For the families of former employees of companies like Celadon, the need to earn more money is now desperate as they received layoff notices earlier this month. While most people who work in the trucking industry are not facing layoff notices everyone should look at ways they can make more money in 2020 because let’s face it – we never know what is just around the corner.
How to Make More Money in 2020
Conventional wisdom says that there are three ways to make more money:
- Earn more money
- Spend less money
- Earn more money and spend less money
It really is that simple and yet most people are finding it more and more difficult to stay afloat. In doing research for this article I discovered that both Canadian and US families are facing a debt crisis.
Debt is crushing families in Canada. Note what the Bank of Canada wrote: “Household debt in Canada, a nation generally known for moderation, has reached levels that could be qualified as excessive. Canadians owe C$2.16 trillion—which, as a share of gross domestic product, is the highest debt load in the Group of Seven economies.” – Bank of Canada
It is a similar situation in the United States: “Total household debt in the United States, including mortgages, auto loans, credit card, and student debt, climbed to $13.95 trillion in the third quarter of 2019, eclipsing the debt level at the height of the great recession in Q3 2008 by $1.28 trillion in nominal terms.” – World Economic Forum
While there is a debt crisis, according to the Wall Street Journal there is good news on the wage front as wage gains well-outpaced inflation in 2019 – a trend that has been consistent over the last few years.
Admittedly an average wage increase of 3% in 2019 and an inflation rate of under 2% does improve a families income by 1% but that won’t reverse the debt crisis or allow families to make the kind of money they need to save for a downpayment on a house or put their kids through college.
What can an individual who is working in the trucking industry do to SIGNIFICANTLY increase their income in 2020?
Five Strategies You Can Use in 2020
Strategy 1: Invest in yourself. This first step is not about “paying yourself first” which is important and is covered in point two. Rather it is about analyzing yourself and identifying any psychological or emotional problem areas that may be driving your behavior with money. A great book I just read to help with this is Living the Truth: Transform Your Life Through the Power of Insight and Honesty by Keith Ablow MD.
Strategy 2: Educate yourself about money. One book I recently read was The Five Lessons a Millionaire Taught Me. These five principals alone will change your entire economic future.
Strategy 3: Increase your income. Now admittedly depending on the type of job you have this may not be possible but I would like you to consider something. If you made this your goal, you analyzed your own job performance, identified areas that you can improve on, read books about how to improve your performance in your given field (The Psychology of Selling by Brian Tracy helped me double my income in one year), discussed this with your supervisors and made a plan with your supervisors to achieve higher results in 2020 and followed through and got those results, what do you think may happen to your income? Would it be so out of this world crazy to expect that you could negotiate a 10%, 20% or even 50% raise?
Strategy 4: Learn to make passive income. The world is full of opportunities to make additional income. The Digital Revolution has changed the business landscape forever. The great thing is you can do this with almost no money at all. Check out The 3S Method for ideas about this.
Strategy 5: Reduce your debt by changing your spending habits. You can always outspend your income. Making a realistic budget, tracking your spending over a 30-day period, and making adjustments in what you perceive as “needs” and “wants” will help you to keep more of the money you earn. It is never too late to do this. My wife and I had $50,000 in credit card debt in 2017. Today, we owe less than $1000 and that will be paid off at the end of the month. It is possible but requires discipline and a commitment from the entire family.
As in all aspects of life, if you want something to change you have to change something within yourself first. Once you change, the things you look at and do will begin to change. It requires hard work and determination but if you can dream it, plan for it and take action to reach it you can achieve virtually anything you set your mind on as long as you are willing to pay the price to get it.
You can increase your income in 2020, reduce your debt, and make an impact on your family’s future.
My name is Jamie Irvine and I really appreciate that you took the time to read this article. Please share it with your family, friends, and colleagues and if you would like to contact me please fill out this contact form.
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