You have tripled your income in the past five years. Here’s how I did it
Could the techniques you used help you increase your income, too?
the main points
- I have been a freelance writer throughout my career.
- You have tripled your income in the past five years.
- I did this by taking a few basic steps, including knowing the value of my time and investing in good tools.
I’ve been a freelance writer since 2008 when I first started writing after graduating from law school. But while I was in the business when I started, I slowly managed to build a successful business. In the past five years though, I’ve embraced some new technologies that have quickly helped me triple my income and improve my personal finances.
This is what I did to dramatically increase my profits within a short period of time.
1. Experiment outside my comfort zone
One of the biggest factors that made a difference for me was a willingness to gain new knowledge and a willingness to step out of my comfort zone to try new things.
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I was doing the same kind of work for the first 10 years of my career and I was familiar with the topics I was writing about. However, the writing I was doing was not good.
When I saw job opportunities in different industries that offered much better rates, I took the time to learn about the topics that I would need to be an expert on so that I could consider them. I developed the skills to be paid much higher than I would have if I had been stuck in the status quo.
2. Know the value of my time
I used to accept every writing job that was offered to me. But as I developed my expertise and ended up with several job offers, I realized I wasn’t using my time wisely. I started turning down some jobs to focus on finding more profitable work, developing the skills I would need to get assignments with a much higher pay rate, and on doing work that pulled more money into my bank account.
I actually work less now than I used to, even though I earn more, because I realize that my time is valuable and that I only do the tasks that allow me to earn a certain minimum hour.
3. I treat my work as a business
When I first started writing for pay, I treated it like a hobby—even though I was making money. But I realized that if I wanted this business to be profitable as a full-time career, I would need to treat my job as a business.
I built an S company, started tracking my incomes and expenses more carefully, and established a minimum number of hours each day that I wanted to work on different things, such as pursuing new opportunities and completing existing projects. I also set minimum profit goals for myself.
Finally, one of the biggest changes I made was investing in tools that allowed me to organize and work efficiently.
I am now more willing to pay for a computer and quality software that helps me keep track of my tasks, keep all my many links organized, monitor how much I spend on each task so I can make sure it matters to me, and determine if my daily goals are met easily achieved.
This may seem like a simple thing, but setting up my tools in a way that works for me on my own has helped me increase my income by tens of thousands of dollars over the past year. I no longer waste time and am more motivated to get things done.
In the end, investing in myself, taking my work more seriously, and educating myself to take advantage of new opportunities made a huge difference. I can save more, pay off all my non-mortgage debts, and I can spend on the things that matter most thanks to the steps I’ve taken. And maybe they can work with others, too.