I’ve Tripled My Income in the Last Five Years. Here’s How I Did It

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Could the techniques I used also help you increase your income?

Key points

  • I’ve been a freelance writer my entire career.
  • I have tripled my income over the past five years.
  • I did this by taking a few key steps, including knowing what my time is worth and investing in the right tools.

I’ve been working as a freelance writer since 2008, when I started writing after graduating from law school. But while I was just scratching when I started, I managed to slowly build a successful business. Over the past five years, however, I’ve embraced new techniques that have quickly helped me triple my income and improve my personal finances.

Here’s what I did to dramatically increase my income in a short period of time.

1. Experiment outside my comfort zone

One of the main factors that made the difference for me was being willing to learn new things and get out of my comfort zone to try new things.

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I had done the same type of work for the first 10 years of my career and was very knowledgeable about the subjects I was writing about. However, the writing I was doing was not paying very well.

When I saw job opportunities in different industries that offered much better rates, I took the time to educate myself on what subjects I would need to be an expert in so that I could be considered for them. I developed the skills to get paid at a much higher rate than if I had stayed with the status quo.

2. Know what my time is worth

I used to take just about any writing job that was offered to me. But, as I developed my expertise and ended up with a ton of job offers, I recognized that I wasn’t using my time as wisely. I started turning down some jobs to focus on finding more profitable work, developing the skills I would need to get much higher paying assignments, and working on the job that would bring more money to my Bank account.

In fact, I work less now than before, even though I earn more, because I realize that my time is valuable and I only take assignments that allow me to earn a certain minimum hourly rate.

3. Treat my job like a business

When I started writing for pay, I considered it a hobby, even though I was making money. But I realized that if I wanted this job to be lucrative as a full-time profession, I would have to treat my job like a business.

I formed an S-corporation, started tracking my income and expenses much more carefully, and set a minimum number of hours I wanted to work each day on different things, like chasing new opportunities and the realization of existing projects. I also set myself minimum income goals.

Finally, one of the biggest changes I made was investing in tools that allowed me to get organized and work efficiently.

I am now more than willing to pay for a quality computer and software that helps me keep track of my assignments, organize all my many links, monitor how much I spend on each assignment to make sure they are worth the trouble, and easily determine if my daily goals have been achieved.

It may seem like a small thing, but setting up my tools in a way that works for me alone has helped me increase my income by tens of thousands of dollars over the past year. I don’t waste time anymore and I’m more motivated to get things done.

In the end, investing in myself, treating my job more seriously, and educating myself to take advantage of new opportunities made a huge difference. I can save more, have paid off all my non-mortgage debt, and spend on the things that matter most because of the steps I’ve taken. And maybe they could work for others too.

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