A recent study by Purdue University found that there’s an income line an individual must meet so that life feels more enjoyable. The study that was drawn from a Gallup World Poll covering over 1.7 million suggests that this income line is around $100K per year, especially for those living anywhere in America, Australia or Europe. The study suggests though the happiness curve flattens as you reach a certain degree of income, you still need money to feel happy, confident and relaxed. So how can you make more money?
Here are four money tips you need to follow to increase your income this year:
1. Find your unique PQO
“If you want to become extraordinary, you need to figure out the productive outputs that matter in your field or industry,” says the high-performance coach and bestselling author, Brendon Burchard.
One of Burchard`s keys to massive productivity – and making money – is focusing on what he calls ‘The Prolific Quality Output’ (PQO): The one thing you output that you must produce consistently to take your business to a new level. A PQO is the essence of your business and whether you find it or not will determine how much money you`re going to make.
For salespeople, a PQO is contacting prospects. For entertainers, writers and Vloggers, it`s producing content every day. For athletes, it`s taking more throws, running more miles or swimming more laps. If you can figure out your PQO and produce more of it, then you will make more money.
“If you want to become extraordinary, you need to figure out the productive outputs that matter in your field or industry.” – Brendon Burchard
2. Build strong relationships with everyone
Moving from the bottom fifth to the top fifth of your classroom popularity can increase your income by 10 percent according to a recent study by Stanford University. Another study by psychologist Richard Wiseman also found that there`s a strong relationship between luck and the size of one`s network.
Wiseman, who surveyed over a thousand millionaires, lottery winners, and happily-married couples, noticed that building strong relationships was one thing for which lucky people were known for. They referred to themselves as ‘people collectors’ and used any chance they could get to connect with new people just to have fun.
You can have more money if you commit to improving your social skills. Your network can give you media coverage, get you hired and promoted, and help you make more sales. First, you should understand the role that relationships play in your life and how they affect your happiness and income, then commit to becoming genuinely interested in people.
Set a goal each month to approach a certain number of people and make it a habit to follow up with these people. By the end of the year, and regardless of where you start, you will have a decent network, and you`ll feel more confident around people.
3. Be good at selling
Learning how to sell is a complementary skill to good networking. You have to become more persuasive – not manipulative, just persuasive – to convince people to pay for your products/services and buy into your ideas.
Almost every self-made millionaire or billionaire has mastered sales in one part of their lives. Look at Warren Buffet, Steve Jobs, even the Kardashians, all have a clue on what it takes to convince investors, build raving tribes, or generate enough buzz to make sure they stay under the spotlight for as long as possible.
You have to get out of your way and join the masters. Of course, the process will be painful and you will face rejections (lots of them). When someone asked self-made billionaire John Paul DeJoria what sales tip was the closest to his heart, he said, ‘look for rejections.’ DeJoria understands that the biggest hurdle people face in almost any business is rejection. If you know this in advance and are mentally prepared for it, you’ll have a much easier time staying upbeat and eventually succeeding.
“Frugality includes all the other virtues.” – Cicero
4. Have enough money to invest
When doing business, a good idea is as important as having enough cash flow to back it up. You can overcome almost every business hurdle if you have enough capital: advertising, getting mentored by experts or recruiting the best employees around…just to name a few.
You will also need money to invest in other businesses and maximize your time. The simple reason why the rich get richer is that they have enough money to invest. That`s all.
You need to do two things so you can make more money:
- Save enough money each month to invest in your business (or other businesses). The amount you need to invest according to business consultant and bestselling author, Ramit Sethi, should be no less than 10 percent of your take-home pay (after taxes).
- You have to work harder. Work harder and aim higher and you`ll subsequently have more money to invest.
So where to start? Begin by learning how to sell. I have seen people with no degree make tons of money just because they are good with people and understand the secrets to good persuasion. If you`re still young, I suggest you get a job in sales and learn under fire – even a part-time or summer job will do you good. If you can`t, however, then I suggest you pick three sales/persuasion books of your choice and study and implement everything in them everywhere you go. This will take time and practice, but you`ll eventually reap the reward.