Your Money or Your Life, Step 7: Maximizing Income

[This is part 7 of a 9 part series on the book Your Money or Your Life. See my original post about the book.]

Maximizing Income is the flip side to the previous step, minimizing spending. The wonderful thing about maximizing income is that there’s a limit to how much you can save, but no limit to how much you can earn. This step isn’t only about your bottom line, it’s also about respecting yourself and your limited time on this earth. Ask yourself: Am I “making a living” or “making a dying?” What are your purposes for paid employment?

I’ll leave the details of making more money as an exercise for the reader. You’ll need to approach it differently depending on your life story, but here are some popular ways to make more money:

  • Ask for a raise
  • Change jobs or careers
  • Pick up a moonlighting gig
  • Earn money from a hobby or field of expertise
  • Sell stuff you don’t need
  • Make your money work for you – as capital, or by investing in yourself (e.g. continuing education)

Plenty 0f fast moneymaking schemes are out there, and unfortunately most of them are peddled by unsavory characters. One person whose advice I trust is Ramit Sethi of I Will Teach You To Be Rich. If you can get past his gen-x writing style, his blog and book have plenty of honest tips on earning some side income. Honestly, he devotes more of his time to getting his readers motivated than anything else. I took his advice and started moonlighting as a social media consultant. It didn’t really turn out to be something I wanted to devote serious time to, but it was rewarding to teach others and earn a little money on the side.

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