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Are you making all of the money you need? If so, are you making all of the money you want? Whether you need more money or just want more, I want to share 7 solid tips for making more money. I have been in both situations; needing more and wanting more and I have used all of the options below to increase my income over the course of my working years.
1. Ask for A Raise. Some companies give annual reviews and raises and others don’t. If it’s been a while since you have had a raise, perhaps it is time you ask for one. Maybe you are doing more work than when you started, or perhaps you have accomplished something spectacular for the company. There is a quote in the Bible that says (paraphrased), “you have not because you ask not.” What is the worst thing that could happen if you ask for more money? If you think the worst thing that could happen is losing your job, I will disagree and say that the worst thing that can happen is that you stay in a job where you are underpaid and under-appreciated. Now before asking for a 2x increase in salary, make sure you know what you are worth in the market. Check out sites like Indeed, Payscale, and Glassdoor to find out what people in your position currently earn in your area.
2. Find A New Role in Your Company. One way you can make more money with minimal disruption is to find a higher paying role in your current company. The advantages are that you maintain your seniority with the company, keep your benefits, and assuming you like your coworkers, you get to still see them frequently.
3. Get a New Job. Perhaps it’s time to get a new job. If you can’t find a new job internally, you may need to go outside of your company to find a new – and higher paying – job. Letting your friends know that you are seeking work is one of the best ways to find new job opportunities. LinkedIn is also a great resource as there are many career groups and recruiters on LinkedIn and of course many companies post job opportunities on Linkedin.
4. Raise Your Prices. If you are self-employed, take a look at how much value you are bringing to your customers/clients and make sure you are charging enough for your time, products, or services. Additionally, you can find opportunities to serve them better by providing related services. If you are bringing them value, then there is no risk in raising your prices. If they don’t value what you do, perhaps you should find new clients that do?
5. Get a Part-Time Job. If you have a consistent time slot available and don’t want the hassle of generating your own customers, then perhaps a part-time job is a good fit for you. There are many of those around, and many of the job board even highlight part-time jobs. My brother has had a part-time job for years. He works 3 Saturdays per month for his former employer and it’s been a big win for him.
6. Grow Your Skills. Perhaps you need more training to increase your value in the market? There are so many options to get training, certification, and degrees online, that there is no excuse for not improving one’s skills. One of my “go-to” resources for learning new skills is YouTube, followed by Udemy, where you can learn almost anything.
7. Start a Side Hustle. Those who know me, know that I am a big fan of the side hustle. I have written on the many side hustles I have had over the years (even before they were popular). Starting a side hustle is essentially starting a business, but doing so on a small scale, which is far less costly and less risky than starting a traditional business and going all-in with no financial safety net. There are many people (including me) who have started side hustles and grown them into full-time ventures.
I hope this has given you some insight into how you can make more money. If you need more help or have any questions, feel free to reach out to me and ask for help. I enjoy helping people solve income challenges and launch side hustles.