3 Tips To Increase Your Income

Matt | Personal Finance

In this Short, I share 3 actionable tips on how you can increase your salary, income and pay including investing in yourself to build your skills to increase your value on the job market, doing research to support your pay negotiations and starting a side hustle to earn additional income on the side.   #salary #income #pay #earnings #personalfinance #moneytips

Transcript

00:00I'm going to share three tips for how you can try to increase your own income.

00:04In my view, the number one thing is to focus on building your skills and increasing your value

00:09on the job market, either to be able to negotiate a higher salary or to be able to find a higher

00:14paying job. For example, if you're currently a waiter in a restaurant and you manage to save up

00:19$500 and you take that money and you pay for a sales course, which enables you to get a sales

00:24job paying you more money. If you're then able to add the ability to do marketing on top while

00:30you're doing your sales job, then you're now able to run an ad campaign, get customer leads in and

00:36close sales. Your earning potential has just gone up tenfold compared to the pay you were getting as

00:40a waiter. The second point is to understand your market worth and to arm yourself with that

00:45information before you go into any discussions on paying compensation with your employer or

00:50potential employer. There are lots of tools out there which can help you do this research such

00:55as websites like Glassdoor or you can look at job adverts on platforms such as LinkedIn where you can

01:00see indicative pay ranges for the type of work that you do. I think probably the best way is to connect

01:06with recruiters to understand opportunities for a similar job at another company and what the pay

01:11would be like. The key is to get robust data which is comparable to your current job or the job that

01:17you're going for. For example, it's in the same industry, the same location and at the same job

01:22grade. By doing this and arming myself with the right information, it's one of the things that's

01:27helped me to double my income over the last 12 months and I think if you can get in the habit of

01:32periodically doing this, it will put you in a much stronger position to be able to negotiate your pay

01:37and get your true market worth. And the third potential way to increase your income is to start a

01:42side hustle business. There are lots of videos on YouTube and online giving ideas on what you can

01:48start from scratch and many of these you don't need to have lots of startup money to get going with

01:53yourself. For example, it could be teaching a short course online on how to edit photos which you can do

01:59on platforms such as Udemy. Joe Parry is a good example of this. He's earned over half a million

02:05dollars since 2015 selling courses on Udemy on everything from business planning to social media

02:11marketing and computer software. This is just an example to help get you thinking there are lots

02:17of different types of side hustles that you can start. Have a think about what strengths and skills

02:21you already have that could earn you some additional money on the side. The final point I'll finish this

02:27video on is that by having a high earned income doesn't necessarily mean that you're rich. An individual

02:32could be in the top 5% or even in the top 1% of earners but if they have a high cost of living and

02:38lifestyle to maintain, the amount of money that they're able to save and invest could actually

02:42be quite small. For example, although you might live and work in New York City or LA and have an

02:48above average salary, the high cost of living means that your disposable income could be lower than

02:54someone doing a similar job earning less per month outside of these cities.

02:58And so, let's get started in the in-game communities.

03:10So, let's get started here.

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