Sunday, 22 February 2015 02:31

Increasing Your Income Featured

Written by
Rate this item
(0 votes)

Income is the money received, especially on a regular basis, for work or through investments. Income is the money that an individual or business receives in exchange for providing a good or service or through investing capital. Income is consumed to fuel day-to-day expenditures. As an

employee you get paid because you provide some sort of service. Your salary is an income. In businesses, income can refer to a company’s remaining revenues after all expenses and taxes have been paid. In this case, it is also known as “earnings.” Most forms of income are subject to taxation.

Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately, but instead arranges either to repay or return those resources at a later date. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services. Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower. Credit comes in many different shapes and sizes including mortgages, loans, overdrafts and credit cards. In most cases you’ll have to pay an agreed amount back every month with interest.

A credit card is a small plastic card issued by a bank, building society, etc., allowing the holder to purchase goods or services on credit. A credit card can be a convenient way to pay for almost anything. But it’s important to remember that a credit card is a type of loan with massive interest rate hidden in it. When you spend on a credit card you are essentially borrowing money and if your debts get out of hand you could end up in big trouble. When you apply for a credit card, you apply to borrow money from the card issuer, usually a bank. The issuer will look at your credit history before it accepts your application and if you have a low credit score you could be refused credit.  If all is well, the bank will set a credit limit, which is the maximum amount you can spend on the card. The card company will send you a statement every month, detailing the transactions on the card, plus the amount you owe them.  It should also give the minimum payment and the payment due date.

Revenue is the income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted. Revenue is shown usually as the top item in an income (profit and loss) statement from which all charges, costs, and expenses are subtracted to arrive at net income. Also called sales, or (in the UK) turnover.

The amount of revenue earned depends on two things - the number of items sold and their selling price. In short, revenue = price x quantity. For example, the total revenue raised by selling 3,000 items priced £30 each is 3,000 x £30 = £90,000. Revenue is sometimes called sales, sales revenue, total revenue or turnover.

Costs are the expenses involved in making a product. Firms incur costs by trading. Some costs, called variable costs, change with the amount produced. For example, the cost of raw materials rises as more output is made. Other costs, called fixed costs, stay the same even if more is produced. Office rent is an example of a fixed cost which remains the same each month even if output rises.

Expense is the cost incurred in or required for something. An expense or expenditure is an outflow of money to another person or group to pay for an item or service, or for a category of costs. Expense is money spent or cost incurred in an organization’s efforts to generate revenue, representing the cost of doing business. Expenses may be in the form of actual cash payments (such as wages and salaries), a computed expired portion (depreciation) of an asset, or an amount taken out of earnings (such as bad debts). Expenses are summarized and charged in the income statement as deductions from the income before assessing income tax. Whereas all expenses are costs, not all costs (such as those incurred in acquisition of income generating assets) are expenses.

A debt generally refers to money owed by one party, the debtor, to a second party, the creditor. Debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. The term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.  Many corporations or individuals use debt as a method for making large purchases that they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.

Tax is a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions. National Insurance (NI) in the United Kingdom is a system of contributions paid by workers and employers towards the cost of certain state benefits. It was initially a contributory system of insurance against illness and unemployment, and later also provided retirement pensions and other benefits.

Profit is a financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity. Any profit that is gained goes to the business’s owners, who may or may not decide to spend it on the business.
Cash flow is the incomings and outgoings of cash, representing the operating activities of an organization. In accounting, cash flow is the difference in amount of cash available at the beginning of a period (opening balance) and the amount at the end of that period (closing balance). It is called positive if the closing balance is higher than the opening balance, otherwise called negative. Cash flow is increased by:

  • Selling more goods or services
  • Selling an asset
  • Reducing costs
  • Increasing the selling price,
  • Collecting faster
  • Paying slower
  • Bringing in more equity, or
  • Taking a loan

The level of cash flow is not necessarily a good measure of performance, and vice versa: high levels of cash flow do not necessarily mean high or even any profit; and high levels of profit do not automatically translate into high or even positive cash flow.
Zig Ziglar said “Money isn’t everything, but its right up there with oxygen.” Your self-worth has nothing to do with your finances. Don’t let money define you. Being wealthy is a state of mind, but so is being broke. You are what defines you, not what you possess.

How can you increase your income? There are many ways but I will be listing some few here: Have a budget plan

  1. Get out of debt. Pay all your debts
  2. Make your money work for you. This can be achieved through various investments. You have to research the investment and all investments involve risk
  3. Make your knowledge work for you. Offer advice for others or brainstorm ideas on how to make more income
  4. Invest a little amount in stocks, mutual funds, properties, etc.
  5. Start saving money
  6. Decrease your expenses
  7. Find additional source of income apart from your job. You can start selling on eBay and Amazon
  8. Flog what you’ve got. De-clutter and sell it!
  9. Earn via cashback sites
  10. Get paid to click
  11. Affiliate your website
  12. Listen to music? Get paid to review it
  13. Get paid for your opinion
  14. Earn from internet research

One of the biggest differences between the wealthy and the not as wealthy is that the wealthy people earn interest and everyone else pays interest. It is important to realize that money is a tool that can help you to achieve your goals. In order for you to reach true financial independence you need to have your money work for you and not you for it.

1272 comments

  • Comment Link kyrie 6 Sunday, 30 April 2023 23:13 posted by kyrie 6

    Thank you so much for giving everyone such a remarkable possiblity to read from this website. It is often so amazing and packed with fun for me and my office fellow workers to visit your site not less than thrice every week to read through the newest stuff you have. And definitely, I'm so usually contented for the incredible inspiring ideas you serve. Selected 3 areas in this article are absolutely the most beneficial we have all ever had.

  • Comment Link off white jordan Sunday, 30 April 2023 20:18 posted by off white jordan

    I'm commenting to let you understand of the perfect encounter my princess found reading through the blog. She figured out a good number of things, with the inclusion of how it is like to have a very effective giving nature to get folks just know precisely specific very confusing matters. You actually did more than her desires. Many thanks for coming up with those insightful, trusted, revealing and easy tips about your topic to Julie.

  • Comment Link mens golden goose Sunday, 30 April 2023 20:14 posted by mens golden goose

    It抯 onerous to find educated folks on this topic, but you sound like you know what you抮e talking about! Thanks

  • Comment Link supreme Sunday, 30 April 2023 17:00 posted by supreme

    I wish to show some thanks to you for bailing me out of such a matter. After searching throughout the the web and coming across opinions which are not beneficial, I was thinking my life was well over. Living without the presence of answers to the problems you've solved as a result of your entire article content is a serious case, and those which may have negatively damaged my entire career if I hadn't come across the blog. Your skills and kindness in playing with the whole lot was precious. I'm not sure what I would have done if I had not encountered such a solution like this. It's possible to at this point look forward to my future. Thank you so much for your high quality and effective help. I will not think twice to suggest your web site to anyone who would need guidelines about this topic.

  • Comment Link palm angels hoodie Sunday, 30 April 2023 11:11 posted by palm angels hoodie

    I simply wanted to type a message so as to thank you for the lovely points you are writing here. My prolonged internet search has finally been recognized with high-quality suggestions to write about with my classmates and friends. I 'd claim that we website visitors actually are rather lucky to live in a perfect community with many wonderful people with good solutions. I feel really privileged to have come across your webpage and look forward to some more fabulous times reading here. Thank you again for a lot of things.

  • Comment Link hermes Sunday, 30 April 2023 10:37 posted by hermes

    I wanted to send you the little bit of word to help give many thanks the moment again with your gorgeous basics you have discussed here. It is remarkably generous with you to supply without restraint all that many individuals could have distributed as an e-book to earn some money for themselves, most notably since you might well have tried it if you ever wanted. The solutions likewise worked as the good way to comprehend other people online have a similar zeal really like my own to understand many more when considering this issue. I know there are many more enjoyable opportunities in the future for people who scan your website.

  • Comment Link bape sta Sunday, 30 April 2023 09:56 posted by bape sta

    Thank you for all of the work on this site. My mum really likes carrying out research and it is easy to see why. My spouse and i notice all relating to the compelling means you offer both useful and interesting tactics on this website and therefore improve contribution from website visitors on the article plus my princess is certainly starting to learn a lot of things. Enjoy the remaining portion of the new year. You're performing a powerful job.

  • Comment Link cheap jordan Sunday, 30 April 2023 09:03 posted by cheap jordan

    I really wanted to compose a quick word in order to express gratitude to you for these nice information you are placing here. My long internet search has at the end of the day been rewarded with reasonable information to talk about with my two friends. I would claim that most of us site visitors are very much blessed to be in a decent site with many special people with beneficial guidelines. I feel truly grateful to have seen the web site and look forward to many more amazing minutes reading here. Thank you once again for everything.

  • Comment Link off white Sunday, 30 April 2023 05:33 posted by off white

    I just wanted to develop a small comment to be able to express gratitude to you for all of the amazing ideas you are sharing at this site. My considerable internet research has now been honored with brilliant facts to exchange with my best friends. I 'd claim that most of us visitors actually are quite blessed to be in a wonderful website with very many outstanding people with very helpful guidelines. I feel extremely happy to have used the web site and look forward to plenty of more fabulous minutes reading here. Thanks once again for a lot of things.

  • Comment Link authentic jordans Sunday, 30 April 2023 01:49 posted by authentic jordans

    I have to show thanks to this writer just for rescuing me from this incident. As a result of exploring through the the net and finding ways that were not productive, I figured my entire life was gone. Being alive without the answers to the issues you've sorted out as a result of the blog post is a critical case, as well as ones which may have in a wrong way damaged my entire career if I hadn't noticed your blog post. Your main knowledge and kindness in taking care of a lot of stuff was helpful. I don't know what I would've done if I had not discovered such a solution like this. I can also at this point look forward to my future. Thanks so much for the reliable and effective guide. I will not be reluctant to endorse your web sites to any person who needs to have guidelines about this problem.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.