, this also implies that you can work a lot, and willing to take the risk that in the end you do not earn anything, because nobody wants to buy your book. Of course the is possible too, but there are other passive income options.
You can find more passive income streams in this book “Passive Income: 25 Proven Business Models To Make Money Online From Home” and share your passive income ideas here below in the comment section.