Doubling my annual income
One of my intentions is to double my annual income by next year. I
have just worked out that per day I only earn £40, this is after tax
and takes account of the days I am not working i.e. Saturday and Sunday. This
is not much at all when we break it down this way.
When we break it down further I earn £1.66 per hour, this takes into
account my sleeping time as well.
£1.66 per hour, surely that can be upped to £3.32 per hour. Now
that I have broken down this amount it makes it easier to think of way to increase
my income per year. I first of all try and increase the daily amount
I earn every day. So if I earn an extra £40 per day I can increase
my income by 100%. It looks more achievable than saying I need to earn
an extra £14,505 per year to double my annual income.
There are many way you can go about earning extra money to double your income. Little
jobs like cutting grass for the neighbours around your estate can earn you
an extra few thousand a year. Doing consultancy work can bring in a lot
of money, doing other peoples ironing, taking dogs for a walk, pet sitting,
web hosting, setting up a passive income website, seeling on ebay, there are
a thousand ideas, you just have to pick a relevent one to you and go about
doubling your income.
How do I go about doing this?
Webhosting "“ BradLewDesigns webhosting
from £29.99 per year. Which is the cheapest and most reliable
around. I buy in bulk from my supplier and pass on the savings to my
clients. I currently make about £400 per year from this, although
this is increasing steadily.
Webdesign – BradLewDesigns I
don't actually design, I manipulate templates for my clients, which is
a lot speedier and a lot cheaper than buying bespoke design. I currently
make around £2000 per year from this.
Google Adsense "“ My adsense earnings are increasing
every day. So I forecast I will be making around £300 per year
from this for the first year and doubling every year thereafter
Seminars "“ By giving "˜Intention' seminars
and Life coaching I project
I will be earning around £4000 per year from this by this time next year.
All on all from passive income and extra earned income I will be earning a
per year, after tax and national insurance.
This increases my hourly income from £1.66 to £2.23 per hour. So
I am well on my way to reaching my "˜intention' of doubling my annual
income by September 2007. Now to some reading this blog £29,000
doesn't seem a lot of money for a year, remember that's after tax and national
insurance and a lot of it is passive income, i.e. money that I don't actively
work for. so before tax it is something like £36,250, which again might not
look a great deal to some people out there, but i am looking to double this
year on year for the next five years so I will end up with around £464,000
per year before tax and insurance.
Working out your hourly rate
Work out your hourly rate per day using this equation: remember to calculate
your annual salary after tax and insurance.
(Annual salary/365)/24 =
If you are brave enough post you hourly rate per in the comments.