Proven Strategies to Increase Your Income and Build Financial Freedom

When your income barely covers your expenses, it’s easy to struggle to see how time and financial freedom could be out of reach. Even if you live in a fabulous house, have an awesome car, and have a great career, a common experience is that there is often very little left at the end of the month.

From first principles, there are only two approaches to building wealth: increasing income or reducing expenses. You can do a bit of both, but you will never scrimp your way to wealth by reducing expenses alone; you need to learn to increase your income.

If you have a highly paid, flexible job, increasing your work to earn more money is tempting. However, this falls into the old trap of exchanging time for money, which is never scalable, no matter how much you earn. Learning how to develop other sources of income is essential if you ever want to transition from being a busy, time-poor professional to a life of time and financial freedom.

I often get one or two responses when I mention this to people. The first is where I was 10 years ago. They immediately start talking about how paying more tax would mean the effort would not be worth it. This results from preprogramming or not understanding how to maximise tax or how to find a way to scale your income and decouple your time from the…