At one time I also took the advice that you should focus all your energy on budgeting, gaining tighter control over your finances, gathering more accurate data, etc. But that only gets you so far, and it's not a particularly enjoyable way to live.
While it's entirely possible to make more money and still get into trouble, irresponsible spending may not be your problem. Your problem may simply be that you're earning too little money. If your spending habits are reasonable, then earning more money may be all it takes to solve your financial problems.
More money can solve some problems, and getting out of debt is one of them. Think of what would happen to your debt if you doubled or tripled your income while keeping your expenses roughly the same. Even with higher income taxes, the problem would basically be solved.
In some careers like sales, doubling or tripling your income may be an achievable goal. In other fields it may be nearly impossible. One of the important factors in increasing your income is to make sure you work in a field that gives you enough control -- if you committed to doubling your income, could you do it?
Brian Tracy advises setting the goal to increase your income by 50% within the next year. For most people that's a challenging but achievable goal that can be turned into a workable plan. One of the best things you can do is to find people in your field who are already earning 50%+ more than you, and ask their advice on how to get there. |