Start Up Blog

10 ways to significantly increase your income

Posted in entrepreneurship by Steve Sammartino on April 16, 2012

There are a bunch of ways to increase our incomes. Whether we are business owners, startups or employees the principals are the same. So here’s a list of 10 things we can do (starting tomorrow) to boost the income we receive from whatever we do.

  1. Learn or improve our public speaking skills - Our ability to sell ourselves and anything verbally is still the number skill in business. Anyone who can speak in private, can speak in public – it just takes practice. There are tricks we can learn and if we learn them what we earn will increase dramatically.
  2. Write a blog – If we write a blog on what you do it has a wondrous way of increasing our knowledge bank, our reputation and builds a verifiable asset we can use to sell our credentials. All I can say is that of all the things I’ve done in my life, blogging has created more  economic benefit for me than anything else. You’ll only know how this happens if you have faith and do it.
  3. Keep your body in good shape - I believe it has two important ways it impacts our earning potential. Firstly a fit body has a brain that works better. This is a medical fact. Secondly, people subconsciously judge us on what we look like. If we are in good shape people increase their trust levels of us. Because we look after ourselves, they believe we can look after them and their business. I know this is almost cultural heresy, but I do think it is true.
  4. Groom & dress well – As per the second point above. How we look is an asset. It doesn’t mean we need to wear expensive clothes or look like a movie star, but have pride in our own human existence. Never be afraid to invest money in nice clothing.
  5. Work harder on yourself than you do on your job – People buy us as they asset, both in startup land and employment land. So we must invest in self development more than developing the business. If we do the former, that latter happens automatically.
  6. Leverage the wood chips – Every job has some kind of ‘off cut’ or left over which is part of the process of being productive. This is often a great asset which can be leveraged. Know what your wood chips are, and take them to market. This not only invents revenue, but displays vision. People will notice.
  7. Learn another language – It might be Chinese Mandarin or Javascript. Any language will do. The point is that it increases our mind power and enables us to see and understand things that other people can’t. It is far more impressive to know how to speak another language than it is have a post graduate qualification in the same area. It separates us from the crowd. And differentiation leads to greater income.
  8. Help others grow – Help friends and colleagues achieve their goals. Help them with what you know and inspire them to be all they can. Do it without desire for any repayment. It will inspire you and karma will return the benefits.
  9. Save 30 percent – Keep 30 percent of your income to be invested. Do this before any expenditure occurs at all. Put 10% into active capital (your own entrepreneurial ideas). Put 10% into passive capital (shares, interest bearing deposits, other peoples business ventures) and put 10% back into society – this should be defined by yourself. It takes far less than people think for the compound benefits of such a simple financial strategy to accrue.
  10. Spend 10% on your income on self education – No matter what we earn we must ensure we allocate 10% of this to re-educating ourselves. In a world of rapid change this is not a choice but a must. This is the ingredient to continued self worth and value. It pays for itself many times over. Just ask any millionaire.

By the way this list is ‘non-exhaustive’ – but a set of activities I have learned and used. Maybe you’ve got some additional tactics you can share in the comments.

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26 Responses

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  1. Andrew Zahn said, on April 16, 2012 at 11:08 am

    Fantastic wisdom. Funny, my wife and I just paid our bills and we’re doing a few of these things already. Gonne do some more!

    • Steve Sammartino said, on April 16, 2012 at 12:02 pm

      Be sure to share them Andrew – and also any other ideas you have in this arena. We’ve all got to help and learn from each other.

      Steve.

  2. rookieheather said, on April 16, 2012 at 11:09 am

    Please more fully explain your wood chips idea.

  3. rohancooke said, on April 16, 2012 at 11:48 am

    cheers man,

    i have about 4-5 of these things ticked off the list.
    I’ll keep you updated on how the rest of the list goes.

  4. lukemccormack said, on April 16, 2012 at 1:04 pm

    Some of your sharpest work right here Stevie! It’s clearly time for me to pull the finger out on the blog frontier. I agree with Heather, would love to see a post on the wood chips. Love your work mate! #manlove

  5. Scott Kilmartin (@ScottKilmartin) said, on April 16, 2012 at 4:38 pm

    Dear Steven,

    I run a woodchip mill, what should we do with our woodchip off cuts and what should we call them?

    Regards

    Ces

    • Steve Sammartino said, on April 16, 2012 at 6:25 pm

      Dear Scott,

      Talk about the journey – how the chips got there. This will inspire people and they will share the story of the chips that might have just been buried. In fact, configure the chips in a way that enables them to carry stuff so people can take the chips with them where ever they go. people will ask about their chips. But please promise me this – if you deal with big chip creators, please don’t let them take over from Joe normal and his story of the chips.

      Design the chips and configure them in way that there is new beauty in their second life.

      The story is as important as the chips are themselves.

      For reals – tomorrows blog post will be on ‘Wood Chipping’.
      Steve.

  6. Max said, on April 16, 2012 at 4:43 pm

    Thoughtful indeed!

    What I liked the most is tip #3, #9, #10. There are many ways to earn money on the Internet, however, you can rarely read about Approach. Here I’ve finally found something useful :)

  7. Al McCausland said, on April 16, 2012 at 8:45 pm

    Very wise words, and I’ve taken number two on board and thanks for number 8 – appreciate your guidance!

  8. poloniustest said, on April 17, 2012 at 5:21 am

    Great post Steve. Peppy!! Gave me quite a kick :)
    I agree with Heather…didnt quite get the wood chips part. Would love to know more about it.
    Cheers

  9. ScottKilmartin said, on April 17, 2012 at 11:12 am

    Dear Steven,

    My name is Ces, but you can call me Scott or Reg.

    I think I will steal your chip idea on Wood Chippery and take it to the RSL Club and beyond.

    I can’t believe you know Joe Normal too, he’s a fine upstanding gent and hails from a great family of chip merchants ’round these parts.
    Small world.

    Regards

    Noel

  10. Great post, Steve! Love the financial breakdown and looking forward to your wood chips post. I’m working on #2 right now and will share with you my blog once it’s up and running.

    Many thanks,

    Rob

  11. kpsatish said, on April 24, 2012 at 4:05 pm

    Steve,

    May be this could be added. Carry a notebook and pen/some electronic device for recording always. Some times good ideas flash and vanish immediately. They do not announce that they are coming. Noting it and nurturing would pave way for something.

  12. macein said, on April 25, 2012 at 12:10 am

    i am a fresher in a VLSI company and i have noticed how acquiring knowledge of different tools paved the way forward forward for me..

  13. on thehomefrontandbeyond said, on April 25, 2012 at 4:12 am

    thanks for the blogging advice in particular–am wondering if my lonely voice is getting out there–but you have encouraged me–maybe someday I will be freshly pressed-congrats

    • Steve Sammartino said, on April 25, 2012 at 11:44 am

      The truth about getting freshly pressed is that it is pure luck. But I’m certain they give to bloggers who blog more often most of the slots.
      Steve.

  14. Jamie Sparo said, on May 9, 2012 at 1:34 am

    It’s all very good and well suggesting lifestyle changes that could possibly lead to an increase in income, but surely one of the first things one should do is seek out a good accountant? They can help you to understand the ins and outs of your finances and put together a plan that help you to get the most from your money. So where do you start? Well, find the best firm in your local area and go and have a chat – being Essex based myself, I found this firm of accountants in Chelmsford incredibly helpful.

  15. meluser said, on May 24, 2012 at 12:07 am

    Hi, I am not a native english speaker that’s why I may have not understood.. But what do you mean by save 10% by giving back to society… Can you give some examples? Is it like send 10% to charity?

  16. meluser said, on May 24, 2012 at 12:08 am

    Hi, I don’t understand what you mean by save 10% by giving back to society, can you give an example? Is it like send 10% to charity?

    • Steve Sammartino said, on May 28, 2012 at 11:27 am

      Yep, I mean charity, or donations or some form of community benefit program. It can be done in any way…. But it matters and is part of the mix of being a ‘rich’ person. Rich in terms of living.
      Steve.

  17. [...] 2. Improving public speaking will help greatly increase your income. [...]

  18. Customonit.com said, on July 12, 2012 at 8:13 pm

    In a private sector, you cannot survive until you update yourself with the latest happenings. In this regard, communities play very important role to make you worthwhile. Basically it all about risks you take then you get success.

  19. Andy said, on August 6, 2013 at 2:18 pm

    Love point 3 Steve…more so ..love the explanation.


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