A common mantra self-help books follow is “anyone can be rich!”, but few offer helpful advice on how to get there. We previously looked at how important the right mindset is when it comes to growing wealth. But having the right perception is only half the battle.
With the right mindset, you can start making positive changes to put more money into your pocket. Increasing your income comes down to two steps:
- Enhance your earnings
- Budget your income better
- That’s it!
This may sound easier said than done. After all, how easy is it to simply “earn more?” More importantly, how do you hang on to more of your cash each month? These solutions may be easier to achieve than you think.
On Earning More
While you probably won’t become rich from your day job, earning more income is always welcomed. A huge mistake that many employees make is undervaluing themselves. Below are three suggestions for earning more income from work, which you can then use to build up your wealth.
Combined with using budgeting tools, such as an online budget planner, you’ll be amazed at how far a little extra cash goes.
Ask for a Raise
It’s scary to ask for more money, but the worst thing that can happen is that you get a “no”. If you can’t remember when your last raise was, then it’s time to start pleading your case.
Of course, you can’t simply demand extra pay. According to Harvard Business Review, there’s an art to the raise process. Simply put, you’re placing yourself on trial; you’ll need concrete evidence showing how you add value to the company, as well as hard numbers comparing your pay to others in your position.
This is not typically a subject your boss enjoys discussing. But if you approach it correctly, it doesn’t hurt to at least put the bug in their ear. Simple fact: no matter how great your employer is; no one wants to pay employees more than they need to. Thus, if you never ask for a raise, you’re unlikely to get one any time soon. If you simply wait for the boss to realise how great you are: you’ll be waiting a long time.
If you can demonstrate that you deserve to be paid more, do it.
Go Back to School
Often, education plays a factor in how much you can earn. If it feels as if you’ve topped out in your pay scale, it may be time to pump up your credentials.
First, determine if the expense of going back to school makes sense. If your current position won’t benefit much from additional schooling, this may not be the best course of action. It may be worth pursuing, however, if you plan on applying for a different position altogether.
If going back to advance your degree doesn’t make sense, there may be other options available. Depending on your current degree and career, there may be industry specific training programs or professional certifications to consider.
Again, talk to your employer. Find out what positions are open and what credentials they’re looking for. Companies generally like to promote from within so if you’re willing to put in the extra work, they may be willing to reward you for it.
Just about every person reading this has worked two jobs at the same time. In the past, this was seen as something you only did while struggling. Thanks to the internet, this is no longer the case. What’s more, it’s easier than ever to find additional work online.
Many working adults are turning to freelance employment, at least in a part-time capacity to supplement their income. From writers to graphic designers, and virtual assistants to accountants; if you’re good at anything then odds are there’s a freelance opportunity waiting for you online.
It’s true: most adults are awful at setting a monthly budget for themselves. In fact, whether they aren’t sure where to start or think budgeting requires an accounting degree: most people don’t even do it.
With the number of tools and apps available on the market, creating a budget and managing your personal finances has never been easier. No matter what your income or education level may be, an online budget planner can help you save more.
Cutting out unnecessary expenses may be as simple as going out to eat less, or carpooling with coworkers. To find out which direction to go in, you must know where your money is going first.
PictureWealth has an online budget planner that allows you to see where your hard-earned money is spent. It helps dive into your finances and takes the guesswork out of planning your budget. Know where your money is coming from, where it goes, and how you can save more of it with ease.
Using PictureWealth is simple and it helps you grow in three easy steps. By tracking your finances and providing financial advice, you can develop a deeper understanding of your personal financial situation and keep more of the money you’ve earned.
With proper budgeting, you no longer need to feel like you’re stuck not earning enough. If you are ready to have the financial freedom you’ve always wanted, let PictureWealth help you!