I am sure that no matter where you are in your career, you desire to create more income for yourself. For most people, only two options come to mind.
Either they work much harder in their job and hope their boss notices their efforts and gives them a raise of 5-10%, or quit their job and find another company that will pay them 10-20% more.
When I talk about increasing your income, I don’t just mean by a measly 5%, 10% or 20%, I am talking about massively increasing your income by 50%, doubling it or even increasing it by three to five times, within 12 months!
Is this possible? Yes it is! And you can achieve this without quitting your job.
How? By not just focusing on your single, primary source of income. The only way to double or triple your income to create for yourself multiple streams of income. The rich never depend on one stream, but have multiple streams.
What Determines A Person’s Income?
Before you can increase your primary source of income, you must first understand what determines a person’s income.
Why is it that one person is paid $3,000 a month while another person is paid $30,000 a month?
Every time I ask this question to people, I get standard answers like, ‘age, qualifications, experience, luck, title, skill set, specialized knowledge, intelligence and so on.’ Well, none of this is really true!
A person’s income is determined by the amount of value he creates multiplied by the time he spends creating that value, multiplied by the scalability factor. In other words,
INCOME = VALUE X TIME X SCALABILITY
In other words, in order to increase your income, you must increase the amount of value you create, the time you spend creating value or/and your scalability factor.
Focus on increasing either one and you can’t help but increase your income.
When you start to do more high value activities, you will simply be paid more more for the work you do. That is why a CEO earns more than a middle manager, because the work he does is more valuable to the company.
When you start spending more of the time you have everyday to only focus on high value activities, you will be creating more value overall and increase you income at the same time.
When you scale your value, the amount of wealth you can build is limitless and your wealth can only grow exponentially.
So focus on these three areas and massively increase your income today.
Article Source: Articles Engine
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program ‘7 Steps To Financial Freedom’ here.