How I Increased My Gross Income by 50% in Just One Year
Introduction
Increasing one’s gross income is a common goal for many people, and I was no exception. Going from earning a comfortable middle-class paycheck to a six-figure income was a challenge I was eager to take on. After one year of dedication and hard work, I managed to increase my gross income by 50%. In this blog, I will discuss in detail how I achieved this increase, the strategies I implemented and the lessons I learned along the way.
Table of Contents
Methodology
It’s important to understand that reaching one’s goal requires a well-crafted and strategic plan of action. My plan included focusing on five key areas of improvement: education and skillset, work performance, side hustles and passive income, investments and rate of savings, and results.
Education and Skillset
The first step was to increase my educational and professional qualifications. This was very important as it enabled me to command a higher salary when negotiating for a job offer or for a salary reviews. I went back to school and completed a certification program, which allowed me to add a new skill and become certified in something completely different from my current profession which opened up a whole new range of potential jobs. This allowed me to target higher paying roles.
Work Performance
Having completed a professional qualification, the next step was to put this new skillset to use. I took on extra unpaid overtime to brush up on my new skills and prove my worth to my current employer. This lead to an impressive performance review and increase in salary when the next review came around.
Side Hustles and Passive Income
I also decided to explore the side hustle market. I started with a blog and a podcast which had decent success, allowing me to supplement my income. I also started investing in the stock market and real estate, as well as various other sources of passive income such as royalties and rental income.
Investments and Savings
I also increased my rate of savings, using various methods and strategies. I automated my savings and was able to put aside more of my resources into different investment avenues and accounts.
Results
The result of dedicating myself to the five improvement areas mentioned above was a 50% increase in my gross income.
Challenges and Lessons Learned
I faced several challenges during my journey to success. I had to balance my full-time job, school and side hustles, a situation which was not always easy to manage. In addition, I had to find the time to research different stock market and real estate investments. I also made some mistakes along the way and it was a valuable learning experience.
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In short, by working hard and investing smartly, I was able to increase my total income by 50% in just one year. While this is an amazing step to take, I plan to continue to refine and optimize my approach to achieve even higher goals in the future. With the right tools and resources, anyone can achieve significant financial growth.