Can You Double Your Income in 12 Months?

Doubling your income, is that even possible? Is this possible for an employee, or a businessman? It is not just doubling income that is the problem, but doing it within one year without any additional hours of work, seems impossible doesn't it?

But it is possible, let me show you how.

It seems very difficult to believe that a person can double his income in just one year. The normal rate of increase in income is about 5% to 10%. But in the last year of my work as an employee I doubled my income by doing just a few important things. Let me show you how I did it.

I used the 20/80 rule. This simple rule means that you only need to spend 20% of your time in achieiving and getting 80% of whatever fiancial goal you want to achieve.

The 20/80 rule can be applied to almost anything, including money matters of course.

So how do you do that? It takes a bit of discipline, but squeezing the best results necessary into 20% of your time is possible. It only means less coffee breaks, less chatting with friends, and more on concentrating on getting the job done.

It takes some strategy though.

You have to make list of your productive time and your unproductive time, a record of how productive you are. Identify things you do that are productive and unproductive.

Once these things are identified, concentrate on the productive activities, and devote most of your time to them. Some are more productive than others, so focus on the most productive ones, the items that produce the most income for the smallest amount of time. This should fit into the 20% of the 80.20 rule.

Another thing is to avoid doing the 80% unproductive activities even if it means losing business. I illustrate it more clearly in this way: Imagine for a minute that you work two businesses, and work equally hard at both. One business earns you $120.00 per hour while the other earns you $60 per hour. But you do everything yourself four hours for each business. Why not do the $120.00 business for eight hours a day, and pay someone $40.00 to handle eight hours of your $60 dollar an hour business. In total you make $1120.00 as compared to your $720.00.

Now that you know the overall strategy, in this way as a business owner, you can produce higher profits, since you focus on more productive higher earning projects. As an employee you can focus on high yield work, the most money for the least time, preferably resulting in your promotion and higher income. If you are paid on commission basis then you can focus on items that give you the highest commission per minute of your time, thus increasing your earning capacity significantly. Applying these strategies will surely help in doubling your income within the year. It is definitely possible