An essential element of The 7 Steps to Wealth is to maximize your income. I’m certain that you read the title and immediately registered that you take every dime in your check.
What most fail to realize is many hands are reaching into your check and not for your benefit. There are several ways to maximize your income while eliminating waste.
Review your all supplemental insurance payments in order to maximize your income. In an effort to offer employees benefits, employers often allow carriers to pitch insurance policies. A widely purchased policy is the cancer policy. Insurers have actuarially calculated that by the time the potential purchaser needs the policy, they are long separated from service.
The premiums collected on these policies are mostly profit. Rarely premiums go to their intended purpose because the risk is removed.
Policies such as gap coverage for prescription drugs follow a similar rule. If you are so concerned with needing the extra coverage, put the funds in a savings account. Maximize your income and your direct holdings.
The biggest benefit is adjusting your federal and state tax refund. If you are getting a few thousand dollars in a refund check, you need to get with a tax preparer. Ask how to adjust your deductions in order to maximize your income.
You are telling yourself and the world that you have no discipline and certainly willing to let the government mange your short term saving at no interest. Get your money in your check and use it to eliminate debt and increase savings forever. DON’T make this a one-time deal by returning to poor spending habits.
Let’s be honest, charity begins at home. I am very philanthropically driven. I know that once I take care of Derick, the more I accumulate to help others. This is a major element to maximize your income.
Giving to the United way or the police charity union is nice. Consider allocating charitable funds just like corporations. Once a year corporations decide what they plan to give and to whom. This is done after corporate expenses have been allocated and profits analyzed. BE YOUR OWN COMPANY, Maximize your income!