Increasing your annual income has many benefits- mainly, ability to afford a quality lifestyle for you and your family, and also the ability to manage unexpected money requirements.
Here are five practical ways to increase your annual income.
1. Invest in Yourself
Investing in yourself will give you disproportionately high return on investment- both for the amount of money invested and the time you spent.
Tips to Invest in Yourself:-
- Leverage the power of learning. Add a new skill, learn a new language, or try something that’s been on your bucket list.
- Set aside time on a daily or weekly basis to read informative blogs, articles or books.
- Attend a workshop, webinar or training to stay updated on the latest trends.
- Explore your creative side to exercise untapped areas of your mind. This will open up different doors of perception- personally and professionally.
2. Invest Smart
Talking about increasing income is incomplete without considering the actual monetary aspect of investing smart.
Tips to Increase Your Future Annual Income:-
- Start early- as early as you possibly can
- Invest for the long term
- Make the right investment choices- for long term goals (more than 5 years), invest in equities and short term (less than 5 years), invest in debt instruments.
3. Invest in a Long Term Career Path
Mapping your professional interests can help you strategically build your career path.
Tips to Chart Your Career Path:-
- Do a SWOT analysis on your professional traits. Determine your strengths, weaknesses, opportunities and threats. In this way you can identify the best opportunities that can help you progress with purpose.
- Inculcate a long term vision. Do not let short term challenges come in the way of building your potential in the future.
4. Invest in Rewarding Risks
Taking risks can snap you out of your comfort zone.
Tips to Zone Out of Your Comfort Zone:-
- Take a chance to challenge yourself. Push your limits beyond the monotony of mediocre tasks. It is a bitter truth that machines will replace you eventually.
- Focus on work that allows you to build your capabilities, even if it means making a drastic change.
5. Invest in Health
The real wealth is in the health and well being of your body, mind and social interaction. While the increase in disposable income may translate to a higher standard of living, it could also lead to increasing health issues.
Tips to Enrich Your Wealth in Health:-
- Exercise. If not for the physical benefits, it also helps in reducing your healthcare bills.
- Eat healthy. A home cooked meal is not only healthier but also lighter on the pocket.
- Mental Health – Many occupational lifestyle diseases are creeping into urban population. Maintain a good work-life balance to avoid mental problems such as depression, hypertension and neurological issues.
- Social Well Being – Whether you admit it or not, who you interact with socially and your lifestyle have a big impact on your personality. The social environment you choose to be influenced by will affect the way you think and the decisions you make. Choose wisely.