The #1 Factor to Increasing Your Income

Dec 19, 2023

In the face of some challenging economic times, and forecasts for 2024 signaling even tougher conditions, I talk to people on a regular basis who are seeking ways to augment their income.

What many don’t realize however, is that their quest for financial stability is not just a matter of finding additional sources of income; it's deeply intertwined with their own personal growth and development. 

John Maxwell's concept of the "law of the lid" highlights this connection succinctly: our income potential is capped by our level of personal growth and leadership skills.

The correlation between personal development (our confidence, belief, capabilities, mindset, communication skills, leadership ability, etc.)  and our income is straightforward yet profound. 

As we enhance our skills, knowledge, and our way of thinking, we can become more valuable to employers, clients, and our own enterprises. 

This increase in value can directly translate to higher income, whether it's through salary increases, promotions, or the success of our personal business ventures.

Here are three essential tips for personal growth that can help lead you to increased income:

  1. Invest in Continuous Learning: The ability to learn how to learn is one of the greatest abilities one can possess. Never stop learning. Commit to being a life-long learner. This could mean taking online courses, attending workshops and seminars, listening to podcasts, reading books, joining masterminds, and asking questions just to name a few. Continuous learning not only keeps you relevant but also opens doors to new opportunities.
  2. Develop Emotional Intelligence: Technical skills are vital, but the role of emotional intelligence (EQ) is paramount in our professional success, regardless of whether we are in an employee role or as an entrepreneur. EQ involves self-awareness, empathy, and effective communication, which are key in leadership roles and collaborative environments. Improving your EQ can transform you into a more effective leader and a more valuable team player, ultimately leading to an increase in your income as you become more valuable to those you work with and serve.
  3. Cultivate a Network: Building a strong professional network can lead to opportunities that might not be accessible otherwise. Networking isn’t just about knowing more people; it’s about building meaningful connections that can provide support, insights, and open doors to new opportunities. It's not only about what you know but also who you know. Here’s a helpful networking tip: always approach each new (and old) relationship with the intention of discovering ways you can add value to their life and business and serve them best. If you approach relationships with that mindset, the rest will always work itself out. 

If your desire is to increase your income in a sustainable manner, becoming of greater value to others is the answer. If I can be of assistance as you seek to increase your value in the marketplace, and thereby your income, feel free to reach out.