Getting More Income
Posted by Credit-Counsellor.ca | Under Finance: GeneralThursdayJul 29, 2010
We live in a material world, you need money to get all the things that you want, however it seems like the majority of people out there are doing this the wrong way.Most people come to the conclusion that the only way to increase your income is to either increase the amount of time they devote to it or to increase what their time is worth.
It does seem to make a lot more sense, if you make $10 an hour then you can increase the amount of money that you make by either working more hours or by increasing the amount of money that you make per hour. For instance if your pay increases to $15 an hour then you will get more money from the same amount of time.
The problem with this is that it does not help you out of the rat race.You are still running on your tredmill trying to figure out why you are not moving anywhere even though you have put so much energy into it.It doesn’t matter if you are working for $10 or $100 an hour, you are not building anything and you will still need to stay in the rat race until you are too old to be of use to anyone and the government bails you out with social security, this is a problem.
A better way to approach getting extra income it is to work, not for an hourly wage, but for passive income.This is basically income that you get paid whether you are working for it or not.
To do this you must add value to the world that will continue to build wealth for you. For instance the best legitimate business online is one that adds value and gets people to visit your site, click on ads, and buy stuff, just because they believe in what you have to say.
You can also get some passive income and create value by investing your money. For instance you can invest into dividend paying stocks and receive passive income as the stock pays you each month or quarter.
Basically it is simply a better idea to work at building something that adds value to the world and will work for you to bring you in some extra income.That is really the way to build up your wealth and even obtain financial freedom along the way.
