338 | 10 Ways to Increase Your Income

Published August 2021 on YouTube

338 | 10 Ways to Increase Your Income

1. Intro

Alan shares 10 practical ways to increase your income. From starting a side hustle to investing in yourself, this episode of ChooseFI is packed with valuable insights for anyone looking to take control of their financial future.+

2. The Gap Equation

Jonathan and Brad discuss the equation of earning more and spending less. While spending less is easier, there is no limit to earning more. They explore the idea of putting earning more into a framework for financial independence.+

3. Introduction

Brad and Alan discuss the benefits of increasing income through entrepreneurship and how it can be a blind spot for many people. They reflect on their own biases and how they've learned to optimize their income over time.+

4. Alans story

Alan reflects on his younger self's perception of wealth and how it changed as he got older. He emphasizes the importance of expanding one's perspective beyond their current situation and understanding the game of wealth.+

5. Jonathans story

Alan shares his experience of buying a super cheap car that was dangerous to drive, and how it taught him the importance of not cutting out certain non-negotiables in life. He realized that he'd rather earn more and ramp up his earnings than compromise on things that make him happy, like having a car that won't kill him.+

6. Brandons story

Brad and Jonathan discuss how the pursuit of financial independence should not involve deprivation or endangering loved ones. It's about finding contentment and balance, and everyone's path to FI will be different.+

7. Earn More, Enjoy More

Alan emphasizes that financial independence is not about deprivation and encourages listeners to earn a little bit more and have fun while saving towards their goal. He highlights the importance of enjoying the journey towards financial independence.+

8. Debunking deprivation

Brad and Alan discuss the old notion of deprivation being the only way to achieve financial independence and how it's really about finding value and enjoying life. They hope to debunk this narrative and encourage listeners to focus on what brings them joy.+

9. I like fancy breakfast

Alan, Jonathan, and Brad discuss the importance of finding balance when it comes to earning and spending money. They encourage listeners to figure out what they truly value and to cut ruthlessly on expenses that don't add value to their lives. They also provide tips on how to increase income and emphasize the importance of taking action.+

10. Its not binary

Alan emphasizes that progress towards financial independence is not binary and can be achieved by making progress on both reducing expenses and increasing income. By doing a little bit of both, individuals can supercharge their journey to phi and achieve incredible progress.+

11. Ask for a raise

Alan shares ten ways to increase income, starting with asking for a raise. He emphasizes the importance of knowing your worth and providing value, and encourages people to ask for what they want. Alan also mentions the need to be aware of the marketplace when considering a raise.+

12. Ive never asked for a raise

Brad shares his experience with negotiating a salary raise and how it can be nerve-wracking. Jonathan emphasizes the importance of this skill and how it can lead to significant financial gains for listeners.+

13. Everything is negotiable

Brad shares how negotiating salary is one of the most successful concepts in the ChooseFI community. Episodes 147 and 211 provide specific scripts that have helped listeners earn up to $20,000 more.+

14. Big ideas

Jonathan and Alan discuss the importance of having a clear understanding of success with your employer and documenting your accomplishments. They also emphasize the underutilized strategy of asking for a raise, which can lead to significant earnings over a working lifetime. Tips from past guests on career hacking and salary negotiation are linked in the show notes.+

15. Ask for what you want

Alan discusses the benefits of building a side hustle, including creating a supplementary income doing something you enjoy. He also mentions that turning hobbies into a side hustle can be a great way to make money and do something you love. Asking for a raise is also discussed as a way to increase income.+

16. Track someone on their journey

Alan shares how listeners can start their own side hustle and make extra money doing something they enjoy. He recommends listening to the coaching series, specifically Christina's and Jamie's, to track their journey and gain insights on how to start their own.+

17. Build a side hustle

Jonathan and Alan discuss the benefits of having a side hustle beyond just making money. They highlight how having a side hustle can develop additional skills and lead to success in other areas, such as getting promoted or earning more money in a new job.+

18. Transferability of skills

Brad and Alan discuss the benefits of having a side hustle, including the transferability of skills and the potential for extra income. They emphasize that a side hustle doesn't have to be capital intensive and can be a lightweight way to learn new skills and make connections. Alan shares an example of a woman who launched a bike tour on Airbnb and is enjoying the process while earning side income.+

19. Change the definition of fail

Brad, Alan, and Jonathan discuss the importance of reframing failure as a learning opportunity and the mindset shift needed to make career changes to increase your income. Alan gives permission to listeners to change careers if they are not serving them and not earning enough.+

20. Change careers

Jonathan and Alan discuss the misconception that changing careers requires going back to school for a new degree. They highlight the possibility of starting from scratch and mapping out a clear path to a new industry with remote work and flexibility, making 60 to 80K with a clear path to six figures in six months. Alan even reveals a secret that he doesn't have a degree.+

21. Do you need a degree

Alan shares his experience teaching entrepreneurship at Oxford University without a degree and emphasizes the value of self-learning. He believes that reading three books on any subject can provide more knowledge than a degree and that changing careers is possible without additional degrees.+

22. Youre a little stunned

Jonathan and Brad discuss the importance of beliefs and mindset in achieving financial independence. Alan's statement emphasizes the significance of these factors in reaching one's goals.+

23. You have a college degree

Alan shares his experience as a global business owner and nomadic millionaire, emphasizing that a degree is not a requirement for success. Brad reflects on his own preconceptions about success and the importance of challenging old scripts.+

24. You have skills

Jonathan and Alan discuss the value of building skills through a side hustle or job, and how those skills can be transferable to other industries or careers. They also touch on the benefits of becoming a contractor or consultant, and how it can lead to higher pay and more flexibility.+

25. Why people stay

Brad and Alan discuss the potential for higher income through contracting and provide tips for those interested in making the switch. They share examples of people who have successfully made the transition and emphasize the importance of asking questions and exploring possibilities.+

26. Add More Value

Alan shares his friend's advice on how to get wealthy in life, which is to add more value. He explains that adding value means different things to different people, but if you can find a way to be more valuable to those around you, it can lead to unbelievable opportunities and changes in your life.+

27. The Long Game

Brad and Alan discuss the importance of making genuine connections and being helpful without expecting anything in return. They emphasize the value of adding value to others' lives and how it can lead to better opportunities. However, they also note the importance of asking for what you want when the time is right.+

28. The Common Theme

Jonathan and Alan discuss the importance of building a network and developing negotiation skills. They recommend finding resources to improve these skills and emphasize the value of uncomfortable conversations. Alan recommends "Influence" by Chaldini and the Rebel Business School negotiation course.+

29. Book Recommendation

Mastering Sales:Alan, Brad, and Jonathan discuss the importance of learning how to sell and negotiate, despite the negative connotations associated with salespeople. They recommend reading the book "Influence" and emphasize the value of skill stacking to become an effective salesperson.+

Mastering Sales:Alan Donegan explains that sales is an ethical skill that can benefit anyone. It can help protect against unscrupulous salespeople, improve workplace success, and even be useful in personal negotiations. Brad Barrett adds that persuasion is a critical skill to have in life, not just for salespeople, and can increase the odds of success in a variety of areas.+

30. The Ultimate Sales Machine

Mastering Sales:Brad, Jonathan, and Alan discuss the importance of sales as a valuable life skill and recommend The Ultimate Sales Machine by Chet Holmes as a book to shift one's perspective on sales. They also remind listeners that the set of Ten Ways to Increase Your Income is a buffet and to pick one or two things to start with.+

Better Public Speaking:Alan and Brad discuss the importance of becoming a better public speaker and how it can build confidence in all areas of life. They share personal experiences and insights on how public speaking has helped them communicate better and become more persuasive.+

31. Public Speaking

Jonathan and Brad discuss the importance of getting reps in and facing your fears, specifically in regards to public speaking. They share personal experiences of how getting reps through their podcast helped them overcome fear and gain confidence.+

32. Toastmasters

Skill Set for Success:Brad, Alan, and Jonathan discuss the importance of developing skills that can be used in various areas of life. They emphasize the value of public speaking and suggest joining Toastmasters to improve. Alan shares his experience of learning how to cook curries and selling his skill as a side gig.+

Unlocking the World:Jonathan emphasizes the importance of skills and how they unlock the world. He explains that degrees are only valuable for certain professions and that anyone can acquire valuable skills quickly through self-guided learning. He urges parents to introduce this framework to their children at an early age.+

Efficiency Matters:Alan and Brad discuss the importance of being efficient and productive in getting things done. They emphasize the value of being able to follow through on tasks, being punctual, and delivering on promises. Being efficient in personal finances and other areas of life can pay dividends.+

Increase Your Income:Jonathan and Alan discuss the importance of investing in self development and taking action to increase your income earning potential. Alan emphasizes the need to create change and take action on at least one of the ten ways discussed in the episode. The Rebel Entrepreneur podcast is dedicated to helping individuals build the life they want through entrepreneurship and creating a movement around it.+

Making Money Doing What You Love:Alan Donegan shares his goal of helping people make money doing something they love without debt. He talks about the coaching series that helps people grow their business and monetize their passion. The podcast covers topics such as driving traffic to your website, increasing sales, and building a business with no debt.+