This is part of our Big Six series. We're digging into the six big areas of money and financial planning.
This short video we get into INCOME. There's an acronym to remember when you're thinking about income and ways to increase it.
Watch this video for the details:
The G stands for "grow your existing income". So if you're employed, work on ways to get a raise or shift into a higher paying gig.
The expert on this is Ramit Sethi from I Will Teach You To Be Rich. He has exact scripts you can use.
The M stands for "more" or "many". Try and add more streams of income in addition to your primary one.
This could be AirBnb, a rental property, teaching on the side, or some other side hustle. Start by adding one over the next year. Then try to get at least three eventually.
The T stands for "timeless" or "timefree". What I mean is when you're adding income streams, try to eliminate ones that require your direct time.
So adding an extra hourly job is not what we want. You'll soon run out of hours/lifestyle.
Go for things that you can work hard on up front, but then get a residual income going forward.
Things like teaching to a group, group coaching, an online course or a book. You can create it once, but get paid over and over.
Let me know what you think of the G.M.T. idea below!