Many people are looking for ways to earn a double income to increase the availability of resources. This is with the aim of raising their standard of living or having more capital to invest, for example, in the stock market.
Be that as it may, having a double income is undoubtedly an excellent business. After all, the greater availability of resources can guarantee more security, comfort, experiences and even happiness for some.
What is dual income?
Dual income is a phase in which the individual achieves, as the name suggests, a doubling of the flow of financial resources received. Thus, instead of receiving X amount of income, this person would receive 2X, equivalent to 100% more, when obtaining double income.
But whether it is exactly double or not, the double income mentality is about enabling a given person to significantly increase his or her access to financial resources.
This means that the steps to double income can also be used by those who want to increase their income by 10, 20 or 50%, as well as by those who want to multiply their income by more than double.
It is also worth mentioning that there is more than one meaning of income, such as gross income, net income, passive income and disposable income. Therefore, in order to understand which strategies are most important to achieve the desired type of double income, it is necessary to understand each of these concepts.
What are the types of income that generate money?
As we have said, there are different meanings and types of income, and it is necessary to understand them in order to know which ways to fold each one. Therefore, the following are the existing types of income:
A gross income is basically the nominal, undiscounted value to which the individual is entitled. For salaried employees, it will be the value of the salary at the top of the payroll, before existing financial allowances, such as the salary allowance.
Net income, in turn, is the result of deductions from gross income. That is, it is the net amount that the individual receives after all allowances made by the employer or the government.
In other words, it is possible to say that net income is the value that the individual receives and that is available to cover all his or her costs. After all, the allowances made will not be available to you.
By analogy, net income would be like the net income of businesses. That is, income from the sale of products and services minus discounts, returns and, of course, taxes on turnover.
Similar to net income, disposable income would be appropriate to find the value that is literally available to the individual. Thus, it is the income that remains after payment of basic expenses, such as condominium taxes, rent, electricity, water, transportation, etc.
Disposable income is, therefore, the income that will be left for the individual to spend on those expenses that are considered “superfluous”, such as travel. It is also the income that is available for investment in monthly contributions.
Finally, there is the concept of passive income, which is income that does not depend on the active work of the individual, as it comes from income from previous investments.
Passive income is therefore income that exists on a recurring basis as a result of past contributions to income-generating assets.
How to obtain double income?
After knowing the types of double income, the next step is to know how to earn double income. Naturally, for each of the concepts presented, there will be specific ways to increase earnings more expressively.
However, there are generic and effective ways in which people can achieve double income more easily. These are they:
Double entry with cost control
Perhaps the easiest way to double your income is to control expenses by better managing your personal finances. This way, you don’t need to increase your effort to become a professional and earn more.
Basically, the only action that needs to be taken is an analysis of existing expenses to identify which ones are unnecessary and which ones can be eliminated. After that, it will be possible to earn a double income.
By doubling income with expense control, it is simpler and faster than doubling income with expense control.
as it is simpler and quicker than the other ways, it is recommended that this strategy is the first to be carried out. After all, the results will be more immediate and will foster the necessary attitudes in the next steps.
Double income from work
A double income from work is another way of doubling the availability of financial resources at the end of each month. In this sense, it is possible to divide this strategy into two main branches, the increase in earned income and additional income.
In this case, the increase in labour income will come through increased performance and professionalisation of the individual. With this, you will be able to deliver more results for your company or for your delivery person and therefore be better paid for this.
But in addition to this professional way, there is also the possibility of additional income. In this case, instead of earning more from his current job, the individual would increase his earnings by doing other jobs, such as:
Selling classes and courses
Providing services on applications
Selling and mentoring products on e-commerce sites
Often, even by combining two of these additional activities, you can achieve double the income.