Increasing Your Income There are many ways to increase your income. I cover the three that worked best for us.
1. Selling things.
You probably have a lot of stuff you didn’t even realize you had. I admitted that I had more stuff than I thought and when I actually let go I decided to get rid of things. We sold everything we could, from furniture that wasn’t necessary, to old computer monitors, to our kayak. When you can start to let go of the excess stuff you own, you can start to feel better. You feel more organized, and you feel like you are in control of things. As you downsize, it’s important to show appreciation for what you do have. There are so many people with much less, even if you are living paycheck to paycheck. Taking old things and donating them to Goodwill or friends in need may not help your budget, but it will help your mind. Giving during a time of scarcity is a great experience.
2. Increase your wage at your current job.
I know the economy isn’t great, but if you are providing a lot of value to your employer, it doesn’t hurt to ask for a raise. I remember I was only three months into working at my company, and even though I was making more money than I ever imagined possible before, I asked for a raise. I even asked for a big raise. I’m not usually someone who enjoys risk, so it seemed a bit out of character for me. However, when I looked at the risk logically, I realized the worst they could do was say no. They had loved me as an employee so far. In fact, they hired one of my friends from college based on my recommendation. If they said no, then they would at least see my eagerness to improve. Although I was very nervous when the words came out of my mouth, just a few short days later, they said yes.
If you want to ask for a raise, here are a few tips: Make sure you are going above and beyond your current job description already. Employers love to see eager workers and know that they have people they can count on. They don’t want to lose people who are willing to go above and beyond. Make sure there is no ultimatum implied. When asking for a raise, it may sound like you aren’t happy with your current salary or that you are unhappy with your job. To keep things peaceful, make sure you validate that you appreciate your current situation, too. You can alienate your boss or company if they think you dislike the work and just want more money to justify it. Go in prepared and use numbers. Make sure you go in knowing what you are asking for. Don’t just say, “I want a raise.” Your employer needs to know how much you are looking for. Use numbers to show how much value you are delivering. If your job has any direct relation to creating gross revenue, make sure you explain how much you are bringing in. If you have had a direct impact and have created happier customers or fewer problems with software, and so on, make sure you back up your claim with numbers. You want to make it a no-brainer for your employer to give you a raise, even if they don’t have the funds to pay you now. This will give you a good chance to show how valuable you are. If you don’t feel like you have anything to show them to justify a raise, then go create more impact in your company before you ask for one. If you can’t show your value to an employer, then don’t ask for a raise. If your company is holding you back so you can’t show your value, then ask them for more responsibilities!
3. Starting a business.
If your goal is to start a business, start it now as a side hustle. The next few chapters go over finding a solid idea and how millionaires started their businesses. Ahead, you’ll also find help with goal setting and creating a three-month action plan. You want the side hustle to start now so you can start to learn a lot about business while you have the security of your job. It also allows for more income so you can pay off your debt faster. That way you can set yourself up financially to quit your day job.
The Eventual Millionaire: How Anyone Can Be an Entrepreneur and Successfully Grow Their Startup
“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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Some of the links in the post above are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”