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How I gave myself a pay rise

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Even when I started making more money in my business I still found I never had any for myself. I was stuck in the mindset of paying myself a small amount while investing the rest to grow the business. However there were a few problems with that.

One was that I always found a way to spend the extra money the business made (as I talked about in the post How I made sure I never had any money). This meant that even though sales were growing it still felt like I was never getting ahead. No matter how much I made I was still behaving like a “struggling entrepreneur” thanks to my mindset.

The big secret about money

When it comes to money you earn what you expect to earn. I know this might sound a little strange but give it some thought as I’ve experienced it firsthand. You can also see this rule apply in other areas of your life.

Basically the amount you expect to earn can be called your money setting. If you fall below this level (e.g. lose your job or income) then you’ll work hard to get back to your income expectation. However if you raise your income to a level that you don’t think you’re worth then you’ll either find a way to lose that extra income or adjust your expected money level.

This is another reason why we can never feel like we have any money. Because no matter what we earn we seem to find a way to increase our expenses. This can be disastrous if you’re too comfortable living in debt but that’s a completely different story.

How this applies to real life

I want to increase the amount I believed I was worth. So I did a very simple thing… I set a new income that I expected to make. I focus on that income as a goal and consider it my new minimum level that I’ll be comfortable with.

I then started increasing my income in increments towards that new level. I’ve now increased my income twice and am right on the halfway point of my new target income. The other benefit is because I got my expenses handled beforehand I now have an excess of money and this feels great.

The results

The funny thing is it hasn’t even been difficult to maintain the new income I pay myself. Because I now expect to pay myself more the money just seems to appear. Doing it in stages has also made the transition easy and painless.

So if you want to make more money start by getting your expenses under control and then just upgrade your expected income. Try it for yourself and see what happens.

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