6 Ways to Boost Your Income
Recent statistics show that more than 150 million Americans make up the labor force1. One could speculate that for the vast majority of those Americans, earning enough money to live a prosperous life is the number one reason for having a job. However, a recent Indeed Salary Report found that only 19% of employees are comfortable with their current pay rate. When asked how much more they would need to earn, 60% of respondents cited at least an extra $6,000 per year2. If you find yourself relating to the 81% of employees who aren’t comfortable with your current pay rate, there are steps that you can take to boost your earning potential and secure a strong financial future for you and your family.
Ask and you may receive
If you are currently employed, the easiest thing to do is simply ask for the raise that you feel you deserve. Be sure to present your manager with specific past examples that showcase why you deserve the raise such as your history of meeting goals, completing projects on time, or stepping up and taking on extra work. Make it known to your manager that you are willing to continue working hard for a promotion or raise.
Find a mentor
Develop a strong relationship with someone you respect who works in your field and/or is employed at a higher level within your company. Share with them your desire to enhance your skill set in order to move up the ladder and earn more money. A mentor can not only provide solid career advice, but can increase your future job opportunities by introducing you to his or her network of contacts.
Expand your network
Networking doesn’t have to be intimidating or complicated. It could be as simple as inviting someone you admire from your field to coffee in order to learn more about their background and the steps they took to reach their job level. Or, networking can be attending formalized events put on by local chambers or other organizations who work to connect people. Networking allows you to meet new people, sell yourself and discover new opportunities. Creating a lasting impression and maintaining communication with the right contacts can potentially land you a higher-paying job down the road.
Continue your education
Invest further in your education to develop new skills that are in-demand. Depending on your current level of education, an Associate’s, Bachelor’s or Master’s degree may help you excel in your current company, or you may be able to change career fields with some additional education or training, such as learning a new language or getting a new certification. There will likely be a tuition expense associated with continuing your education. If you are currently employed, your employer may offer tuition reimbursement for all or some of the tuition cost. Your school of choice can also provide you with information on various types of grants and low interest student loans that you could apply for to cover the tuition. Regardless, the increased education will help improve your chances for a pay increase in the future.
Make yourself an expert
Look for opportunities within your company or industry where there is a knowledge gap. Take it upon yourself to become the resident expert and leader. Differentiating yourself will help get you noticed when the opportunity for a promotion comes around.
Work or volunteer more
If you are paid on an hourly basis or have the ability to work overtime, offer to work additional hours at your job. Or, take time outside of your normal 8 to 5 workday to find a part-time or volunteer position that will further enhance your qualifications. A little extra time now can pay off in the long run.
The key to boosting your earning power is stepping out of your comfort zone and always being ready for the next move. By taking advantage of opportunities to learn from your peers, network and learn new skills, you can increase your earning potential and continue building a secure financial future for you and your family.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.