“If I made $400 grand a year, I would be embarrassed with myself as a husband, a father, basically as a human being,” Cardone said in a video on his YouTube channel.
“$400 grand. How do you make sense of $35,000/month? You guys haven’t done the math. You have not done the math because you cannot live on $400 grand a year.”
The motivational speaker, known as Uncle G, also claims that he can’t survive on $2.7 million per year since the plane “eats $2.7 million per year.”
Most people’s budgets do not include a private jet. And, according to the Census Bureau, the median household income in the United States will be $70,784 in 2021, so there’s definitely no reason to be “embarrassed” if you only make $400,000 per year.
Still, the motivational speaker is correct on one point: we could all use some additional money.
So here are three strategies to increase your income, since in this economy, every penny matters.
Changing a job may be difficult with massive layoffs in the headlines these days.
However, according to Pew Research Center research, changing employment might be a smart approach to increasing your income.
According to the statistics, half of the workers who changed work between April 2021 and March 2022 had a real gain in income of 9.7% or more compared to the previous year. A genuine rise is one that takes into account how inflation reduces the purchasing power of money.
Simultaneously, the median worker who stayed in the same work had their actual wages fall by 1.7% over this time period.
This means that if you want to make more money, leaving your present job or company for greater chances may be a smart way to receive the raise you want.
Get a side hustle
If you want to keep your day job, consider acquiring a side hustle anything you do for money in addition to your regular work. It allows you to earn extra money and may even be a good method to test the entrepreneurial waters before diving in.
Indeed, side hustles are becoming increasingly common. According to Bureau of Labor Statistics, data, 4.5 million persons worked a primary job full-time and a secondary job part-time in November. Furthermore, 336,000 people were working two full-time jobs at the same time.
There’s no need to start large if you want to start a side hustle.
Basic work like teaching might pay $75-$90 per hour, while dog walking could pay up to $1,000. Consider your passions and your skills that could be valuable to someone else.
Invest with passive income in mind
You’d have to do more than dog walking to become a true high-earner like Cardone. Investing for passive income is one approach for passive income.
“It took me 20 years of trial and error before I achieved a multimillion-dollar net worth. I had to exercise tremendous discipline and invest as much money as possible into income-generating assets,” Cardone writes in an article for CNBC Make It.
“Now, I draw income from the 18 companies I started, and the 12,000 apartment units I own that make passive income.”
Indeed, well-chosen real estate investments may generate a consistent source of rental income for investors.
Real estate is also a well-known inflation hedge. New homes become more expensive to build as the cost of raw materials and labor rises. As a result, the value of existing real estate rises.
Furthermore, premier commercial real estate has outperformed the S& P 500 over a 25-year span. Of course, while we all appreciate the notion of earning passive money, being a landlord has its disadvantages, like fixing leaky faucets and dealing with difficult tenants.
But you don’t have to be a landlord to start investing in real estate these days. These types of chances are now open to regular investors thanks to new platforms. Not simply the really wealthy.
Investors may buy institutional-quality properties leased by brands such as CVS, Kroger, and Walmart with a single investment and get reliable grocery store-anchored revenue on a quarterly basis.