November 2, 2018 Last updated November 1st, 2018 2,363 Reads share

6 Things to Do When Income Is Limited and Scarce

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Income can be a problem for many people. While some simply don’t have much, others simply can’t manage what they have no matter how much it is. And still, others just think it will eventually fall in their lap and that success comes to those who wait.

Of course, there are surefire ways to bring in income and be able to handle it when it does come. It takes attention and work, but it’s possible. So if income is a struggle right now, here’s 6 things you can add to your arsenal to make sure you’re on the right path.

1. Manage it properly

This seems like a no-brainer but it’s apparently not. As a finance coach, people have come with six figure incomes and still can’t manage it. The number one reason is lack of budgeting. Accordingly to a Gallup study, only 32% of Americans have a budget. Of that, many don’t actually stick to it or use it so it’s really just a theory.

When we manage the money we have been given properly, we feel like we get a raise. We’re able to save for the expenses we know we’ll have and plan ahead for those things we want to do. Unfortunately, we live in a time where credit is the norm and people just don’t plan well anymore. We rely on credit cards or lines of credit to catch our expenses and shortcomings.

Do a written, zero-based budget every month for every dollar you have coming in. When you do this and stick to it, you’ll slowly gain traction and get back on track with your business and life.

2. Work diligently

It might surprise you but only 8% of people achieve their New Year’s goals. That is simply pathetic and shows that we are not working diligently. If we take the time and effort to set a goal before us, why not follow through and see what happens?

The answer is that we don’t want to do the work. We simply don’t want to push through the tough spots and be in it for the long haul. We want things to fall in our lap after we put in a few days or even weeks of work. However, the most successful people in the world did not get that way overnight. They worked for 5, 10 or 20 years to see their project come to fruition and eventually it did. The overnight success doesn’t exist, it’s just a lie we have told ourselves and we’re disappointed when it doesn’t work out.

3. Do the important things

Ironically, this is probably the most important item on this list. We HAVE to know what to do to make progress and be discerning of things that will take our time and attention while leaving us with no reward. The Eisenhower Matrix is a great way to sort out what is important or not. It will give you a solid way of looking at your tasks to see what needs to be done short and long term. You have complete control over where you put the tasks, but you need to be honest with yourself.

When doing this, you’ll need to consider if a coffee date with a friend is important or not. You’ll need to consider if your family time is more important than an extra hour at the office. Once we put things in perspective, we’ll be able to streamline our processes and balance our lives out so nothing comes crashing down while we’re striving to build the best possible business we can.

4. Get accountability

Having accountability is a must. This could be your spouse, a friend or even someone online. Really, it shouldn’t be someone you’re working with because then you could both skip out and give each other slack. Make sure to choose someone that isn’t afraid to hurt your feelings but will also speak truth and wisdom to you. This can be a huge turning point for making sure you’re on task so don’t forgo this one even if you think it’s not as important as the others.

5. Have a plan

Planning is key for anything. But be careful not to go too far with this. If you do, you might up stressing yourself out and taking all the fun and creativity out of building your business. So be careful, but intentional on this point.

Plan for expenses with a budget. Plan your time with a calendar. Plan when your day ends and when it begins and make sure to plan family and friend time in there as well. If you don’t do that, you’ll end up building a great business and have no one to share it with. Too many people work their life away dead set on business goals only to look up in 10 years to an empty house and a life full of coworkers but no real relationships. Plan your future with your family and make sure they get a say in what is happening.

6. Get uncomfortable

No matter what business you’re in, you need to get uncomfortable at some point. It might be making sales calls or sending cold pitch emails. Maybe it’s walking into a new customer’s office and pitching how you can help them. The point is that if you’re going to make progress, you’ll have to get out of your comfort zone.

One thing you can do to ensure this happens is to make a list of your important things and run it by your accountability person. Have them check in with you to make sure you have done it and are staying on track. It’s hard to tell someone you didn’t do what you said you were going to if they call you out on it. And we all know that having integrity in business is a vital part to success.

Your takeaway

Do these things and you’ll be on the path to not only bringing in more income, but also setting yourself up for future success. Make sure you have people in your life that are willing to hurt your feelings for your own good and speak truth to you. Those are the relationships that will help you build the type of business that will last beyond you and serve more than your pocket.

At the end of the day, your business is being built to serve a larger purpose than money. If it’s not, you might reconsider why you’re even building a business at all.

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jared Latigo

jared Latigo

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