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When you’re thinking about income, it’s not enough to rely on your paycheck alone. Much like the legs of a stool, your income will be more stable if there are multiple sources - your job, investments, starting a business, etc.

Think for a few minutes: what can you do right now to increase your income? What about this year? Next year? How will doing these things increase your income? Maybe it’s time to work on getting that promotion or think about a second career.

Then, it’s time to make a long-term income plan. People often overestimate what they can do in the short term and underestimate what they can do in the long term. Building wealth is like a domino effect that accumulates bit by bit over long periods of time with diligent saving, reducing expenses, and finding new income sources.

Are you on the right career path for you? Are you working at a company that notices and rewards your contributions? People who help their company reduce expenses or increase income and productivity are often the people who command the highest salaries. If you aren’t doing that, it’s time to make a change!

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