Increase your personal cash flow and wealth

Increase your personal cash flow and wealth

Personal cash flow, put really simply is the difference between the money that comes in and the money that goes out each week, each month or each year. Because many people are salaried, there is a tendency to think of personal cash flow in monthly terms, but for people running their own businesses their finances might be a bit more erratic and require an annual view to make real sense.

So how can you increase your personal cash flow and wealth? Put bluntly, there are only two ways to increase personal cash flow. The first is by increasing the amount of money that comes in each week, each month or each year and the second is by reducing your outgoings. On the assumption that most people who are serious about increasing their personal cash flow have already done what they can to get their outgoings as low as possible, we're going to look at 3 ways to increase the amount of money that comes in.

Get a pay rise. One sure-fire way of improving your personal cash flow is to ask for a pay rise. Many salaried people feel under paid and under valued and can see no end of reasons why they deserve a pay rise. In a booming economy, this can be quite a feasible way of improving your personal cash flow. That said, in the current economic downturn (which looks pretty much set to continue), the majority of employers are not open to the idea of paying their staff more. They know that there are any number of people chasing each of their positions, many of whom will accept lower pay and conditions than existing staff, so why would they pay more (except of course in exceptional circumstances)? Furthermore, the workplace culture at the present moment is not one where most people would feel comfortable asking for a pay rise on the basis that they are thanking their lucky stars to still have a job!

Win the lottery. This option is of course a bit tongue in cheek'! Winning the lottery is the solution we all dream of to improve our personal cash flow, but for the majority, that's all it'll ever bea dream.

Set up your own business. In the current climate of employment uncertainty and redundancy, there's no end of reasons to stress about job security. Even people who thought they had a job for life are finding that their services have become dispensable. It is for these reasons that more and more people are opting for the flexibility offered by a home based business. Although leaving what you had always thought of as a secure job and setting up office at home may seem frivolous, there are numerous advantages of this way of working. Even if you don't opt for a full-time change, it may well be that setting up a home based business that fits in with your work schedule might be the perfect way to increase your personal cash flow.

So what about increasing your financial wealth? No matter whether you measure wealth in financial, emotional or lifestyle terms, setting up a business may also be the answer to increasing your personal wealth. Setting up a business is a great way to start building a valuable asset, but as we've said, true wealth is, for many people, having the lifestyle you want and the lifestyle you need to allow you to get the most from your time on this earth.

It's for these reasons that more people are finding financial freedom , prosperity and wealth by either giving up the daily 9 to 5 (by being pushed or by jumping) or enhancing their 9 to 5 earnings with a self-employed element. By choosing a home based business they can let their inner light shine through; they can find true fulfilment and increase their personal cash flow and wealth. It's not for everyone, but it might just be for what you're looking for!

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