A more abundant life is what most people desire and one of the ways to achieve
this lifestyle is by making more money which is why in
this video i'll be sharing with you five proven ways to multiply your income and
if you're new to the channel then hit the subscribe button below for
more life-changing content method number one increasing your work
capacity the fact is learning to maximize your
work capacity isn't rocket science it's a simple
matter of putting in the necessary extra hours required to achieve more
output for example let's assume you work as a customer care
agent tasked with convincing customers to renew their cable subscriptions if
you spend five hours convincing five customers daily
that means you spend an hour per customer so
should you want to increase your value in the company to increase your pay
you could put in an extra 2 hours daily that would mean 2 extra subscribers to
the delight of your boss which can translate into more pay
moving on if you're an entrepreneur with a business you'll need to employ more
hands to get the increase in output you desire
remember two heads as they say are better than one and the same philosophy
can be used to get more done by employing more hands in short to
attain great wealth you'll need to leverage other people's time and
resources as you're starting to see the plan here
is not just about putting in extra hours yourself but with the help of others
however you can also achieve greater output
through employing greater focus when you work you need to eliminate
all distractions this means no open emails no phone close by and definitely
no distracting music however to employ this approach in the most
effective way you must ensure you are focusing on getting the right things
done to do this identify what tasks are of
the highest value to you and ensure these items become the focal
points of your work any tasks that are of lower value
should be offloaded method number two investing in
income producing assets how can we discuss secretion of wealth without
discussing investments the acquisition of assets
like real estate mutual funds bonds and stocks is an
efficient and intelligent way to multiply your income
now if you ask me seeing your income grow is a delight and the truth is
if your income isn't growing then it's declining there is no
middle ground inflation made sure that with all this being said let's go a bit
deeper into what these income producing assets consist of to
start investing in stocks and bonds is one low
risk investment plan that everyone should try
it's okay to work more and save your money but as warren buffett says
if you don't make money while you sleep you will work until you die therefore
making passive income should be on your financial game plan
in essence you should be letting your money do the hustling while you earn
interest in dividends how much these dividends amount to will
depend on the company's performance and the size of your investment but
nonetheless making money in this passive way is a winning strategy
that many of the world's best investors employ
once you begin building your portfolio up with income producing assets
you'll have three primary investment instruments and these are real estate
bonds and dividend-paying stocks you can get involved in real estate by investing
in rental properties or putting your funds into wreaths or real
estate investment trusts some individuals prefer real estate due
to its tangible nature while others see stocks as a better
choice due to their hands-off nature each investor will lean more to one
asset class than another and that's totally okay
now bonds offer a different benefit to investors as they come in many forms
there are savings bonds municipal bonds agency bonds government bonds and more
due to volatility in the market and your potential future cash flow needs
i suggest you avoid buying bonds that will take more than five
to eight years before reaching maturity finally there are dividend paying stocks
these are stocks that you buy when you truly believe in the viability of the
companies that represent them if that company does well you'll receive
dividends which essentially are a portion of the company's yearly
profit as an investor you should seek a company with a safe payout ratio
of about 40 to 50 percent and on a broad scale
a yield of 46 is considered a reasonable rate
method number three leveraging product sales another way to multiply your
income is to start selling products and they can be in
either a physical or digital form this method of making
more money is great because it detaches your income potential from your time
which is essential in your wealth building journey however whether the
income stream will be a touring or trickle rests solely on three things
the quality of the product the time you can afford to invest
and the efficacy of your promotion from here i will give you examples of the
best products to sell when it comes to physical products your
options are endless from household appliances to t-shirts selling tangible
goods can be very lucrative and the avenues to do so are now
very well established for example there are a ton of people making a killing
selling common household goods on amazon however this sales approach
does come with some risks for example you will have to buy
inventory to sell therefore you could be left with a room full of cups if your
sales efforts fall short then there are digital products
digital products can be defined as virtual items that you instantly
download for use after making the payment
quality digital products possess huge value as the industry is believed to be
worth around 200 billion dollars so if you're a music producer you can make
and sell your own beats online and if you're a storyteller
you can publish an ebook through kindle more examples of digital products also
include selling photography fitness plans software programs and more
method number four learn a high income skill to sell so
first off what is a high income skill a high
income skill is any skill you can offer clients
during 10 000 or more a month this could be learning to code offering
graphic design services seo optimization and the list goes on
what's better is that most of the high income skills
out there today do not require a formal degree for example
there are a lot of coding bootcamps that you can start and finish
in just 12 weeks however if you ask me one of the best aspects of having a high
income skill is that it can never be taken away from you
once you possess a valuable skill that you can use to increase your income at
will you can continue to use it as long as
that skill is still in demand this is unlike certain assets that will
fizzle out over time and will cause your money to disappear right in front of
your eyes therefore investing your time into honing a high
income skill is a great way to multiply your income now i must admit
that having a high income skill is only half the battle
you must also be able to sell now luckily
selling your high income skill to others can be easier than you think
for beginners you can start by leveraging existing freelancer platforms
like upwork and freelancer.com to find your initial set of clients
also you can use email marketing and leverage your network to start to get
your name out there and once you're able to get your first set of clients future
sales will become much easier one way to ensure your
ongoing success in this space is to deliver
quality and deliver it on time in the digital world
quality is just as important as deadlines this is because
everything is moving at the speed of light and your competition is just
around the corner hence you can't afford to miss deadlines not
if you want to keep your clients that is now if this all seems a bit confusing
don't worry it was for me too in the beginning this is why
i created my course side hustle success where i teach you how to build a
freelance side hustle from scratch that you can use to make an extra
thousand dollars a month or more starting with absolutely zero experience
if freelancing interests you and you want some help to get started
check out side hustle success in the link below
method number five leveraging employment raises and promotions
employee compensation is a topic that is very touchy for most people in fact
it's top of mind for most employees yet it's a topic that employees rarely talk
about with their bosses often people daily tiptoe around the
topic of raises and promotions at the office while they complain about it in
the privacy of their homes for me i strongly believe that
compensation reflects how an employee is being valued in the company
i believe that pay should rise as an employee's value proposition
increases over time so how can you successfully raise your employment value
and earn more through promotions and raises
the truth is a lot of employees don't comprehend the workings behind their pay
when individuals initially begin to work as teenagers they generally earn via
an hourly wage hence the simple equation equals the more work you do
the more you make however after some time most people start to wake up to the
idea that their time equates to how much they'll earn
their thought process goes along the lines of this i've been working here for
many years so naturally i should be earning more money i deserve a
raise sorry to disappoint you but as far as getting a raise is concerned value
is not calculated based on the time you put in to date your organization will
pay you for your time but as far as how much they'll pay you that depends on the
value you bring to the table businesses increase employee
compensation based on the value you bring to them
simply put you're an asset to your company and your paycheck is your
employer's investment in that asset for instance if i invested
a thousand dollars into new business asset
say an online promoting service to justify that purchase
i would want to make at least a thousand dollars in sales from it now
if that asset begins generating about five or six times the
thousand dollars i spent on it i would definitely be willing to spend more on
it because the returns i get from it are much greater this whole concept of
value is why millions of students attend college each and every year
well you may be in school because your parents told you that you had to attend
at a more macro level you're learning so that you can offer your employer more
value than you presently have as a fresh-faced teen
however formal education isn't the only way to increase your economic value
for example if you're employed as a graphic designer you can take
online courses or watch tutorials on your craft to better yourself
generally learning more and practicing more will have your skill set rising
over time and this skill set is what you will end up trading
in exchange for more money to summarize all that's been said in this video if
you want to change your financial future you need to start implementing ways to
multiply your income at scale therefore endeavor to apply
these five proven ways to multiply your income
as you continue your journey to financial freedom
thanks for watching if you want to go from the life you have to the life you
deserve then hit the subscribe button now
you