Saturday, January 28, 2023

How to Create a Personal Strategy to Increase Income

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Today the topic of money and how to earn it is particularly relevant. Inflation is gradually eating away at nominal income, which means that we can afford to buy fewer and fewer goods and services with our hard-earned money. That’s why it’s so important to learn financial literacy, not just to save money but also to improve our well-being.

Evaluate Your Financial “A” Point

This is the first thing to do. Digitize all your assets and resources, analyze your income, its sources and expenses. To assess your assets, write out all your skills and abilities, the number of your audience in various social networks, and understand your strengths and qualities. Think about everything: even if you just try pokie games, write about it because maybe one day you’ll hit a jackpot this way. This way you will understand what you already possess, and it will be easier for you to set hypotheses to increase your income.

Determine the “B” Point

Here you need to understand what goals, including financial, you set for yourself in the next 6-12 months and how you see your life on the horizon of 5-15 years.

Long-term Goals

Create visualization boards of wishes and visions where you attach photos and pictures that reflect financial and other goals. This exercise helps you figure out what medium- and short-term goals to set for yourself so that all the dreams from the board you create become reality. You can also spell out what approximate income will allow you to maintain the level of dream living.

Short-Term Plan

In the case of setting short-term goals, use SMART technology, which allows you to digitize the goals and their achievement as specifically as possible. Goals according to this technology should be specific, measurable, achievable, relevant, and time-limited.

Study Financial Planning

Once we have realized what assets, what skills you have, what sources of income bring you the main money and how you manage that income, it’s worth learning the basic components of financial planning, that is, the basics of financial literacy, and the financial mindset. It’s worth doing so so that increasing your active income allows you to not only improve your standard of living, but also to build your capital. After all, all really rich and successful people do not think in terms of income, but in terms of capital; they adhere to one of the basic rules of wealth: “money makes money.” Learn how to manage your money, develop and expand your financial thinking.

Hypotheses for Increasing Active Income

Set 2-3 hypotheses for the month and be clear about what actions you need to take to earn more based on the assets you have now. Act with HADI cycles: Hypotheses, Actions, Data, Conclusions.

HADI cycles are a hypothesis testing model commonly used by startups. In our case, this model will help find a working hypothesis for increasing active revenue, which can then be scaled. So, for example, one of the hypotheses could be as follows: “To reach the income X – you need to sell your services to 5 people. I can find these people by writing on social networks to 100 potential clients directly”.

Helpers in achieving your income goals can be: a mentor, a friend or even a mastermind with colleagues and like-minded people. That way you won’t stray from your goal and you’ll accurately implement a strategy to increase your active income.

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