FILDADDY’s Business & Money

Average Monthly Income - is this important?

All of us have a need to increase our average monthly income. But to be able to do this you need to understand the components that comprise income as a whole.

I’m sure you are interested in ways to increase it . Yeah we’ll get to that point, but lets clarify some things first. If your in hurry check this out “Tips how to increase your monthly income”

First of all, average monthly income is a function of the total monthly income produced for a certain period divided by the number of months in that period. If you look at this equation yo can see that there are basically only two components of the average montly income which is your income and the number of months.

Now, to be able to increase the average, all you need to do now is to basically have a greater monthly income or have a bigger total income for that whole period. With the latter, that can be done by having increased income in any of the months which is greater than your regular monthly income.

So much for all the numbers explaining what avergae monthly income is.  I am sure you are more interested on practical steps you will need to take to increase average monthly income. For this check out my article on how to increase monthly income here.

Here you will find activities and tips that you can do, such as

- asking for a raise

- setting up a business

- small business suggestions

- internet affiliate marketing

- and others…

that can help you open your mind to other opportunities that you can take to increase and augment your average monthly income.

This is not half of what I have to say, so hold on okay.

One thing I’ve noticed is that there is such an obsession on increasing monthly income, when what most need to think of is how to increase net monthly income.

What’s the difference?

When we speak of average monthly income whats comes to my mind is “gross monthly income”.  This is the total pay or total profit allocation while when we speak of net monthly income, I am actually referring to your money after you deduct of taxes, loans and what is left after for you to spend at home, personally.

Why do I say you need to think about net month;y income?

There are quite a few I know who look at income from the perspective of gross pay. And this is common when you are contemplating to work overseas. When you think of doing this, research on that countries taxes, and cost of living as this will have a great effect on your net monthly income.

Target to have a net monthly income tha is greater than your current.  A gross income 10 times greater is pointless if your net monthly income is less.

So much for that.

Getting bored with your work? Learn about “How to find the work you were meant to do” here. Its not about race but about our own humanity.

Til next time cheers!