Overcome Income Inequality and Learn 7 Fastest Ways To Increase Income

Self-improvement or progress in any form is a good idea. The meaning of this varies for individuals and changes according to circumstances. “The human is not a slave of time, but rather a slave of circumstances.” Some are spiritual, while others seek material advancement. Getting good marks in studies is the definition of progress for today’s student. The success of the child is the progress of the father. To Attain Nirvana, Moksha or God is the aim of a saint. By the way, the definition of progress has been made by us only. Well, that’s a different topic, I will discuss that some other time.

Today’s topic is very subtle, and will only quench the thirst of those who want to increase their money or who want to know about income inequality.

In very simple words, income inequality is the unequal distribution of income or wealth in the population. Because it is not easy to measure, it is measured at many levels, by dividing the population in different ways. For example, income inequality can be measured on the basis of gender, caste or rich, middle class and poor etc. Measures such as the Gini index are used in this. Before proceeding further we have to understand why this is a problem?

Excessive inequality can give birth to diversity in society. Which will give rise to political polarisation and reduce economic growth. Some economists believe so. Let us understand by example;  As elders say that marriage should always be done among equals. They say this by pointing to richness and poverty. Because the economic or income disparity between the rich and the people whose income is below the poverty threshold is high, that is why social diversity took birth.

As I said above, and according to the International Monetary Fund (IMF), too much income inequality could “erode social cohesion, lead to political polarisation, and ultimately lower economic growth.” One result of income inequality is illustrated by the example of ‘The older people say’. Let me make it easier for you by providing another example.

Earlier girls or women were treated like a commodity. The main reason for this was the lack of independence due to their non-earning of income. Along with this there was a lack of education and equal rights in the society. Today when they earn they are independent, the society has also become educated and the government has given them equal rights.

There is not just one problem in any social issue. In fact, a social issue is born out of a mixture of many problems. It is not possible to root out an issue until all the problems are resolved.

Governments can play a major role in reducing income inequality. And they are doing this keeping their politics in mind. In India, under the Prime Minister Jan Dhan Yojana (PMJDY), opening bank accounts for everyone, the Prime Minister Saubhagya Yojana to provide electricity to every household, and the Ayushman Yojana providing health insurance to the people with low-income (BPL beneficiaries), are examples. The government has given and is giving many such schemes. These schemes are effective, but until they (people whose income is below the poverty threshold) themselves do not earn more, the problem of income inequality will remain the same.

In today’s time, power can be acquired in two ways. First ‘by becoming self empowered’ and second ‘by becoming rich’. Two people are the most powerful in the country. ‘Prime Minister or President’ or ‘richest person’ of the country. You might not know, often according to the needs of the rich, new laws are also made for them. The opposition keeps on watching the spectacle by being mute spectators. Because in future they will also need the rich. Will let you know about this topic some other time. Today’s topic (increasing income) is related to this, that’s why I thought to arouse some curiosity in your mind.

If you have any talent that can be turned into a business, I would definitely recommend you to doing it. Globally, only 15% of employees reported feeling satisfied with their jobs, according to a Gallup survey conducted in 2020. This means that about 85% of people are not completely satisfied with their jobs. If you can turn your hobby into a business, go for it. This will increase your income and make you stand in the list of satisfied people.

Through blogging, freelance writing and YouTube, you can teach what you know. Yes, the competition is high, that’s why you have to be creative. Believe me, if you are successful in convincing people, then there is no better source of income than this.

This can be a good way to increase income in towns or cities. Doing so can be challenging, but it is not impossible. This idea is not for everyone. If your house comes in an affluent village or tourist place then you can consider it.

Starting a small business can be a good source of income for you. Talented and creative people can go freelancing. You can work here if you want. I think if you are a really creative person then get the job done cheaply from people of India on freelancing. Then sell it to your client at a good price. Well, this idea is not bad either.

Many people leave studies thinking that now they will not have to study further. But in reality this idea of ​​his is like hitting an axe on the foot. Getting a master’s degree is like sharpening a saw. By doing this you will be able to cut trees very well. It can get you a promotion at your job. 

Many consider it a game of luck. But in reality it is a game of the living mind. Warren Buffet is the king of the game. He has been included in the list of world’s top 10 richest for many years. If you can understand and apply The Intelligent Investor, written by Warren Buffet’s mentor Benjamin Graham, then it is certain that you will never lose money in the stock market. 

Acquiring new skills can make you more valuable in the job market. Identify skills that are in demand in your industry and consider earning a certificate. 

I would have expected that you have discussed the pay rise or promotion. Along with this, know the tax saving schemes of the government very well, it can really help you. If you get less salary in your job then you can look for a new job.