Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Updated on Friday, January 16, 2015
I have a tendency to go for big goals. In 2013 it was running the New York City Marathon. In 2014 it was writing a book. In 2015 it’s tripling my income.
Despite the fact that I’m no stranger to intimidating goals, this new one has me a bit unnerved. You see my passion for conquering bucket list challenges was initially born out of immense frustration- the frustration of having so much of my life seemingly dictated by factors outside of my own control, particularly in respect to my career and income.
By using tangible goals like the marathon to rediscover my own power, I was able to overcome a lot of that frustration and create a great deal of success and forward momentum in my life. While my capacity for earning and career success is certainly within my control to a degree, it’s still the largest goal with the most external factors influencing my ability to conquer it that I’ve set out to achieve.
By previously practicing with more tangible goals however, I’ve developed a strategy for achieving this year’s resolution of tripling my income without letting doubt or defeat take over. I know it’s only January, but the progress has already proven measurable and every day is a step closer to increased wealth.
Here’s how I’m tripling my income in 2015.
A map isn’t particularly helpful without points of reference. In addition to my end objective- increased wealth- I have to know exactly what my “you are here” location is to successfully carve the path from A to B.
I’ve remained vigilant about tracking my income to account for every penny that flows through my fingers. With the sum of my current income streams subtracted from my goal, I can clearly measure the distance between where I am and where I need to be. From there, I’m breaking down that distance even further with concrete interim income objectives.
Tracking my income also allows me to clearly weigh my current earnings against my current value. As a freelancer, I find it frighteningly easy to get so caught up in the day to day chaos of managing my own business and meeting deadlines, that I fail to take the time to reflect on whether I’m really charging what I’m worth.
In late 2013 I was writing articles for as little as $30, as of the end of 2014, I’ve been paid as much as $370 for one post. While that may have been an extreme case, it was also a wake up call to re-evaluate and realize my worth. It was not just a matter of undervaluing my work, but also one of failing to keep the price of my work current with its’ value.
This gross undervaluation of my work has meant a lot of renegotiation in the last few weeks. In many cases I was asking for more than a 100% raise to bring my prices in line with my current value and build bridges toward my new income goal. While admittedly a daunting request, I was not met with any hostility or surprise in response to my carefully crafted raise pitch. In fact, I was able to secure every pay raise I requested.
Using this tactic of re-negotiation rather than starting from scratch with brand new projects and simply adding to my already overwhelming workload, allowed me to leverage my time for increased earnings to work smarter rather than harder.
In addition to freelancing, I generate revenue from advertising on my own website. Every day my inbox is inundated with requests. If any seem relevant and align with the message of my work, I’ll respond with my respective prices. More often than not I receive some form of the following response, “That’s too high, can you do… instead?”
As someone seeking to triple her income you may call me crazy for turning down easy earnings, but I’ve found that knowing when to say “no” is just as much a part of my future prosperity as saying “yes”. I’m not looking to attract every customer, I’m looking to attract the right customer, and the right customer is happy to pay what I know my platform is worth.
While holding out for the right price and renegotiating past contracts has helped bridge some of the deficit between my current and desired income, there’s admittedly a lot more ground I have to cover to reach my new goal. As such, I am pitching like crazy. As much as meeting my current commitments is part of my daily routine, so is seeking out and pitching new possibilities.
Thankfully, I’m not easily deterred by silence or rejection. I consider every pitch, regardless of the response, or lack thereof, the planting of a seed that will eventually yield wealth- if not today, then tomorrow, and if not then, maybe several years down the line. With constant groundwork being laid, I know my success is simply a numbers game. I’m willing to face as many rejections as necessary to get the right amount of yeses.
I read recently that the average millionaire has an average of seven streams of income. I may be looking to triple my income today, but I’m certainly not limiting myself to that amount, nor will I limit my potential sources of earnings. As I look ahead to build a solid and sustainable financial future I know never to become too reliant on one stream of income. After experiencing first hand how quickly things change, I’m preparing for such future instances by increasing my income through continually evolving and innovative means, today and in the future.