17 Ways to Increase Your Income from Money is My Friend by Phil Laut
In this blog we will go over 17 Way to Increase Your Income, from the book Money is My Friend by Phil Laut.
The first step to becoming wealthy is learning how to create an income.
Go through the 17 ways presented here and pick 1 or 2 to start and see how it affects your income.
Let everyone know in the comments!
#1 Do the Perfect Career Exercise
There are 7 Steps to the Perfect Career Exercise. I’ve done this exercise several times.
If you are in a career and not loving it, this is something I recommend you do.
(1) List 10 things you love to do.
(2) Pick 1 that you would be willing to receive money for.
(3) Take two minutes and make a list of ten ways that you can provide a service for people by performing your favorite pleasure that you are willing to receive money for.
(4) Review the second list and pick out your favorite way of providing a service for people. What you have before you is your favorite money-making idea.
(5) List 10 things you are willing to do to make your favorite money-making idea a financial success.
(6) THE ACID TEST – Are you willing to do whatever it takes to make at least $100 doing your favorite money-making idea? If the answer is NO, then pick a different money making-idea. If the answer is YES, then move on to step 7.
(7) Take the list in step 5 and schedule it out, and do the action steps.
#2 Create Solutions to Financial Problems
There is a way to create solutions to your financial problems. If you need $1,300 by the end of the month to pay your rent, you can fill in the following sentence to create ways of achieving your goal.
“Ten ways I can produce an extra $_______ before ___________.”
Ten ways I can produce an extra $1,300 before August 31st, 2019
- Sell my car
- Have a garage sale
- Sign up another client
- Sell 13 car details
- mow 13 lawns
- sell newspapers
- ask for an early Christmas gift from my parents
- Wash 26 cars
- Help my friend clean AirBnBs
- Look on Craigslist for a couple of gigs
You see how to do it?
Think about your personal situation and try it for yourself!
You can also build your creativity muscle by starting with smaller amounts of money.
For example – Ten ways I can produce an extra $15 before the end of next week.
#3 “Ten things I would like to do to have this place run more smoothly” Exercise
The best way to increase your income is to work for yourself. That way you cut your employer out as the middle man.
If you are working a job, then you can start thinking like a self employed person, and also get yourself set up for a pay raise, by thinking of answers to the sentence:
“Ten things I would like to do to have this place run more smoothly”
After you think of ten ways, then put them into action. Make the business that you work for more successful and it will lead to an increase in your income (either from overall improvements in profit for everyone, a raise for you, someone else hiring you, etc)
#4 Negotiate Raises in Advance
To increase your pay, think of a way to improve your performance or the company’s performance.
Then go to your boss and ask them if you make the improvements, if they can give you a raise.
Maybe you’ll process more invoices and make less errors.
Maybe you’ll sell more products.
Maybe you have a project that will save the business $100,000 annually.
Negotiate what your raise will be after you are successful.
Get an agreement from your boss in advance on what your pay increase will be.
#5 Spend an Hour/Week Sitting Under a Tree or Taking a Long Walk
Self employed people especially have a hard time relaxing.
They tend to work all the time.
If you are self employed, or a busy body, then taking an hour a week to relax will allow you to have inspiration and ideas that will improve your business.
Some of Phil Laut’s best ideas came from his long walks.
#6 Master Laziness With Self-Esteem by Staying in Bed All Day Exercise
A lot of us subconsciously don’t want to have so much money that we don’t have to work all of the time.
We may feel like we will be lazy.
We may feel like we don’t deserve free time.
A great way to change that is to sleep in bed all day and feel good about yourself doing it.
Have someone bring you your food in bed.
Stay in bed all day.
If you feel like you “should be doing something productive” and then get out of bed, then do it again until you can stay in bed all day!
#7 Buy a Personal Calendar Book and Put in Only Things You Really Want To Do
Schedule fun stuff!
Have a calendar that is filled with events that you enjoy!
This will improve your mood, self esteem and the quality of your life.
Improved self esteem leads to improved income!
#8 “I want to” exercise
If you say the following:
“I should …”
“I have to…”
“I need to…”
“I ought to…”
“I’d better…”
Change it to “I want to…” instead.
If it feels true, then you will start feeling more excited about what you are doing in your everyday life.
If it doesn’t feel true, then maybe you want to do something else?
#9 Give yourself the Simple Pleasures of Life in Abundance
Do something that gives you pleasure on a regular basis.
I go on a date night every week with my husband.
I go surfing now at least twice a week.
For you it might be taking a bath everyday.
Or getting a massage once a week.
Find something for you and feel more pleasure!
#10 Go First Class
Order food in a restaurant based on what you want to eat, not based on the price.
Upgrade your seat on the airplane.
You might need to practice this if lack of money is the basis of your financial decisions.
#11 Always Speak the Best of Others and Expect Others to Speak the Best of You
Say nice things about the people you are with and those who you talk about.
Expect them to do the same.
Doesn’t that feel good?
If feels good to the people around you and the people you know as well!
#12 Find Something That You Like About Everyone You Know and Everyone That You Meet
Think about what you like about people that you know.
When you meet someone think about what you like about him or her.
Wow! Fun times =)
#13 Schedule Time By Yourself to Think and To Write Affirmations
Schedule a time to actually think and write affirmations.
Affirmations are sentences that you want to be true in your life now.
CLICK HERE for 643 Affirmations For Financial Freedom, Wealth, Money Abundance and Prosperity
Think about what affirmations you want to use in your life. Write them down.
#14 Notice How Wealthy You Already Are
Gratitude is the easiest and fastest way to true wealth.
If you think about it, you are truly wealthy that you are even reading this website right now.
That means you have access to the internet…wow!
It also means you know how to read, and that you know the English language, which many people spend money and time trying to master all their lives.
You have eyes to read.
I’m sure you can think of more things that make you wealthy right now!
#15 Stop Paying Taxes on Greed (Lotteries)
If you see anything that promises get rich quick, then it is a tax on your greed.
You will be wealthier if you just keep the money!
Lottery tickets are the same…a tax on greed.
More people become millionaires starting their own businesses than by winning the lottery.
#16 Reprogram your Mind to be OVERPAID With Affirmations
Do affirmations that will reprogram your mind so that you can be rich…and overpaid.
Here are some affirmations:
The value of my work is increasing rapidly in everyone’s opinion.
It is OK for me to be overpaid.
I am grateful that my creativity provides me with an endless stream of practical ideas about increasing my income.
All shortages are temporary.
There are plenty of opportunities for me to serve people and increase my income.
#17 Demolish Poverty Consciousness Exercise
Write down what you are thinking right now.
After you write down your thoughts, pick out the negative thoughts around money.
For example, I’m going to do the exercise right now and show you what I come up with.
“I’m sitting here writing about money and hoping my income will increase a lot by doing this work.”
“I want my income to improve, like a lot.”
“I want to retire my husband like I promised when we got married.”
“I want our passive income to exceed our expenses.”
“I want to go on a vacation where Jomel and I can eat healthy foods and focus on health and wellness.”
“I want to be able to live where I want and create money whenever I want doing valuable services to others.”
“I want to go to Australia with Candice and do the Spiritual healing retreat!!!”
The next step is to reverse any negative thoughts into positive ones. Here is what I did to my sentences:
“I’m sitting here writing about money and my income increases a lot by doing this work.”
“My income is improving, like a lot.”
“I am so happy and grateful that I have fulfilled my promise to my husband and have created a passive income large enough that my husband can quit his job if he chooses, like I promised when we got married.”
“Our passive income exceeds our expenses.”
“I am going on a vacation where Jomel and I eat healthy foods and focus on health and wellness.”
“I live where I want and create money whenever I want doing valuable services to others.”
“I am going to Australia with Candice and doing the Spiritual healing retreat!!!”
Now you do it with your own thoughts!
Conclusion
Back when I first read this book, it was around 2010 or 2011, when I was struggling with debt and felt I had to work my job to pay my bills.
I did the exercises.
I recommend you do them.
They will make you feel better!
See if they will increase your income too!