How to Double Your Income
If we look at the average employee’s annual salary over time, we can see that it plateaus after reaching middle age. The average income of the 35 to 44-year-old employee is about $49,000, whereas 45 to 54-year olds are capping out at $50,000, the 55 to 64 group trends down at 49,000, and 65 and older crowd averages a measly 46,000. Conversely, over those same age groups, the top one percent see a huge jump in net worth and income.
Think about your own career journey, what were you making two years ago, five years ago, ten years ago? If you are not seeing the results you want, if you aren’t seeing that number going up exponentially, then there’s a problem.
Why in the last half of your career are you seeing stagnant wages? Why is it from the first half of your career you see growth only to have it level out? What separates you from that top one percent? It’s simple you have become complacent, and don’t worry you can fix it.
We all fall into that rut and routine where it is easier to take the safe position, stay with a safe job, and live a life of safety. But no one ever doubled their income from being safe. So, what do the top one percenters know and do that the average employee doesn’t?
How to Double Your Income
You NEED to Recreate Yourself
- If you are seeing the same net worth for the past ten years, then you are not recreating yourself. Recreating yourself allows you to learn, grow, and pivot with the world around you. It opens you up to new opportunities and new wealth. If you don’t recreate yourself, you will get the same result no matter how much effort you put forward.
- There is a reason you see a huge growth in your net worth from 20 to 40-years-old and you see almost zero after that. You enter the workforce, fresh out of school with new ideas and skills and you apply them. You develop them, you crystalize systems that make you work more efficiently, and you are rewarded for doing so. But then you get to a point where you can get away with doing the same thing and get the same result. You stop getting rewarded for your innovation and you start just getting paid for showing up.
- So, you ask yourself, why bother trying? I get paid either way. You should care, you should try, because that is what the one percenters are doing in that exact moment to double their income. Which leads us to the next point.
Peer Pressure is Good
- It is the opposite of what you were taught in school. Feeling like everyone in the offices and cubes around you are working harder than you is a good thing. That’s what drives competition and competition leads to recreating yourself.
- The older you get the more you surround yourself with people that aren’t pushing themselves. You create a vacuum of ambitionless comfort. Until one day you meet someone your own age or younger than you who is pushing harder and striving for more. Your first reaction is to feel jealous or mad that they are wealthier or have a bigger company.
- Use it as a shock to your system that you aren’t done recreating yourself and pushing yourself to do more. If you feel that way, it means you are alive and you are not done working. Use it to fuel you to double your income.
You Have to Push Yourself
- This one seems obvious but in the face of a lot of uncertainty, it can be tough to stay committed. A few examples of what we mean is seeing friends and acquaintances burn out completely from pushing themselves. Maybe their health fades, maybe their family is put under immense strain, maybe their business is forced to close. Those are not an excuse for you to stop pushing yourself and to recreate yourself.
- Fear is very powerful, but you can’t let fear get in the way of your goal. If you want to be a successful entrepreneur, you are going to hear stories like these throughout your career and it is up to you to push through. During the best earning years of your life, you cannot stop and wonder, what if I end up like them? If you let the fear take over, you plateau and all potential for you to double your income is gone. Time is not going to wait for you to overcome your fears.
Compress Time Frames
- You are never going to have enough time in the day, week, or year for everything. What you must do is compress time. So, if an average salesperson in your company takes fifteen client calls in three days, you do all fifteen in one. This means working Saturdays, nights after dinner, and holidays. You are going to miss things in your life, you are going to be tired, but you are going to succeed because of it.
- You are probably asking why compress time? Why push to do more in a smaller frame than anyone else? It is because that’s the only way to achieve your goal. That’s how professional athletes do it, and that’s how one percenters do it. They take the same time that everyone else has and they make it work for them.
- At the end of the day the goal you are trying to reach, whatever it might be; financial security, a legacy for your kids, whatever it is. That goal demands your commitment, and it also does not adhere to your schedule. You make time for it.
Recommended video to watch is How to Increase Your Net Worth
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