Net Worth

   Growing Your Income and Net Worth

  There’s five things that you can do to grow the income of your blog; more traffic, a new income stream, better execution of an existing income stream to increase your conversions, extra promotional activity to really get more eyeballs on the thing that you’re doing which I guess is 3.5 really, I say those two things is quite connected, and then the last thing is to play around with your pricing, particularly considering adding a premium level pricing to what you do as well.

What DM has been trying to get at is build income generating net worth, and in his/my life that is primarily dividend income producing equities.

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Earning the $400 a month in dividend income is great so far for you, but I’ll make a bet that once you get to a higher income and net worth figure, you’ll appreciate the net worth figure more than your dividend income for financial independence.

As far as pontificating, I’m already basically living as I would if I had enough passive income to pay for all of my expenses.

The initial downtime you put into passive income can be as involved as starting a blog or as simple as logging into a robot-advisor platform and investing $100. You can earn passive income whether you’re an entrepreneur with a brilliant business plan, a talented artist, or just happen to have extra cash to invest.

He didn’t increase his salary at all over the course of 20 years and he didn’t increase the amount of hours he worked, yet he was able to increase his hourly income rate from $25.25 to $30 simply by acquiring more and more assets over the years that paid him while he was working at his day job.

But if you focus on growing your net worth through a combination of saving, earning more, and leveraging passive income through investing, you can easily make and start exceeding $5,000 per month.

However, I’m going to argue that building a sizable net worth is more vital for early retirement/financial independence than generating a high income.

The higher my net worth the easier it is to increase that passive income or take the leap and work full time increasing that passive income.

When you look to increase your income, all of a sudden your life becomes a balancing act between your day job, your side hustles, your personal development, your family, your friends, exercising, and relaxation time.

This is the reason that I went from a very part-time blogger to a full time blogger within a few months because I worked so hard on increasing my traffic.

Number two, and this has happened time and time again for me, to grow your income, one of the ways that you can do that is to add a new income stream.

Once I joined a Fortune 20 company and was surrounded by a bunch of over-achievers and high net worth individuals did I begin to realize the importance of paying attention and learning from these individuals and then putting into practice many of the same things that made them successful.I guess it is kind of similar to reading a lot of the wisdom written on this site and putting it into practice.

I’ve always wanted to earn money passively and I guess I landed on the right page to discover some of these wonderful ideas and methods which I will start on immediately.

If writing articles or creating videos isn’t your thing and you want to make money online, try creating an online guide.

I’m nearing the end of a long lucrative career as a hairdresser and honestly would love some peace at home and bring in a passive income.

Mining is 100% safe and guaranteed to make money, so it actually does work as a passive income as long as your electricity bills are low.

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I personally don’t consider stocks, bonds, p2p, and real estate as income generators, rather investments.I do however spend a lot of energy on increasing my professional value and thus moving up in salary every year.

Growing your net worth by $5,000 per month means seeing your net worth rise by $60,000 per year.

Finding a side hustle which utilizes your existing knowledge is a great way to make money.

That is a great point you bring up, and I’ll make an edit in this post above.It also ties to thinking bigger picture and looking to add value where value was not there before.But yes, depending on your department or organization, there could be huge opportunities which you could tap into for a successful outcome.

If you can become good at making compelling content or being a great creator, it’s kind of awesome how much you can get paid to do it.In my career, next month I’m looking at a promotion and move to a high visibility team where I’ll be working on a site millions of people use every day.