Times are tough in 2022. With soaring inflation rates, a labor shortage, and talks of a recession, many people across the United States are starting to worry about their finances. While these worries are bona fide, worrying alone won’t solve your problem. To overcome financial worry, you need to grow your income: both personal and business.
What Does It Mean To Diversify Income?
Most people have one job that gives them all their income. Diversifying income means creating more income channels for you to earn money. These channels of income can be passive or active.
- Passive income is income you earn by doing little to no work. Examples include stock investments, rental properties, or selling products online. Don’t be fooled. Passive income requires a lot of work on the front end for you to start reaping the rewards.
- Active income is earned money that you actively work to earn. Your main job or side gig is an example of active income.
How To Grow Personal Income
Growing your personal income is all about finding new ways to earn money. Here are some good places to start:
- Get a side gig. You can drive for a classic ridesharing app or start a new business as a side gig through which you earn extra money. Many people find their side gig by building a business out of things they enjoy doing, like sewing, working out, or writing.
- Invest smartly. Investing a part of your earnings into the stock market or other companies is a great way to grow your personal income. When you do invest, make sure you study up or use an expert to ensure the highest return on your investment.
- Ask for a raise. While you should be diversifying your income streams, it doesn’t hurt to ask for a raise at your job, especially if you haven’t received one in a while. If your boss says no, it might be a sign to start looking for other opportunities.
- Save. While we don’t want to preach cutting your budget down to its bare bones, you should be aware of what you’re spending so that you know how much you could save. You can see your savings soar by cutting down on just a few unnecessary expenses every month. Then, you can use that savings to grow your income even more!
How To Grow Business Income
Growing your business income is all about increasing revenue through different strategies. Here are some effective things you can do to grow your business’s income today:
- Grow your customer base. Adding more customers to your base gives your business a more stable foundation for earning income. Do this by focusing on your marketing tactics and cultivating strong client relationships.
- Raise your prices. Raising your prices isn’t something you should do lightly. Still, if you feel the service or product you’re providing is worth it, your customers will too.
- Focus on efficiency and growth. By setting your goals around efficiency and growth, you’ll see your business’s revenues increase as a natural result.
Schedule A Call With Our Financial Experts
Financial worry is never fun to deal with. Luckily, there are ways you can overcome the worry and set yourself up for a successful, worry-free future.
If you need help getting ready for tough economic times, The William Rogers Company is the culmination of a 25-year career developing cross-discipline methods and knowledge for taking businesses to new heights. We help individuals and small to medium-sized businesses in Southern California maximize their income and potential for success. Schedule a call today and get started on overcoming your financial worries today, 888-297-3321.