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Monday, April 11, 2011 Post By: Grayne Wetzky

Increase your income

The ultimate goal for people looking to be self sustained is to generate their income independent of anybody else. The final and most difficult step in taking full control of your own life is to fire your boss and generate your own full income.

This represent the overarching goal that I have set for my own life. I have made great progress towards taking responsibility for many aspects of my life, from my health, to the food I eat and a lot of work to develop honest though patterns. The ultimate goal of taking control of where I get my money remains elusive.

While I am still far away from being able to rely solely on my self for income, I have made significant progress in this area also. Thanks to the unlimited opportunities on the internet I am slowly building a set of different income streams.

This is not going to be an article listing different ways to make money online. If there's one thing the internet has enough of it's list of ways to make money online. I am going to assume that anyone remotely interested in increasing their income online already knows a few different ways to go about this. My income is mostly from writing, but there are tons of other options if that doesn't appeal to you.

Instead I will focus on some tips on how to grow your online income and turn your modest revenue streams into something that might eventually support your desired lifestyle.

First off: SIMPLIFY
Our lives are incredibly complex. Just a few generations ago we had a lot less on our collective plate and we still managed to live, love and laugh. If anything, the stress of super busy lives and huge amounts of stuff in our lives is making us less happy. Cutting down on what you do and own has some great advantages.

First of all, cutting down on stuff you buy is a great way to save money. Instead of unconsciously consuming cheap plastic things from China, think through what you want to buy something for. If your answer is "I want it" then put of the purchase for a week. This will force you to have a conscious approach to how you spend your money, and is guaranteed to save you cash. Saving money is important because the more you are able to cut your expenses, the easier it is to generate the money you need on your own. And the more of the money you need you can make on your own, the more freedom you will have.

SAVE your money
Whatever your new online venture will be, keep the income from that business separate from your normal budget. Most likely your first steps into internet entrepreneurship will not be hugely profitable. If you can make $50 you are off to a great start, but $50 can be blown in 30 minutes at the mall. Don't let your new independent money be swallowed up by your normal spending habits. Instead, put the money in a separate account and let it accumulate. This way the money will soon be substantial, and it will be inspiring to see your funds grow every month.

INVEST your profits
The key to financial freedom is to make your money work for you. This means holding onto it for as long as you can, and putting it somewhere where it gives you a return while you have it. A great way to grow your online income is to put it in managed funds. The recent dreadful stock market performance might scare people away from this kind of investment, but in reality this is a great time to buy into stock market portfolios. Most people have no idea about placing money on the money market, but that doesn't mean they should avoid it. A very simple way of getting a return on your money is to keep your online money in a PayPal account and sign that account up for the PayPal money market fund. The return is not stellar, but it is an incredibly easy way to invest.

For the philanthropists a compelling alternative can be to invest in micro-financing. The idea behind micro-financing is to make small loans to small businesses in developing countries. This lets people with ideas grow their businesses, while you can make a small return on your money. The added social aspect can make these types of investments more rewarding than purely making a profit. Kiva.org has many available projects to invest in, and PayPal have recently started up microplace. Both of these sites makes it incredibly easy to make a meaningful investment.

Finally; WORK HARD and enjoy it
The most important thing for growing your small personal internet startup business is to stay with it. Even if you see slim returns to begin with, stick with it and put in your hours. Nothing of value was ever created without hard work, and this is especially true for online businesses. The market place is huge, but also crowded, getting heard is difficult. If you give up too soon you will never see how your idea could have grown. This is the reason why everyone who gives advice on making money online says the same thing: Do something you love. If you try to build up something of value doing something you don't enjoy it will be almost impossible. Your motivation will low and the quality of what you produce will suffer. So, find something you really like doing, make it your hobby and stick with it. Over time your enthusiasm will attract people naturally and you will be on your way to building your own personal internet empire.



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