Here Come The Income

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Got To Make That Money Honey

So we’ve talked in prior blogs and podcasts about budgeting, credit and net assets. But it’s kind of hard to make all that magic happen without the green coming in, now isn’t it? Income is one half of the equation of the budget. So if your budget isn’t on point, then it makes it difficult to effectively put all your other money goals into play.

What Would Nelly Say?

I guess he’s back ‘urr dirty, s-t-l derby.
I’m like magic to Kareem, man you tell me I ain’t worthy.
I ain’t speaking ’bout a jersey, I’m speaking ’bout income.
Did you hear that Elizabeth? here come the big one!

Those are the lyrics from my STL roots and hometown guy Nelly’s song Heart of a Champion. This is the song I play when I need to, you know, puff up and go make it happen. So really it’s quite relevant to our topic today. Plus who doesn’t like the flow of Nelly, I mean come on!

What Action Are You Taking?

So if you are short on the income side of the equation of your budget, what are you currently and actively doing to balance that equation? If the answer is nada, if the answer is I’m going to wish on a star and the income is just going to rain from the sky and take all my worries away, then you need that heart of a champion to go get your income. We all need that heart of a champion to make our goals a reality.

Reaching your goals isn’t all fairyland pixie dust. I mean don’t get me wrong, you should find fun in almost everything you do in life in my opinion so always keep the fairy dust glowing in your pocket. But reaching your goals isn’t all fun and games all the time.

What Does It Take?

Reaching your goals takes focused action, discipline, courage and perseverance. That’s just the cold heart truth of it.

Nelly didn’t make it big by wishing on a star, trust that. He didn’t go from kickin’ it down on the streets of St. Louis to a superstar making the big income by sitting around waiting for someone to knock on his door. I guarantee you that. He went out and did that knocking. He went out and did what he had to do to make his dreams come true. And he didn’t stop until he made it. The heart of a champion. Here come the big one!

What Are Active Income Sources?

So let’s talk about sources of income.

What is The Majority Of People’s Income?

Ok so the majority of people are going to have base income from an employer who pays you for a set amount of hours or pays you a set salary for the job that you are hired to perform. This is typically the more stable source of income flow which is why the majority of people go this route. Aka: it’s less risky.

There is absolutely nothing wrong with working for an employer and earning a stable income if that is the route you choose. That is a respectable choice in every sense. If you’re following your inner knowing and feel this is the path for you, then this is your path. Trust it. Remember you always know what’s best for you.

Is It Enough Income To Reach Your Goals?

So your questions to yourself then are as follows: are you making enough income? Is your income allowing you to balance out your budget? Is this enough income to allow you to fulfill your goals you’ve set?

So for example: If one of your goals you set in Goal Digging is to travel to Italy in the next 3 years, are you going to get there with the income flow you have right now? If one of your goals is to purchase a home or acreage, are you going to reach this goal with your current income structure?

You Have A Choice

So if you decide you want or need more income than your current situation is providing you in order to reach your goals, then you have choices to make. Yes, those scary complex decisions we all love to hate that we talked about in the prior blog and podcast.

Income Options

Option 1 – Promotion or Job Change

Work on a promotion or job change which will get you the higher income you desire. What does this look like for you? This is what you have to explore to find out. Start asking yourself the questions which you will then need to put into action, yes I repeat action, into answering.

So If you love the company you currently work for, what opportunities are available for you to start working toward? How can you go get that promotion? What action, yes action (broken record), do YOU need to take to get yourself there?

It Is Up To YOU

Please don’t ever have the mindset to rely on someone else to make it happen for you. That’s a short-sighted and naive mentality; I’m just going to be straight with you.

We all need people and connections, that’s how this beautiful world is designed. But it’s your responsibility and your responsibility alone to make it happen. You will often get the help you need along the way, but don’t rely on it.

So what do you need to do? Do you need to go take some classes, learn some new skills, update your resume, attend some networking events, join LinkedIn, talk to a professional recruiter, talk to a mentor or coach in your life, go on interviews? All of the above? I can tell you this much. If you want more, you will need to do more. I can definitely tell you that much. So what more are you willing to do? How bad do you want it?

Lay it all out there and strategize. Figure out what opportunities are available both within your existing company and outside of your existing employer. Explore your options and then draw up your game plan on how to make it happen. Remember if you are coming out of your comfort zone, you will feel fear. That’s ok. Take action despite of the fear. Not in absence of the fear, despite of it.

Option 2- Side Hustle

Keep your job as is and start a side hustle. Oh the side hustle! This is a great option for people who like their employer and that more grounded feeling of stability when you are employed by another person, but who also have that entrepreneurial vigor burning them up inside. The side hustle is where you go on the side of your employer and make more money doing something independent of your employer. Some people will have to be careful here if you have a non compete agreement or something to that extent with your current employer, so always know your own situation.

Passion That Pays

For those of you who are free to go this route, it can be a great way for you to bring in the extra income. Often times, people’s side hustles are related to what they are really good at or really passionate about. So it can be a hobby or passion that pays. An example is people like musicians who have a 9-5 job, but bring in extra cash playing gigs and doing what they love. Total win-win.

Did The Construction Industry Invent The Side Hustle?

I mean if you want to see the best example of side hustles, look at how they do it in the construction industry. They know how to create value with their hands, and they are great at using this value to either barter for other value or make extra cash anytime they need it in that industry.

And just as a sidenote, don’t ever downplay your ability to create value with your own hands and the sweat off your own back. That is a great skill set to have. Self reliability is valuable, so don’t question that. Seems like everybody now is told they must go to college and wear a suit and tie. Yeah, yeah. Not true. The construction industry is a respectable trade and career. So don’t buy into that hype. Remember it’s what’s best for you.

The Sky’s The Limit

So it can be a second job at a candle shop or teaching yoga or starting a YouTube channel or selling things online as a stay at home parent. This can take so many shapes and forms which is what makes it so dang exciting. The sky’s the limit here!

Option 3- The Entrepreneur

So here goes the most risky of them all, to go all in on yourself. This is by far the most risky option. It’s the call of the entrepreneur. These are the business owners. These are your employers in Option 1 and 2. So I can feel some of your heart palpitations already with this option. Let me stress this option is not for everyone.

This option is for the independent. The entrepreneurial souls out there that basically have to be their own boss. So with this option, I would suggest starting a business in regards to something you value, love or respect because you ‘bout to be married to this thing. Dun dun to dun, here comes your bride or groom; better like him or her.

Being a successful business owner takes all the things I talked about already: focused action, discipline, courage and perseverance on supersized speed. You have got to be 100% committed for this option to even have a chance of being successful.

It’s a Bet

And here’s that risky part. You could literally pour your heart and soul into this thing that you are married to and it still can fail. Happens all the time. Entrepreneurs have to really understand the economic markets and industries they are playing in, and they can’t control those markets either.

They’ve got to constantly strategize and re-strategize depending on what’s coming at them. And you will win some and lose some. That’s the beauty and brilliance of our great Capitalist country. So entrepreneurship is not for the faint of heart.

You Have to Want It Bad

You have to want it really, really bad to even place your bets here. But it’s still ultimately a bet with big gains and big losses at stake. Remember just because you lose a bet though, it doesn’t mean you’re out of the game. You get to decide that.

You can always regroup and go again; this time smarter and more determined. The great thing I love about entrepreneurs is that they already know this concept in their bones. These are usually some of the most die hard people you will ever meet in your life.

Passive Income

There are more sources of income out there which I want to mention that I’m not going into detail about right now. This is concerning passive income which is extremely important once you get yourself up to that level, which is often derived from investments or other passive sources. An example of another passive income source would be royalties on a book you published.

Eventually you’ll want your money and your efforts to start working for you instead of the other way around.

Who’s Ready?

So who’s ready to go out and make some income? Just remember to do your homework and have a strategy. It’s so important to know what you are trying to achieve. Then attack with full force beast mode. Because that’s what it takes. And don’t stop. If it’s what you truly want in your heart, never quit.

“Behind every adversity is an opportunity. If you lament over the adversity, you will miss the opportunity.” That is a quote from the entrepreneur Ajaero Tony Martins. Now it’s your turn. Go get your opportunity.

Listen to the Mind Your Money Podcast on iTunes Podcast, Spotify and Stitcher apps today.

Contact me for a free 30 minute consultation to see if Personalized Financial & Mindset Coaching is right for you.

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