It may sound lofty, but doubling your income is simpler (not easier!) than it sounds. Think about it for a moment – what was your earning capacity when you graduated high school? Minimum wage in Australia is currently around $33,000/yr1. If you then studied in an educational institution, say accounting, your income capacity would be around $60,000/yr2. In other words, you have already experienced doubling your income! If you have only seen incremental increases since then, but want to increase your compensation, here are three keys to doubling your income:
Three Keys to Doubling Your Income #1: Set the goal
Most of us never earn more simply because we don’t set out to. We settle for being comfortable, earning just enough for our own needs. Many people I have spoken to have never stretched their imagination to the fact that they can earn more than they do now. The first and most important step to doubling your income is setting the goal.
Once the goal is set, write it down daily, and find a trusted mentor to keep you accountable to it. A recent study found that those who follow these steps are nearly twice as likely to achieve them3. By thinking about your goal on a regular basis, you will remain focused on its achievement and avoid engaging in aimless “busy work.”
Three Keys to Doubling Your Income #2: Specialise and Combine Skills
You have already doubled your income by studying. You can do it again through continuous education. It doesn’t have to be a formal – the late great Jim Rohn once said “Formal education will make you a living, self-education will make you a fortune4. The key here is to specialise your knowledge to your chosen field, and then combine complimentary skills. For example, a sales consultant has one main skill – selling. A sales manager combines that with managerial skills, and consequently earns more. A CEO combines all of the above with about a dozen more, and once again is compensated proportionately. What new skills and knowledge will advance your career? In addition to your goal setting, make a point to study daily.
Three Keys to Doubling Your Income #3: Scale Your Work
We earn proportionately to the value we bring to the marketplace. Give more value to more people, and you will quickly increase your income. If you are employed, find ways to increase your output to your one client – your employer. If you own your own business, find ways to serve more clients. We are living in an age where scale is made simple through the internet. Thousands have already made their fortunes by scaling their operations through the World Wide Web. How can you scale your work?
You can double your income by setting the goal, specialising and combining skills, and scaling your value to others. You have done it before, so there is nothing stopping you from doing it again! Take action today, and take joy in the fact that you will be bringing greater value to others.
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