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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.
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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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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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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.
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SIMILAR ARTICLES & IDEAS:
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"Wealth is having assets that earn while you sleep. Money is how we transfer time and 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.
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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.
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.
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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...