Want to Increase Income? Focusing on 5 Elements Can Help

There are multiple ways to generate income, but to make your money work for you, consider sustainability, maximizing, automation, reinvestment and tax efficiency.

Four stacks of coins sitting in dirt get progressively higher and have sprouting plants on top.
(Image credit: Getty Images)

It’s that time of year again where people resolve to do good for themselves – with both their health and their wealth. As such, it’s a perfect time to explore how to increase income, because your income is the foundation for your financial plan.

In addition to your salary, there are multiple ways to generate income, including market returns, earning dividends, earning revenue from rental properties, cultivating your hobbies as a side hustle to earn extra income, real estate investment trusts (REITs), lending money to earn interest and monetizing your blog. But with all these ways to generate income, there are only five elements to getting smart about it – sustainability, maximizing, automation, reinvestment and tax efficiency.

In this article, I’ll dive into the five elements of making your money work for you in 2023.

Jamie P. Hopkins, Esq., CFP, RICP
Director of Retirement Research, Carson Wealth

Jamie Hopkins (opens in new tab) is a well-recognized writer, speaker and thought leader in the area of retirement income planning. He serves as Director of Retirement Research at Carson Group and is a finance professor of practice at Creighton University's Heider College of Business. His most recent book, "Rewirement: Rewiring The Way You Think About Retirement (opens in new tab)," details the behavioral finance issues that hold people back from a more financially secure retirement.