Halftime: It's Time to INCREASE Your Income

Over the past several weeks, we have walked through the first four steps on the Fuel Gauge: spending less than you make, giving 10%, building your New Zero in checking, and getting adequate insurance. If you have been doing that work, you have built something real. A foundation. And now it is time to talk about what it takes to finish the job.

Welcome to halftime.

The last four steps on the Fuel Gauge require serious cash. Paying off consumer debt, investing 15%, saving five months of expenses in your savings account, and getting your housing expense to 25% of your take-home pay could take years if your income stays the same. So it is time to learn how to INCREASE that income.

The first step is to set a target. Here is a simple equation to establish your first income target. Take your monthly housing expense and divide it by .25. If your mortgage is $2,200 a month, divide that by .25, and you get $8,800. That is your monthly take-home pay target. The number that puts your housing at 25% of your income and signals a Full Tank. Write it down and let’s make a plan to hit that income target! 

Now, when most people hear the phrase "make more money," they immediately think about picking up extra shifts, driving for a delivery app, or working every hour they can find. You can INCREASE your income that way. But it is not sustainable, and it will often cost you your family and joy in the process. 

Instead of increasing hours, we must INCREASE the VALUE we’re bringing to the hours we are currently working. 

Here is the distinction I want you to sit with: your worth is priceless, and nothing can change that. But your value in the marketplace has a price tag, and that price tag goes up when you bring more to the table.

Every job in every organization is attached to one of two things: the top line or the bottom line. The top line is revenue - the total income of the organization. People who sell contribute to the top line. The bottom line is profit. Profit is increased by people who make the organization run leaner and more efficient. Figure out which line your work connects to, and then ask yourself one honest question: how can I INCREASE the value I am bringing to my company in the seat I’m in? 

Maybe you can bring in new clients - is that possible? Could you teach others to do what you do and multiply your impact? Maybe you run operations - could you find one inefficiency, one process that is costing the company time or money, and fix it? The Customer Service Representative who noticed that customers were calling just to make a payment suggested an online option, cut call volume in half, and got a raise because she increased her value. She did not ask for more money; she earned it.

Before you start looking for a new job, water the grass where your feet are planted. I ask myself this question whenever I am considering something new: am I moving from strength to strength, or am I hoping this new thing will solve my problems? If you are not bringing your best where you are today, a new job will not fix that. But if you are pouring yourself into your current seat, you are building skills and credibility that will translate anywhere you go.

If you want to pour rocket fuel on your income potential, find a seat that aligns with who you were created to be. When your work resonates with your Personal Purpose, the effort feels different. You come alive, produce more,  bring more value, and the income follows.

As we enter the second half of your Fuel Gauge,  this is where the real momentum builds, and it starts with deciding today to INCREASE your value so you INCREASE your income. 

Your purposes are worth fueling. And money, stewarded and grown with intention, is the fuel that gets you there.

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Zach Santmier is the owner of Trumble Agency, Inc. and the author of the personal financial course, Increase. He focuses on helping families escape paycheck to paycheck living so they can freely pursue their ideal future.