Want to increase you monthly income? Well, you have a three choices…
1. Increase the number of hours you work
2. Increase your rate of pay
3. Get other people to work for you
On a high level, these are the only 3 ways we can increase our income. Think about it and you’ll realize this is true.
If you wanted to increase your income, what would you do? Would you ask for a raise? Would you look for a new job at a higher pay rate? Would you look for a 2nd job? Or if you’re self employed, would you work harder in order to increase your sales?
Because our time is severely limited, the only way we’re able to dramatically increase our income is to use #3 and have other people go to work for us. Now that we’ve focused on getting other people to work for us, you only have two options:
1. Hire people directly to work for you.
This typically is through your own business. You create a business asset through your labor. As your business grows, you hire others to work for you. Their work generates your income.
Way back in 2000, I started my own real estate brokerage. As I hired more sales people for this brokerage, my income increased dramatically. These sales people went to work and I shared in the income they generated. Each sales person hired could potentially increase my income significantly.
2. Use your money to buy income producing assets.
Behind all income producing assets, you’ll find people working. If you buy Coke-Cola stock for the dividend, you’ll have 700,000 people working for you. These are the employees of Coke-Cola, Inc. The income provided by the asset you acquire is ALWAYS the product of someone working. Buy vacant land, which doesn’t provide any income, and you’ll notice nobody is working. No work = no income.
Income comes from work.
Your work, or the work of another person.
You can trade your time at work for income.
You can also have other people trade their time at work to increase your income.
This means you can hire employees for a business you create, or you can get the employees of other businesses to send you income.
Imagine what life would be like if you had several rental properties? Each month the families living in your rental properties would go to work in order to send you part of their paycheck. You wouldn’t have to hire anyone. You wouldn’t have to fire anyone. You wouldn’t have to train anyone. Yes, you do have to manage your rental property, or hire someone else to manage it for you.
So if you want to make more money, start to think about how you can get other people to go to work for you.
The more people you have working for you, the more income you’ll have flowing into your bank accounts.