How to Grow More Money Whatever Your Income

If you want to grow more money there are some fundamental rules that you must follow. Rules that most of us have never been taught before.

School doesn’t teach you these fundamentals, so if your parents didn’t know this then you’re out of luck.

If your experience is anything like mine, you’ll have had to wait for someone to tell you these rules, or to read about them.

Until then I was getting my £2k income each month and watching it all go before the month was out. As the legendary Jim Rohn once put it “I didn’t have more money at the end of the month, I had more month at the end of my money”.

So when I discovered the rules to grow more money it blew my mind. They are so simple to understand, but a challenge to implement. Especially when you have spent years honing your bad habits.

After learning these rules I began applying them and instantly began my journey towards financial security and freedom. I then started sharing them with my friends. I have never had such positive feedback from friends. One Facebook post I made changed someone’s financial life. Others emailed me saying these rules were the best financial education they had ever received.

Books To Read on this

making more money

I learned these rules from a classic book on Money that I highly recommend to anyone. It’s called “The Richest Man in Babylon”. But some struggle to grasp the concepts in this book because it’s a story set thousands of years ago. Yet the rules still stand the test of time.

So I took a modern-day spin on these rules and made some adjustments to raise the relevance for today’s everyman. I wrote my own book on these rules called ‘Making More Money from Today’ which you can grab a copy off on Amazon if you want to get more strategies to find out how this works. It has a 5-star rating too!

The best part of these rules is that anyone can apply them. It doesn’t matter what income level you are at. You could be on minimum wage, and you could still grow a fortune. There is literally no excuse for you to hide behind. You can do it. But you will need to make sacrifices.

And this is the crucial aspect.

Most people want to grow more money but are not willing to put in the work to make it happen. As a result, they get nowhere.

If you’re unhappy with your current income level then you need to think about where you’ll be in 10 years time. Because you cannot rely on pay rises. Most pay rises aren’t life-changing. After you’ve paid tax and national insurance, you might be lucky to see an extra £50 a month on your payslip.

That’s not going to change your life. And if you’re like most people, you’ll just find a way to spend it each month. You’ll be no better off.

You have to implement these rules, as they are, to see change.

And if you do implement these rules, change is inevitable. If you follow these rules, your financial life will change. It is a simple mathematical fact.

So how do we grow more money for ourselves and our loved ones?

How to Grow More Money

The Rules are simple but difficult to implement.

Rule #1

Pay Yourself First

Here’s the crux of most peoples problems.

Let’s say you make £2000 for a month. Maybe £900 goes on your landlord or the mortgage provider, £150 to council tax, £250 to the car finance company, £50 to the internet provider, £100 to the utility company and £100 to the petrol supplier. After including another £250 to the supermarket for your food you’re left with nothing for yourself.

But why are you paying these people first?

You did the work! You rocked up every day and earned the money. Surely you should get a cut of that money?

And this is the first step towards change. Paying yourself first.

When you get paid, you absolutely 100% must pay yourself your cut. I always propose 10-12% of your income should be yours to keep. Every month. Without fail. If you always wait to pay yourself after you’ve paid everyone else, you’ll have nothing left for you.

Now the natural kickback from this is usually “But how can I pay my bills if I do that?”. This leads us to the second rule.

Rule #2

Learn to Live On Less

This is the hardest rule to implement. But crucial to changing your financial life. And before we delve deeper, I want to make it clear that this is ‘temporary’. You won’t need to do this long, but you will need to do it.

You must learn to live off less. If you’re going to pay yourself first and keep a slice of the pie for yourself, you will only have what remains to live off.

For example, if you make £2000 a month, and keep 12% you’ll be keeping £240 for yourself.

That gives you a remaining budget of £1760 a month to live on.

You’ll have to make changes.

Now normally, most people will argue “I can’t do that, I’m already scraping the barrel with my £2k, I can’t live on less”.

Can’t, or won’t?

How is it that the guy down the road who gets paid less than you is able to live off £1760 a month? How does he do it? It obviously can be done, as he’s not died of starvation.

If the government imposed a new 12% tax on your income, you’d have to adapt. You’d be forced to cut back. And you’d do it. You’d find a way.

Well, you need to learn to find a way. It is the ONLY way forward if you want a better financial future. It is the only way to grow more money.

But remember, it’s only temporary (which will be explained in Rule #3).

Look at your outgoings. Where can you make changes? Can you be more sensible with your food budget? Are you throwing food out? Could you make savings? Is cycling to work an option, thereby saving on fuel costs? Can you go out less and start cooking more at home? Could you ban takeaways for the next year?

Again, these are temporary changes required. You won’t need to do this forever. Why? Well, that leads me to the final rule.

Rule #3

Invest the Difference

That £240 a month you are keeping for you, needs to be invested in you. Think of it as a growth fund. It is the fuel that will drive you out of where you are now, to where you want to be.

Fail to follow rules one and two and you’ll have no fuel to move forwards and grow more money. It’ll just never work. You have to be dedicated to all three rules to make this work.

So how do you invest it? Well, I have a hierarchy of priorities I like to suggest.

Priority 1 – Eradicate Debt (in order of the highest interest first)

Debt is a downward spiral. The interest payments you need to pay as well as the debt is sending you backwards, not forwards. Paying off debt will often free up more of your monthly income, allowing you to raise your standard of living again.

For example, if you’re paying off a credit card or loan at £150 a month, then getting that debt paid with your £240 a month will free that extra £150 a month. Then, if in Rule #2 you cut back on food, or got yourself a cheaper car, or cancelled your gym membership, perhaps you can bring those things back into your life. As I said, it was only temporary.

Priority 2 – Build Savings

Once you are debt-free it’s time to start pumping money into your savings. Ideally, you want to build up about 6 months worth of income to be genuinely secure. Most households have no savings whatsoever. But the peace of mind you gain from having £10k saved up in your bank account means that there aren’t many things that can come along and ever knock you back again. A shockingly high car repair bill can be paid instantly without damaging your income. An unforeseen healthcare bill, covered. No worries. And you won’t need to wait 100 years to build this up. As I’ll show you a neat trick to make progress on all these priorities at once.

Priority 3 – Invest in Yourself

Once you are tackling your debts and building your savings, you need to start putting some of the money you paid yourself into investing in you. This is where you’ll begin to feel the energy and power of these rules!

Why not learn a new skill? Add another string to your bow. Make yourself more valuable to other employers. Complete a course, get a higher qualification. Basically, we are talking about making you bigger and better so that you can command a higher income. To get more money you need to become more valuable and rarer. Cleaners get paid little because almost anyone can do the job. It’s low skill, low pay. If you want more money, you need to learn more skills. This can be anything that could lead to increasing your income.

Perhaps you’ll start a side hustle in the evenings? Something that adds real value that you are passionate about and look forward to doing after work each day? That budget can go towards building that business or doing courses to learn how to build your own website for example. Every single month you pay yourself, you’ll have a little more budget.

Do you see how this is going to work now?

As you invest in yourself, you grow your income. If you grow your income you have more budget. If you use that increased budget to invest in yourself you’ll grow more income.

It is a money-making cycle. This is the ONLY way to grow more money.

But as you can see, it doesn’t matter how much you make today. Anyone can do it, providing they follow these simple yet challenging rules.

Do you expect to get some kickback from your family? It’s fine, that’s normal.

So sit down with them. Have them read this article, and perhaps consider going through this as a family. Everyone getting on the same page from day 1. Helping to come up with ways to save money, but also grow income.

Because, if you follow these rules, and do as I say, it is mathematical fact your wealth will grow.

Eventually, you’ll have your debts paid off, you’ll free up more income, you’ll save at a higher frequency and eventually have £10k saved up or more. Then you’ll need to save less each month. So you can pump it all into investing in yourself. Or perhaps you’ll find other ways to invest like stocks or property. Thereby further increasing your income, and thereby increasing your monthly budget.

The more time that passes that the rules are followed, the more money you will grow.

And before I go, that trick I mentioned earlier about getting all this done faster?

Splitting Up The Pots

Perhaps in a 40/30/30 ratio. 40% of your £240 goes on paying off debt. £30% of it to savings. 30% to investing in you. This way you don’t have to wait 10 years to pay off all your debt and grow savings before you can start investing in yourself. You can start today on all three.

The ratio is yours to work out. If the debt is high then perhaps you’ll want to do 50/30/20, or even 60/20/20. This is for you to work out. If you are already debt-free, then 50/50 between savings and investments might be right for you.

Hopefully, you see how this money-making machine now works.

I’ve been told that for some, these rules have been life-changing. Others have said it was the best financial education they’ve ever received.

If they had taught this to us all in school, I wonder what financial position we would have all been in from the beginning.

If anything, teach your kids this. Make sure they don’t make the same mistakes we all did. Don’t let them waste 20 years just about making ends meet when they could have been growing their money.

10-12% of everything you make should be yours to keep. Make this your mantra and shout it to the rooftops. It is a life-changing concept for many people.

Let me know in the comments if this has helped you in any way.

And if you know anyone who might benefit from this knowledge, please share this article with them.

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About Chris Chillingworth

An ex-fraud investigator who is now a self-trained stock market analyst. Chris found his passion in analysing FTSE stocks for his own investment portfolio and now provides his analysis to others via his exclusive investment club.

View all posts by Chris Chillingworth