Most of us want to make more money. Some desire to make more money in order to finance a luxurious lifestyle like they see on Instagram. Others want more money so they can be charitable and philanthropic. And many others just don’t want to be living paycheck to paycheck anymore.
Whatever the reason, to most of us it is important that we make more money to reach our financial goals.
2 Reasons to Make More Money
Maybe you’re in debt or had a financial disaster or are behind on bills. Boosting your income in the short term is a great way to climb out of a financial hole and get ahead. If your full time job provides enough income to live on and save and invest for the future, maybe a short term boost in income is all you need to get on a stable financial foundation.
A short term increase in income involves extra work on top of your regular full time job. Maybe you become a driver for Uber or Lyft. Maybe you work retail or pick up some overtime hours. Maybe you deliver pizzas or mow lawns or babysit. You can do pretty much anything legally to make a little more money to work through some short term financial goals, even if it requires a lot of extra work.
You don’t need a life of working 90 hours a week. The things that you may do in the short term to make more money to get out of debt or start an emergency account or manage your way through a financial collapse need to be just short term. Working 3 jobs is fine for an 18 month period. It’s not okay for a 20 year period.
You need a full time career where you can earn enough money to pay for your essentials, save and invest for the future, give to charities and organizations you believe in, and enjoy some luxuries in life.
5 Tips to Make More Money
- Evaluate your own performance
It’s really hard to make more money at work if you suck as an employee. Do you show up on time? Do you participate and engage in meetings? Do you understand all the details of your current position proficiently? Can you train others on how to do your position? Do you communicate clearly and effectively with other departments? Are you a team player and well liked by your co-workers? Do you strive to improve yourself and your knowledge?Don’t complain about the income you earn at your job if you’re not being a valuable asset to your company. One of the best ways to earn more money is to do your job so well that your company can’t afford to lose you as an employee.
- Do your homework
Look around online at what other companies pay for jobs similar to yours. Are you already paid well for the work you do or is your company under-paying you? If you’re already paid well, it doesn’t hurt to ask for a raise if you’re doing a great job for them. But if you’re being underpaid and doing a great job then you definitely should ask for a raise.
- Take on more responsibility
If you have earned a reputation as a valuable employee and are earning more money than other companies pay for a similar position and you’d still like to earn more, then a promotion is your next step. It’s totally fine to sit down with your boss and say, “I’ve been working here for ___ months/years. I feel I’m valuable to the company and I’d like to make more money for my family. What are some opportunities available now where I could take on some more responsibilities and make more money?”
- Ask for a raise
Don’t do this if you’ve worked for a company for 2 months and have done a slightly above average job. But if you’re crushing it consistently at work and haven’t had a discussion about your compensation in a while, it’s worth sitting down with your boss and having a conversation. You don’t need to expect them to give you a raise immediately. But you can have a conversation about the future with them and what you’d like to be earning. It’s okay to say things like, “I’d really love to be earning $xxx,xxx/year here within the next 12 months. What would you need to see from me to make that happen?”
Having conversations like this with your boss ensures them that you want to be a long term team player and that you’re committed to your goals with the company. If you prove your value they’ll strive to keep you around.
- Apply for other jobs
If you hate your current company, have done everything you can to make more money there, and a pay raise just looks like it’s not going to happen in the near future, then it’s time to apply for other jobs.
Take some time to write a really great resume. You may even hire a professional resume coach to help you write and format your resume. Fill out job applications completely and take extra efforts to stand out above the crowd. Ask your friends and family if they know of any openings and lean on your network to find out about opportunities.
If you’ve been having these conversations with your current employer, ask them for help. Let them know you’ll continue being a rockstar employee while you work for them but that you need to earn more money. Since that opportunity isn’t available with their company you have to look elsewhere.
And while you’re applying for other jobs, go ahead and apply for some jobs that are just outside of your qualification levels. Apply for jobs that pay double your current salary. If your resume looks great, you go above and beyond to get the interview, and communicate impressively in the interview you may just trick someone into giving you a job that pays double.
Working crazy hours for a short term period is a great way to make more money to reach short term financial goals like getting out of debt. But if you’re on a stable financial foundation already, earning more money from your long term career is the best way to reach your overall financial goals.