Ways to increase your annual income

5 Ways To Increase Your Annual Income

Increasing your annual income has many benefits- mainly, ability to afford a quality lifestyle for you and your family, and also the ability to manage unexpected money requirements.

Here are five practical ways to increase your annual income.

#1: Invest in Yourself – Add Value to Your Self Worth

Investing in yourself will give you disproportionately high return on investment- both for the amount of money invested and the time you spent.

DIY Tips to Invest in Yourself

Leverage the power of learning. Add a new skill, learn a new language, or try something that’s been on your bucket list.

Set aside time on a daily or weekly basis to read informative blogs, articles or books.

Attend a workshop, webinar or training to stay updated on the latest trends.

Explore your creative side to exercise untapped areas of your mind. This will open up different doors of perception- personally and professionally.

Invest time in taking a sabbatical – Retrospect, introspect and regain your focus

How Does This Increase My Annual Income?

Better skills, greater knowledge and wider perception, all lead to a higher level of opportunities.

#2: Invest Smart – Monetarily not Momentarily

Talking about increasing income is incomplete without considering the actual monetary aspect of investing smart.

DIY Tips to Increase Your Future Annual Income

Start early-as early as you possibly can

Invest for the long term

Make the right investment choices- for long term goals (more than 5 years), invest in equities and short term (less than 5 years), invest in debt instruments.

How Does This Increase My Annual Income?

Increase your profits by investing wisely. Instill a long term perspective to evade myopic results from a short-sighted plan.

#3: Invest in a Long Term Career Path – Map Your Progression Professionally

Mapping your professional interests can help you strategically build your career path.

DIY Tips to Chart Your Career Path

Do a SWOT analysis on your professional traits. Determine your strengths, weaknesses, opportunities and threats. In this way you can identify the best opportunities that can help you progress with purpose.

Inculcate a long term vision. Do not let short term challenges come in the way of building your potential in the future.

How Does This Increase My Annual Income?

Being at the right place, at the right time with the right capabilities, tactically improves your career prospects.

#4: Invest in Rewarding Risks – Zone Out of Your Comfort Zone

Taking risks can snap you out of your comfort zone.

DIY Tips to Zone Out of Your Comfort Zone

Take a chance to challenge yourself. Push your limits beyond the monotony of mediocre tasks. It is a bitter truth that machines will replace you eventually.

Focus on work that allows you to build your capabilities, even if it means making a drastic change.

How Does This Increase My Annual Income?

Stepping out of your bubble automatically unlocks new possibilities

#5:  Invest in Health – Focus on Your Physical, Mental and Social Well Being

The real wealth is in the health and well being of your body, mind and social interaction. While the increase in disposable income may translate to a higher standard of living, it could also lead to increasing health issues.

DIY Tips to Enrich Your Wealth in Health

Physical Health

Exercise. If not for the physical benefits, it also helps in reducing your healthcare bills.

Eat healthy. A home cooked meal is not only healthier but also lighter on the pocket.

Mental Health – Many occupational lifestyle diseases are creeping into urban population. Maintain a good work-life balance to avoid mental problems such as depression, hypertension and neurological issues.

Social Well Being – Whether you admit it or not, who you interact with socially and your lifestyle have a big impact on your personality. The social environment you choose to be influenced by will affect the way you think and the decisions you make. Choose wisely.

How Does This Increase My Annual Income?

You become the environment you live in. Make it clean, green and lean on the body, mind and wallet.