Whether you are self-employed or employed by someone else, the economy determines your income by three things: your knowledge and abilities, your skills and experience. Your productivity depends on how effectively you use those things. And in today’s shaky global economy, those three things—your knowledge, skills and experience—have become more important than ever. In fact, many people now seek the help of a business coach to expand their knowledge and skills to increase their productivity.
If you have a rewarding second job that allows you to earn a decent income, why not do it full-time? It has always been my personal belief that the most rewarding way to earn more is to earn additional income from something that I already did well for myself. So when I say you can earn more by taking a second job, what I really mean is you can earn more by combining two careers into one. Let’s examine how that might be achieved.
Many people dream of getting out of the rat race and living the simple life of being a wage earner. The truth is that you cannot get out of the rat race without putting in the effort. To earn more, you must be willing to get started earning money right away. And the sooner you get started, the sooner you will earn enough money to achieve financial freedom.
Many people mistakenly believe that they can earn more if they just go to work each day, do the same task each day, and stay at their second job all day. The thinking goes like this: since I am paid for doing this, therefore I will go to work. And that is exactly wrong. Employers know how valuable an asset you are if you are willing to put in the effort to gain extra income. In fact, the best way to increase your earning potential is by combining your first job with your second.
By getting another job, you will be putting in the necessary time, effort, and money to make your primary income streams pay off. Let’s say you have a part-time job as a cashier and you make minimum wage. If you want to earn more than that, then you should start cashing in on your second income stream-your community college education.
Most people think that if they want to earn more, then they should get another college degree. But this is a bad idea. Why? Simply because you will not see a huge difference in your income when getting a second degree. All of the extra cash you earn will go to paying off your initial debt.
The best way to earn more passive income is to combine your first job with your secondary income stream. So if you want to earn more than one million dollars a year, then you need two jobs (or more if you are really lucky). After you have both of your jobs, you must learn how to maximize your earning power. This is where your knowledge of your skills will pay off because your employer will be paying you a lot more than you were making when you were working at your previous job. This is why it is important to combine your income streams-and by extension, your passive income.
A good example of maximizing your earning potential is by getting a higher-than-usual bonus at work. If you were to get a twenty percent raise, that means you will be earning thirty thousand dollars a year. Do you think your employer will give you all of that? Of course not. They would rather give you a five percent raise because you have a history of increasing productivity-which means, they will be getting more profit from you. The trick is to keep your employer interested; that is what earns you the top salary.