Increase Your Personal Income & Make More Money
Reductions in spending are the most effective way of raising your disposable income, as the expression goes - "every cent saved is two cents earned". However over the longer term, very marked increases in income can be achieved by applying proper planning, not just to your career but also to other potential incomes.
With the rise of the internet, there are many opportunities for creating additional streams of income as well as the possibility of home-based businesses that might fit well with child care. Relying on multiple streams of income is a great strategy and can help safeguard against failures in one income stream.
Increasing Your Income Tips
Maximising your income is about maximising your career and your own saleability. It is a continuous process. Because you are likely to spend so much time at work, it is vital that you find a job that you can enjoy. If circumstances force you into less than ideal work, try to find the fun side of the work and keep looking for the next opportunity. EVERY job brings new experience and NEW skills that could set you up perfectly for your next job.
It has been my experience that the harder you work, the less you get paid for it. It seems completely wrong - but it is true. The highest earners get paid for their VALUE TO THE BUSINESS and has very little to do with how hard they work. A key secret to earning more - is to work smarter. Aquire specialised skills that are in high demand - you will be rewarded by substantially higher income and LESS demand on your time! So before you rush off to take up that extra job at expense of time with the kids - look around for those high paid opportunities and get yourself skilled up - WORK SMART NOT HARD!
- Take every opportunity to learn more and improve your skill set.
- Always present well and leave a positive, confident and friendly impression
- Plan your career
- Know your own strengths and weaknesses - only apply for jobs that play to your strengths ( keeping working on those weaknesses of course. )
- Choose your employer, not the other way round, if you can
- Gravitate towards jobs you WANT and would LOVE to do - those who do what they love - earn more. Be prepared to take a PAY CUT for the right entree.
- A piece of advice handed down to me by a Captain of Industry - Never stay in the same job for more than 2 years.
- When You apply for a job - know that you are right for it and can exceed your employers expectations
- Be Open to new sources of Income
- WORK SMART
Making More Money Possibilites
Learn A New Skill
Take every opportunity to aquire new skills and experience. You become more valuable to employers as you become more valuable to their businesses. If they do not recognize you value with a pay rise or improved job, other employers will.
Ask For A Pay Rise
If you feel that you deserve a pay rise, ask for it pleasantly. Do not threaten anything and make sure you have done your research and can fully justify your request. Getting it wrong can be a major Setback.
New Job with Existing Employer
Consider new opportunities within your existing employers business. Employers often prefer internal canidates they know and such positions offer the possibility of promotion and a pay increase. Always try to get promoted into jobs you would LOVE to do, chasing a job for just the money, may leave you in a job that you hate and under those circumstances, you are unlikely to perform well and could actually damage your career.
New Job with a New Employer
A new job with a new employer offers great possibilities, not only for an improvement in pay but also for a change of direction and working for a better or more suitable employer with greater prospects for the future.
Take On An Extra Job
Take on an extra job - This can boost income but remember the point I made above about working smart. If you take on an extra job, try to find one that advances your skills in some way, provides training or experience that might prove valuable. Choose a job you LOVE or could provide an entree to such a job. Where possible always look at each opportunity as a step towards where you want to be - even if it is an emergency second job!
Work More Overtime
You can undoubtedly earn more by working overtime if it is available. However, life is for living and unless you LOVE your work, this should only ever be a short-term solution. A stop gap to another solution.
Create An Extra Business
There has never been more opportunities to start home-based and internet-based businesses. Each era has its areas of opportunity and currently the internet is it. Many of these businesses are ideal for running part-time or in the evenings. Things as simple as completing surveys or taking part in online focus groups to running your own internet web site. Even if you have little skill, these opportunities are there, here is a list of potential money earners you might want to consider.
Other Family Members Contribututions
If you are part of a family unit, consider getting others to contribute to the house-hold also. Your spouse, even your children can all find activities or jobs that might contribute to the house-hold income.
Government Support & Tax Breaks
Make sure you are claiming all the government support you are entitled to and use all your tax breaks. If your spouse is not earning, find ways of using her tax allowances to reduce your tax bill.
Maximise Asset Earning
Make sure all your assets are earning their maximum. All savings are earning at the best rates. If you have a spare room, consider renting it out. Use your creative imagination to maximise the earning power of what you already have.