By: Ferrah Blues
I have always advocated the idea of increasing our income source rather than trying to increase income.
Is there a difference? A lot.
If we are one of the regular guys where our income is derived from a regular 8 to 5 job, to increase our income is to work our ass off to be able to get the promotion and hence get a bigger paycheck. It that wrong? Of course not, however, we can make a smarter move. How?
Let’s increase our income source! Again how? You are young, no tangible assets, still living with parents, seemingly trapped in that regular job with only the weekend to look forward to.
Self Assessment
Don’t despair! Start by doing some self-assessment. Have you graduated from college? What are you good at? Do you have any idle assets like old books, old clothes or old boyfriend? Hahaha.
Once you can take a quick assessment of what you have, then you have a fair idea of your personal assets.
Assets matter
Your assets matter. Assets in this sense does not only mean those tangible things that you can easily sell off to raise money. Your attitude and skills are your assets, too. Knowing what you are good at, is a start to the golden opportunity to start your first additional income source. Our world today provides vast opportunities for everyone to be able to take advantage and turn talents to a quick source of added income. If you are a teacher, you can do tutoring, if you are a good writer, you can do online blogging, if you’re a good athlete, you can do personal coaching. The idea is, just turn your talent to cash!
Financial literacy is key
Wait! Increasing income source is not enough. Financial awareness and literacy is also important. Such big words, but simply put, this is just spending less that what you are earning. Learn basic budgeting. Track your expenses. Those coffees that we love to post about is actually slowly and surely draining us. Once in a while we can enjoy a cup with friends but please let’s not make that a daily habit, it actually cost a quarter of our minimum wage!
# How to increase your income?
Just do it
Simple right? So now back to our world, let’s just do this! Nothing will happen if we wait for others to do it for us. It’s not a sure formula, but some failures here and there will make us wiser and richer along the way.
#SmartIncome Sources, Life Hacks, Cagayan de Oro City
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