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Do you want to increase your income? Maybe you need more money to pay off student loans, help with tuition for your kids or grandkids, or meet other financial obligations. Or perhaps you just want to live more comfortably and leave a legacy. No matter how tight their budgets, almost everyone would like to earn more money. Surveys show that most people feel they make too little in their job, and too many of them also view work as an economic trap: It’s something you do for a limited time before settling into a permanent retirement. That’s not the best mindset for increasing your income if that’s what you want to do. Fortunately, a person’s beliefs about money don’t have to be permanent. Here are some strategies for increasing your income by thinking about it differently and working harder at it.
Jump-start your earning power
We all have earning power, but some people squelch it by telling themselves they can’t earn more because they don’t have the right degree, the right experience, or the right contacts. There are countless examples of people who started out with few qualifications or connections but went on to earn six or even seven-figure incomes. For example, billionaire entrepreneur John Paul DeJoria, co-founder of John Paul Mitchell Systems and Patrón Spirits, got his start by hawking shampoo door-to-door. And a few lucky souls stumble into high-paying jobs through connections or happenstance, but most people who earn substantial incomes work for them. You can increase your earning power through learning, preparation, and hard work. Be willing to go back to school if necessary. Get some experience in your field by volunteering or doing odd jobs. Do whatever is necessary to learn new skills and gain knowledge.
Become an expert in your field
If you want to increase your income, you’ll need to stand out from the crowd. A common way to do that is to become an expert in your field. If you want to become an expert in your field, you first have to figure out what you want to do. That may sound silly, but it really is a deciding factor in terms of how much you’re going to earn. For example, computer engineers make more than computer programmers, and computer programmers make more than computer technicians.
Many people don’t network because they think it’s phony or because they’re shy and introverted. If that sounds like you, then you’re missing out on one of the best ways to increase your income. Networking doesn’t mean asking people for money or favours. It means meeting people who can help you or whom you can help in some way. You don’t have to join every networking group or belong to every organization, but you should try to be active in at least three or four. You learn to network by networking. In fact, the more you practice, the easier it gets and the more you gain from it.
Take jobs at your current pay rate
Too many people want to work at the next pay level, even though they’re underpaid and overworked at their current job. If you want to increase your income, consider taking a job at your current pay rate, even if you’re overqualified and know there are others who’d kill for that job at that pay. Take a look at your job objectively and ask yourself if your employer would pay you more if you asked for it. If so, then you’ve got an easy way to increase your income. If not, then you can at least get a pay bump by taking a job at your current pay rate.
Develop side hustles
According to a recent poll, fewer than 20 percent of Americans have an extra $1000 lying around. Most people have enough trouble just meeting their basic needs and paying off their debts. So how do you increase your income if you don’t have a trust fund or a rich uncle? One way is to develop side hustles. A side hustle is a small business or some other source of income that you pursue on the side while holding down your full-time job.
Take risks and try new things
Using your current job as a springboard to bigger and better things doesn’t always work. You may want to increase your income by taking risks and trying new things. Invest in yourself and in your future. Take classes and seminars — in person or online — in the field you want to work in. Explore new fields and occupations, and don’t be afraid to try things that are completely different from what you’ve done in the past. If you keep doing the same thing, you’ll keep getting the same results.
Learn to manage your emotions while making big changes
Will your boss let you have a pay increase? Will your spouse let you go back to school? Will your business idea attract investors? When you’re trying to increase your income, you’ll have lots of opportunities to apply the skills you’ve learned from reading this article. The difference is that when you’re making big changes in your life, you’ll have to deal with a lot of emotions. You’ll experience hope, excitement, fear, doubt, anger, and lots of other emotions, and you’ll need to learn to manage them.
This article has covered a variety of ways to increase your income. The most important thing you can do is to start thinking about how to increase your income. It’s something that most people put off until they really need the money, but it’s important to start early and stay persistent. Don’t be afraid to ask for a raise, find a higher paying job, or start a side hustle on the weekends.