Increasing Your Income

Yesterday, I had the pleasure of meeting with a very successful consultant who was recently recruited to a very high-level position within an organization at a very nice salary with great benefits. How do you think he got there?

He said that he told this organization “No” twice before finally agreeing to come onboard. Can you imagine being viewed so valuable that people will chase you and throw money at you to get you to join their organization?

Let’s talk about a few of the key principles I have noticed in my hundreds of client meetings, which were certainly true of this client’s attributes: strong work ethic, precise communication skills, ability to effectively negotiate, vast skill set growth and ability to create and increase his value for the organization.

Work Ethic. Work while you are at work; put the phone away and socialize at appropriate times…not wasting your time and your coworkers time with chit-chat and gossip. Work hard, and be focused, not letting meaningless noise and disruptions distract you or lead you to less valuable tasks. Simply put…GET STUFF DONE. It’s amazing to me how rare this is. People that can master this are insanely valuable.

Communication. Employers want people that can articulate ideas, appropriately manage conflict, have insight to prospective and concerns of others, and work well with others. If you struggle with any of these areas, it is a skill that is practicable just like any other skill. Work at it with a sincere desire to improve and you will.

Negotiation. This is really a facet of communication but it’s a willingness to talk about the hard issues in a reasoned manner and collaborate to reach win-win outcomes for all involved. Do not be fearful to broach tough topics, such as pay, benefits, perks, etc. Negotiation would also be used when discussing a problem in the office. To state a problem is just whining. It tears others down and is exhausting.  In contrast, to state a problem and give three reasonable solutions to the problem is negotiation and adds energy to the topic. It is how you build a better tower.

Skill Set Growth and Development. There is absolutely no excuse for stagnation with today’s access to information. There are online tutorials, videos, classes, and certifications. You must commit to missing some Netflix or Facebook time, and instead invest this time in yourself. Dedicate it to enhancing your skills. Many employers will gladly help pay for courses and greatly value initiative that will benefit your future with the organization. Take advantage of these opportunities. Value Added. It amazes me how few employees take the time to really understand what the organization is trying to accomplish and then doing their part in making those visions a reality. Understand where you fit in and become irreplaceable in accomplishing the organization’s vision.

Value Added. It amazes me how few employees take the time to really understand what the organization is trying to accomplish and then doing their part in making those visions a reality. Understand where you fit in and become irreplaceable in accomplishing the organization’s vision.


Potential Sources of Additional Income

There are really two ways to improve your working income. Make more per hour you work or work more hours and while I prefer becoming more valuable per hour (as do most long-term successful people), sometimes you just got to put in more time to dig out of a hole, bridge a gap, avoid debt and get things moving. That’s where this section comes in.

Start with Your Current Employer

Should you ask for a raise? Opinions differ but let me tell you my personal thoughts on this as a business-owner perspective.

Have you received a raise lately? Why or why not? From an employer’s perspective, I hate cost of living raises. I don’t want you to get a raise because you breathe air and take up space. One of my very favorite Dave Ramsey quotes is “Your raise is effective when you are.” I personally pay attention to my employees work ethic, skillset, what they add to the culture, how they make or save the business money, ability to effectively communicate, work in confidence, and personal growth to better the organization.

When I see someone helping the organization grow and becoming more valuable in their skills and contributions, I am happy to give them raises based on merit. If an employee came to me and said “I’d like to earn more money. Is there a path for me to do that?” I would welcome to have that discussion.

Start a Side Business

It’s important as a business owner to have systems in place to regularly monitor employees and to ensure that they are dedicated and contribute to the growth of the organization. This allows an employer to reward staff members in accordance to their performance. Employers and employees alike, greatly benefit from having a clear job description detailing expectations. When regular employee reviews occur, reflecting on solid tracking systems to measure performance of those expectations can be utilized. Everyone will be glad for it.

If you do not have a relevant non-compete agreement in place with your main employment, you can often start a legitimate side business in your trade.

Whether you start a side business as a baker, draftsman, writer, guitar teacher, graphic designer, window washer or a pooper-scooper, you can add value to other people lives and make some serious money in the process. The possibilities are endless and utilizing a hobby or a passion of yours for your venture can make the prospect more bearable and less like work!

I assure you that your new clientele will gladly pay you to do things they are not good at or don’t have the time for. Word of mouth of happy customers is a great way to develop a good reputation and increase your patronage. Also, it doesn’t hurt to advertise a bit through community message boards and the like.

Get a Part-Time Job

Some of the obvious options here are pizza delivery, babysitting, and retail, but there are other ones you may not have thought about. Check out your local wanted adds and see if anything sparks and interest for you. Likewise, be bold in your desire for a part-time job. Tell folks you are looking, and you may be surprised at the offers that come your way.

Benefits of Extra Income

Even if you aren’t making loads of extra money, using even small amounts of income wisely can have a significant impact. Paying off debt and making extra payments on the mortgage to pay it off early will change your life.

I see many families taking on extra jobs and starting businesses to pay for their children’s education or service missions. Others are playing catch-up and are working to better fund their retirement, knowing that their ability to earn and invest now to supplement their golden years a better plan than trying to bridge the gap in their retirement. Even as little as $500 a month in a Roth IRA, can amount to hundreds of thousands of dollars over time and help to ensure you have a good-sized nest egg when you’re ready.

Posted in

Live Life On Your Terms

Whether you want to travel more, do things you’ve always wanted to do, or just spend more time with the grandkids, we want to be your guide to help you get there.

Live Life On Your Terms

Whether you want to travel more, do things you’ve always wanted to do, or just spend more time with the grandkids, we want to be your guide to help you get there.