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How to earn more money: Three ways to boost your income
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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Key Ideas
"Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth."
Naval Ravikant
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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Key Ideas
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.
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Compare what you’re currently being paid to the trends you find.
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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.
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Make a list of your accomplishments, taking note of which ones added the most value to the organization
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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.
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Key Ideas
Making the right choice
Handling difficult situations requires taking appropriate measures. When one has issues with the money, there are only two possible scenarios: cutting back on expenses or growing your income.
Managing personal finance
When faced with a challenging situation, as in not having enough money, try to ask yourself which one of the following two you cherish more: time or money.
Depending on the answer, you will be able to make the appropriate decision: whether to take on a side hustle or cut back on your expenses.