In the previous readers’ challenge, I gave a challenge to save 50% of your income by setting up an automatic fund transfer. However, saving money has its limits if our income is too low. Therefore, increasing income is also important. But don’t get me wrong. You still must focus on saving money if you’ve not done so. If you already have the habit of saving, then increasing income is the next step for you.
There are many ways to increase our income both in active and passive terms. Active income means the income we earn from our active work where we exchange time for money. Passive income means the income we earn from money working for us. Hence, we can basically earn money in two ways, we work for money or money working for us.
Increasing your Active and Passive Income
Increasing income is not as straight forward as saving …