When I talk about increasing income, most people think of only two options. Either they work much harder in their job and hope their boss notices their efforts and gives them a raise of 5-10% or they quit their job and find another company that will pay them 10-20% more.
The trouble is that if you are at a mid to senior salary scale, the chances are that you might have already hit an income plateau and any increments thereafter will be insignificant. And quitting your job is again no guarantee that you will find something better.
When I talk about massively increasing your income, I don't mean a mere appreciation of 5%, 10% or even 20%, I am talking about doubling your income or even increasing it by three to five times, all within 12 months! Is this possible? Yes it is! And you can achieve this without quitting your job.
How? By not just focusing on your single, primary source of income, but taking action to create for yourself additional streams of income. The only way to double or triple your income is to create for yourself multiple streams of income. The rich never depend on one stream, but have multiple streams.
The only way I was able to make my first million by the age of 26 was that I focused on creating as many streams as possible. Today I have over ten streams of income. My first stream of income is the fee I get paid for training and speaking engagements. This is known as an active stream as I have to physically work to earn this money.
My other nine streams are known as passive streams as they keep recurring year after year with minimal effort.
They include profits from my event business, profits from my education business, profits from my advertising business, royalties from four other books I have written or co-authored, returns from my stock investments, advertising revenue and profits from my internet businesses and royalties from my audio programs.
Now, will all the income streams you create make money and will they last indefinitely? Of course not. And that is why I focus on creating two additional streams every year. And if you plan to become a millionaire, focus on adding one income stream every single year.
Presentation It is a crucial factor, as buyers' decisions are generally governed by first impressions. A well-maintained house with pleasant interiors is a prerequisite to enhance the looks of your house. You can adorn your house further with stylish furniture. Before advertising you property, make sure that the lawns are mowed and the fences are neat. Ideally, the exteriors should be painted in cheerful colors to give it an inviting look.
Selecting the right agent Many investors are relatively new in the real estate game. Having a good real agent by their side can be of great help, as he is knows the market like the back of his hand. He will advertise your property in the market and bring in prospective buyers. A good real estate agent is often a very good negotiator as well. It would help to get a multiple listing service (a MLS), however, a license may be required in many places.
Price Although all homeowners are eager to sell their property at profitable rates, there are certain parameters that determine the price of a particular property in the current real estate scenario. Generally, homeowners are disappointed with the price they get for their house, as they have unrealistic expectations. If you are planning to sell your property and immediately purchase a new one, then sell it as soon as the offer made is close to your estimated price.
The price of any property is based on the location and the current market position. It is likely that a particular property may fetch a much higher price in a couple of years. To decide when to sell requires a good understanding of the market trends.
To get a fair idea of the current fixer-upper rates, check out with people who have recently sold their houses in the same locality. The competition in the area can also influence property costs. For instance, if your house is the only three-bedroom house offered for sale in your area, then it is likely to fetch a very high price.
Having a good promotion strategy is very important. Your property should be prominently advertised through signboards and local advertising sources in order to catch the attention of prospective buyers.
The type of buyer is also a significant factor. Real estate professionals emphasize on the importance of 'Comparative Market Analysis' to decide the right price of a fixer-upper. Advertising is crucial to sell your property at the higher prices within a short period. The Internet may be your best source to promote, and sell fixer-uppers.
Both Adam Khoo & Sal Vannutini are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Adam Khoo has sinced written about articles on various topics from Recreation and Sports, Web Development and Computers and The Internet. Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program. Adam Khoo's top article generates over 90500 views. to your Favourites.
Sal Vannutini has sinced written about articles on various topics from Property Investment, Diamonds and Real Estate. Discover exactly how Sal Vannutini combined two of the easiest (yet brutally powerful) real estate investing strategies and made an insane $31,510 Profit In Just 49 Days... And How You Can Do The Same!". Visit. Sal Vannutini's top article generates over 74000 views. to your Favourites.