What to do if you double your income?

Ways Normal People Double Their Income. Have you recently doubled your income? ... Review Your New Pay Stub. ... Adjust Your Tax Withholdings. ... Set Bills on Automatic Payments. ... Increase Retirement Contributions. ... Automatically Save for Something Awesome! ... Bonus: Be Sure to Celebrate and Thank the People Who Helped You. Apr 11, 2023

Is it true that expenses increase when income increases?

Lifestyle inflation refers to an increase in spending when an individual's income goes up . Lifestyle inflation tends to become greater every time an individual gets a raise and can make it difficult to get out of debt, save for retirement, or meet other big-picture financial goals.

How many years does it take to double income?

The Rule of 72 is a calculation that estimates the number of years it takes to double your money at a specified rate of return. If, for example, your account earns 4 percent, divide 72 by 4 to get the number of years it will take for your money to double.

How many years does it take to double your salary?

For some roles, five years could be pretty fast to double your pay, while for other roles, it could take 7 or even 10 years . The key is to understand this and determine if the current path works for you, or if you may need to make a job change or career transition at some point.

What is the 50 30 20 rule?

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings . The savings category also includes money you will need to realize your future goals.

What increases as income increases?

A rise in income increases the consumers' purchasing power, enabling them to increase their demand for essential commodities . Thus, income and demand are positively correlated for a normal good. For example, fruits and vegetables are normal commodities that are essential for an individual.

What does an increase in income cause?

Increase in income causes a rightward shift in the demand curve , so that at a given price of a product, the quantity demanded will be higher.

What's the first thing you should do with an extra income?

Put extra cash into your emergency fund . An emergency fund is important for anyone who wants a financially stable future, because you never know when you might need to cover an unexpected household or medical expense. The general guideline is to accumulate three to six months' worth of household expenses.

How to double $2000 dollars in 24 hours?

Try Flipping Things Another way to double your $2,000 in 24 hours is by flipping items . This method involves buying items at a lower price and selling them for a profit. You can start by looking for items that are in high demand or have a high resale value. One popular option is to start a retail arbitrage business.

How do I triple my salary?

How to triple your salary in 5 years Change jobs. If you stay in one place, chances are your salary increases will be incremental: a raise here, a cost-of-living bump there. ... Boost your skills. One of the best ways to make more money is to be worth more money. ... Create your own business. ... Make money for others.

What is a normal salary increase per year?

Make sure you're prepared if you're going to ask your boss for a raise. Pay increases tend to vary based on inflation, location, sector, and job performance. Most employers give their employees an increase of around 3% per year . Consistent job switching may have an impact on the rate at which your salary increases.

August 2016 Income Report: That Time I Doubled My Income (2024)

This month was quite the whirlwind! Geared up by last month’s launch of The VA Collective, August was a crazy month. I was hoping to finally take some time to slow down in August, but that just didn’thappen!

Honestly, this month kind of flew by in a blur…so let’s skip ahead to some highlights!

A FEW HIGHLIGHTS:

I added another team member! — This brings us officially up to five team members, and things are going awesome. I love the person that I hired, and I’m super excited to have her on my team.
My first podcast interview — This was so much fun! I found someone on Screw the Nine to Five Facebook group who wanted to talk to people who both work in a family business and have their own side hustle, so I immediately was interested! (I work part-time at my dad’s publishing company.) Check out my episode!
Joined a new mastermind group — Although I have two other mastermind groups that I belong to, neither are very active, so when I got the chance to join up with a few other girls who all have similar goals and different types of online businesses, I was really excited! So far, this new mastermind is going really well and I’m excited about how much I’ve already learned from them.
TV Shows (my guilty pleasure)—Seasons 5 and 6 of Shameless got added to Netflix! I just discovered this last week, and now my binge is back on. I’ve also been re-watching That 70s Show from the beginning, and I’m finally catching up on this year’s The Bachelorette.

My Goals For August2016: Success or Failure?

Business Goals:

Finish creating all of the content for my new free email course — Considering that this launchestoday, maybe let’s just pretend like I have all 9 days ready to go? FAILURE.
Create my tripwire product — SUCCESS! I put that into action last week and already have two sales! Woohoo passive income!
Book5 free introductory Skype calls for my VA services (I had 4in July) — SUCCESS! I had7 calls during August.

Personal Goals:

My Goals for September2016 — Let’s Do This!

Business Goals:

Don’t work so hard! Delegate more and stop stressing out.
Finish the ADdicted training and implement strategies learned.
Get landing page up and in-depth outline done for October’s passive income product.

Personal Goals:

Get my name changed on my license (because, seriously, you need to do this).
Work up to and walk the complete figure 8 path in the park near our house.
Meditate at least 5 times.

*Red is less profit/more loss than last month, green is more profit/less loss than last month, and black is same profit/loss as last month

**Annual expenses not included (such as Tailwind, hosting costs, and LeadPages). Those come to a monthly total of around $100.00.

Design Elements = $10.00
ConvertKit= $49.00
Software (Adobe CC, BoardBooster, Buffer, etc.) = $46.38
Paypal & Wave Transaction Fees = $103.94
E-Courses & Ebooks = $9.00
Ads & Marketing = $36.45
Office Supplies = $0.00
Team Member Payments= $1008.40

Total Expenses =$1,263.17

Affiliates = $13.80
Google Adsense = $8.55
Freelance Writing = $25.00
Passive Income + Coaching = $84.81
Client Work = $3,734.90

Total Income =$3,867.06

Total Net Profit = $2,603.89

Let’s take a look back at what my July2016 stats were:

Number of blog posts = 4
Monthly blog pageviews = 6,688
Email listsubscribers = 1,385
Facebook page followers = 292
Instagram followers = 1,844
Twitter followers = 4,442
Pinterest followers = 1,743
Google+ followers = 35

Now, here’s what was going on in August2016:

Number of blog posts = 7
Monthly blog pageviews =7,239
Email listsubscribers = 1,658
Facebook page followers= 319
Instagram followers = 1,795
Twitter followers = 4,455
Pinterest followers = 2,095
Google+ followers = 37

Final Notes on my August2016 Income Report:

I just want to say how exciting it is to finally be able to say that I am making a full-time income from my business. Up until now, I was making enough to survive (in combination with also working part-time at my day job), but I haven’t been able to build up any kind of savings or even think about having to pay my taxes in the spring.

But now, if I keep this up, I am officially making more profit from this online business than I was working full-time.

First of all, let me just say how incrediblyproud of myself that I am. Over the past 9 months, I’ve poured so much blood, sweat, and tears into my business, and to finally have reached this point is a crazy cool feeling. I hope that each and every one of you reading this has experienced this, or hopefully will be able to soon!

But also…. Phew! I’m freaking exhausted!

Some things about running this business have come naturally to me, but mostly I’m running on just a combination of iced coffee and fear of disappointing my clients.#realtalk

Sonow that I’m officially in the “making a full-time income” zone, my goal is actually to start backing off. I definitely want to continue making a full-time income, but I am hoping to start incorporating a lot more passive income and delegation into the mix.

Although I love running my business so much,I have way too many anxiety attacks and never get to do “normal people” things like….leave the house.

Hopefully September will be a nice fresh start for me, and I can put a huge part of my energy into allowing myself to not getso consumed by client work.