Zig Ziglar said: “Money isn’t everything, but it’s right up there with oxygen.” The topic of wealth, income, and making money is often discussed and viewed in a negative light. Our society is afraid of being labelled as greedy or money hungry, but what must be understood is that money is a crucial part of freedom.
I personally know what it’s like to have nothing, to stress about paying my next bill, and to feel hopeless. I also know what it’s like to thrive, and I’ve been fortunate enough to create some great income as well. Having money is a lot more enjoyable and fulfilling, but most importantly it gives you options.
Have you ever heard anybody say any of these? ‘Money is the root of all evil.’ ‘Rich people are greedy.’ ‘Money won’t make you happy.’ ‘You don’t want to be one of those people.’
‘I don’t need money.’
It’s usually those who claim they don’t care about money who are broke. Why not get wealthy? Why not become a millionaire? Why not focus on making as much money as you can?
As entrepreneurs, I know you have goals to increase your income. We all have the same 24 hours in a day, so those thriving financially must be doing something different, right? Better yet, they must have a better perspective about money and how it’s earned?
Let me give you eight very tactical and straightforward tips that can be used right away to catapult your income.
1. Stop doing what you’re doing
We all know the saying ‘insanity is doing the same thing over and over and expecting a different result.’ If you aren’t satisfied, the first thing you must do is stop doing what you’ve been doing because what you are doing is what is creating your dissatisfying, current reality.
What’s great about life is the opportunity to completely change your story and direction overnight. Regardless of your past decisions, you’re always one decision away from making the right one.
2. Don’t let money define you
Your self-worth has nothing to do with your finances. Whether you have a negative bank account or R5 million in the bank, your confidence must never waiver. If anything, your confidence needs to increase when you are stressed so you are motivated to never feel that stress again.
Being wealthy is a state of mind, but so is being broke. You are what defines you, not what you possess.
3. Start prioritising your profits
When you set up your weekly schedule make sure you start with income producing activities. Of all your activities, 20% will account for 8% of your income. Figure out what those are. Really think about the top two or three things you need to do to create income. Now put those in your schedule consistently to ensure you’re creating income.
Constantly ask yourself if what you’re doing is profitable. Focus on doing what you should versus what you feel. Never forget that impact drives income.
4. Start placing a higher value on your time
Time is more valuable than money. You can always get more money, but you can never get more time. It is possible to become twice as valuable, and make twice as much money in the same amount of time.
There is nothing more valuable than time invested wisely. We all have the same 24 hours, and it’s what you do with them that determines everything.
5. It’s okay to say no
Steve Jobs once said: “It’s what Apple said ‘no’ to that ultimately made them successful.”
If you’re over-extending yourself and committing to too many things, this word will change your life. Say ‘no’ to everything that doesn’t create income for you until you get your income to a place where you feel confident and secure.
Make a commitment to yourself that you will focus on income-producing activities versus tension-relieving activities.
6. Proximity is power
Most broke people hang with other broke people and they usually stay broke, together. Elevate your peer group by reaching out to those playing the game of life at a higher level than you.
Find those people because you’ll become a lot like the people you spend the most time with. Their belief systems, their ways of being and their attitudes are contagious.
You’re either surrounding yourself with those who hold you accountable, or let you off the hook. Choose wisely.
7. Lower your excuses
As the excuses go up, the bank account goes down. The best excuse makers or ‘validators’ have the smallest bank accounts.
The energy and time you spend on creative excuses is better invested in thinking of actual solutions that move your life forward. Excuses are a disease and those who continue making them will continue to have money issues.
8. Shift your focus from victim to leader
Stop blaming the economy, stop blaming your past, stop blaming your boss or company, and stop thinking the world is out to get you. Charge more, switch jobs, become more valuable. My friend, author and speaker Hal Elrod says: “The moment you take responsibility for everything in your life, is the moment you can change anything in your life.”
The difference between ordinary income and extraordinary income is fast implementation. How quickly will you get on your grind to start increasing your income?
I assure you that if you take these tips seriously, and want it bad enough you will create an income explosion over the next few months. Realise that your bank account isn’t who you are, it’s who you were before you made the decision to focus on wealth.