Published · 5 min read
How to Increase Your Income
There are only a few fundamental ways to increase your income.
The short answer
You can earn more from your work. You can start a business. You can put your money to work. Or you can own things that generate income. Most people use some combination of these over time.
Most people use some combination of these over time.
Earn more from your work
The simplest way to increase your income is to become more valuable. Learn a skill people are willing to pay for. Get better at what you already do. Take on more responsibility. Move to a better-paying company. Ask for a raise when your work justifies it.
This can take time, but your earning ability is an asset too. The more valuable your skills become, the more you can potentially earn from your time.
Start something
A job usually pays you for your time. A business can potentially make money beyond the hours you personally work.
That could mean selling a product, providing a service, building software, running a shop, or solving a problem people are willing to pay you to solve.
Businesses are harder to build than jobs. They can also create income that isn't directly limited by your own working hours.
Put your money to work
If you already have money saved, you don't necessarily have to leave all of it sitting still. You can invest it. There are many ways to do this.
You can lend money and earn interest. You can buy stocks and potentially benefit from dividends or increases in value. You can buy bonds. You can invest in funds.
The important thing is to understand what your money is actually doing. A return is not magic.
Your money has to come from somewhere.
Own things that make money
This is where investing becomes particularly interesting. Instead of simply putting money somewhere and waiting for it to grow, you can own part of something that produces income.
A house can collect rent. A solar plant can sell electricity. A truck can transport goods. A billboard can sell advertising space. A business can generate profits.
When you own part of these things, you can potentially receive part of the income they produce.
The challenge is that productive assets can be expensive. You may be able to afford ₦200,000, but not an entire ₦10 million asset. This is one reason people invest together.
Where Olara fits
Olara is built around this idea. We find productive physical assets and make it possible for people to own a share of them.
You don't have to buy an entire solar plant, building or other piece of infrastructure yourself. You can own a piece alongside other people.
The asset is then managed and used to generate income, with owners participating in the income it produces.
It's not the only way to increase your income. For some people, learning a higher-paying skill will make a bigger difference. For others, starting a business will. For others, investing consistently over many years may be the better path.
The important thing is to understand the options.
Earn more.
Build something.
Invest your money.
Own things that make money.
Over time, you can use one to help build the next. That is how income can become wealth.