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Big Lifestyle Changes That Will
Increase Your Earning Potential
If you feel as if you are always running into barriers when it comes to increasing your income, and that the dream of actually being able to retire early and live comfortably is always way out of reach, you may need to make some significant changes in order to get yourself out of this rut.
From dead-end jobs to location-related restrictions, there may be a million reasons why you just can’t seem to catch a break.
However, if you take the time to thoroughly investigate this issue, you may find that some of these obstacles are somewhat self-imposed and changes can be made to ensure long-term success.
While you may need to make some major changes to your life in order to increase your earning potential, it is possible for many of us to influence drastic improvements to our finances by taking matters into our own hands.
This article suggests just a few of the potent lifestyle changes we can make that have the capacity to take us from rags to riches.
Trade Stocks Full-Time
You could build on your knowledge of stocks and shares in order to become an investment aficionado - and perhaps achieve a level of success that will eventually enable you to pursue this activity full time.
This is very much a long game approach. The risks inherent in investment trading make major losses highly likely unless you take great care, prepare thoroughly, do your research and build up to the bigger, riskier transactions. The big money is always in the more volatile areas of the market, which means you need to have nerves of steel and a significant level of expertise to achieve major successes.
Short-term or day trading - where stocks and shares are bought and sold within a tight 24-hour window, and decisions are made based on the tiniest changes in value - can result in big profits, so this practice requires constant attention and concentration. There is also the option of alternative approaches, like pre-market trading, where traders can buy and sell shares early in the day - before the market officially opens at 9.30am ET - to take advantage of a less crowded space and pick up on deals or trends that others may miss.
Invest in Property
No one would turn down the opportunity for a passive income - and real estate is one of the biggest earners in this area.
Becoming a landlord or buying shares in a major development may see profits or dividends rolling into your account as the result of very little effort. Of course, if you have tenants, you’ll need to stay on top of their wellbeing and make sure the properties you own are safe, properly insured and well maintained, but when you consider the amount of work this usually requires versus the capacity for huge profits within this field, it’s pretty much a no-brainer.
You can also invest in property in a more active capacity. Flipping houses is a great way to climb the ladder, particularly if you have a good eye for development or refurbishment potential.
Change Your Career Path
It can be disheartening to realize that the industry in which you’re currently working has an almost impenetrable glass ceiling.
There are a huge number of bottom-heavy fields, where employees gradually come to realize that they can only climb so high before only horizontal movement is possible. You could keep pushing for promotions, attending training courses and making yourself invaluable to those at the top, but this often ends up being a lot of work for little to no gain unless you get extremely lucky. Instead, why not take stock of your situation?
Ask yourself what drew you to your current job in the first place and consider whether you’d be willing to change direction in order to increase your potential for earning. Perhaps there’s something you always wanted to do but didn’t have the time, or decided that the risk was too great. Could now be the time to do an about-turn and take that chance? Take the time to research the potential for upward movement, promotion and more significant earnings in other lines of work. If you find something that appeals, why not set your sights on re-training and making the move?
Another way to shake off the restrictions imposed by your employment is to become your own boss.
Of course, in reality, this approach can be complex and risky. But, if you succeed, it means that the only limits will be the ones you set yourself. You will be in charge of the type and amount of work you take on, as well as your rates and the quality of your processes and services. Plan your new business carefully, find your niche and research ways to make the greatest possible profit, and the sky will be the limit.
What are the opportunities like in your area? Are you limited by a lack of choice or an oversaturated market?
If so, maybe it’s time to move. Relocating to more populous, urban areas or business districts that specialize in your line of work may open up new avenues for you. Alternatively, you may like the idea of being a big fish in a small pond - in which case, moving away from a highly competitive job market may be the answer.
Invest in Resources and Equipment
In order to give yourself an advantage over competitors, you might need to invest time and money into your personal development or add to your arsenal of resources in order to make yourself the obvious choice every time.
Why not research training courses or qualifications to boost your employability? There may also be equipment that you can purchase to improve your performance if you work from home or run your own business. You could even make smaller investments, such as paying a professional graphic designer to spruce up your resume or portfolio, or finding a career consultant to help you make new connections and find new opportunities.
About the Author
Justin is a married father of 3, with over 15 years of corporate finance experience in various industries. He is an avid personal finance enthusiast, blogger, and chaser of passive income streams.