Step three in the Financial Woman Grow Your Money system is creating positive cash flow so you can put aside more money to grow. While I hate to state the obvious, it’s easy to lose site of the fact that there are two ways to increase cash flow: reduce your spending or increase your income. (Does one instantly sound more enticing than the other?)
Below are a few perspectives on increasing your cash flow via the increased income vs. reduced spending avenues:
Increasing your income while also reducing your spending is a double win; spend more consciously only on those things you truly value and love, AND increase your income to enjoy the journey to your financial goals!
Reduced spending is limited; increased income has huge upside potential. Just look at Liane Weintraub, founder of Tasty Brand, the fast-growing organic snack company, Nancy Traversy, CEO of Barefoot Books, an independent children’s book publisher and Heather Howell, C-TEA-O of Rooibee Red Tea.
Increasing income invites you to grow! It invites you to share more of your gifts and talents, and to increase your skills and expertise. Could this be a bad thing?
Small business ownership, when structured strategically, can increase your income AND lower what may be your largest expense, income taxes. This is another double win.
Which sounds more fun? Creatively brainstorming ways to increase your income or finding ways to cut spending. The forbidden
budget word immediately comes to mind. (I like to call it a Spending Plan, not budget!)
Take out your wealth journal now and write 25 ideas for increasing your income. Think boldly and outside of the box. You’ll become more of you, while speeding the journey to your financial goals.