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How to earn more money: Three ways to boost your income

https://www.getrichslowly.org/earn-more-money/

getrichslowly.org

How to earn more money: Three ways to boost your income
Let's talk about how you can make more money. Check out these factors that determine your income whether you're self-employed or working for somebody else.

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Boosting your savings

Boosting your savings

While frugality is undoubtedly important in personal finance, boosting your savings can also be done by earning more money.

Whether you're self-employed or working for somebody else, your income is determined by three factors.

  • Your knowledge and skills.
  • Your productivity, both in quality and quantity.
  • Your ability to sell yourself and get paid what you're worth.

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The More You Learn, the More You Earn

Your education has a greater impact on your earnings than other influences such as age, race, gender, and location. According to the U.S. Bureau of Labor Statistics, the average college graduate earns twice as much as someone whose education ended with high school.

If you can't commit to college, you can still improve your knowledge and skills with self-directed life-long learning. The best time to pursue education is at the start of your career. The next best time is now.

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Work More. Work Better

Your pay is also based on the quality and quantity of your work. If you've been making forty sales calls each week, find a way to do fifty.

The quickest way to boost your income is to increase the number of hours you work. It can be done by working full-time, working overtime, or finding a second job.

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Sell Yourself

Your income is also influenced by how well you market yourself. Your employer wants to pay as little as possible for your work while your goal is to be paid what you're worth. To bridge the gap, a smart person will negotiate his salary.

  • Delay salary discussions until after you're offered a job. The same with raises. Discuss a pay increase after your performance review.
  • Always let the employer suggest a salary first.
  • When you hear the offer, repeat the top value, then stop talking.
  • Counter the offer with a researched response. It means you have done your homework before the interview and know a reasonable salary for the position.
  • After you've discussed your salary, negotiate additional benefits like extra vacation days or a company car.

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Naval Ravikant

"Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth."

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Making Money Vs Creating Wealth

Most jobs are purely money generation, and have little to do with wealth. Generating wealth is an entire different ball game than earning money, which you can easily do by learning a few in-demand skills, and taking up a job or freelance work.

If you desire to earn money, and not create wealth, a consulting or a freelance job earns more than a regular job, provided your skills are valuable enough to get full time work.

Generating Wealth Is A Long Shot

  • Creating wealth means a lot of expenses initially, and is a risky proposition.
  • A decent number of startups go bust, with the founders going bankrupt. They would have earned more just doing consulting or freelance work, but they chose to ‘burn’ money instead, with a ‘long shot’ hope to create tons of wealth in the coming years.
  • Working full time as a founder of a company is like being over-indexed in just one asset, exposed to a significant downside, with a low probability of an upside.

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The right time to ask

  • How is the financial health of the company? If the company is not doing well, this is not the time to ask for a raise. 
  • How is your manager’s workload? If your manag...

Get salary trends

Every job has a market value. 

  • Compare what you’re currently being paid to the trends you find.

  • Consider your education, years of experience, years you’ve worked for your current employer and any specialized skills or attributes you bring to the table. 

  • Make a list of your accomplishments, taking note of which ones added the most value to the organization

  • Identify a salary range or percentage increase in pay that you’d be happy with. 

Set a meeting

Meet in person and in private. 

You should approach asking for a raise with the same level of seriousness you would have for a job interview or an important presentation, and you should dress accordingly. 

Self-Made Millennials

Millennials who claim to be ‘self-made’ get support from their parents and in some cases, enjoy the privilege too, but are reluctant to admit the same. They have to show the world that they are abl...

The Truth About Millennial Money

  • It’s important to share your real struggles, support and fundings once you find success, or it gives a distorted and false impression to those struggling without any resources. There shouldn’t be a stigma attached to getting help from parents and spouses.
  • It’s imperative to have transparency about money and understand that in any structure of privilege, the people at the top have to take into account what it means to people below them, who are struggling with meagre resources or a network of supporters.