Boost your paycheck

How to increase your income over the next two years

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Episode Transcript

Speaker 1 (00:03):
Welcome to Before Breakfast, a production of I Heart Radio.
Good Morning. This is Laura. Welcome to the Before Breakfast podcast.
This week we're talking about broad issues related to work
and how we feel about it. Today's tip is about
how to earn more even if you work in a
conventional job. I think raising your income significantly over time

(00:27):
is more possible than most people think. I've worked for
myself for a great many years, and one of the
most satisfying parts is the clear connection between working more
and making more. And yes, if I don't hunt, I
don't eat, and this is why we've made sure to
save for slower times. On the other hand, when I
do the hard work of landing a big new project,

(00:49):
I can reap the rewards and often significantly raise my
income year over year. I know this is harder in
a traditional job, and this is one reason so much
financial literature focuses on trimming costs. It's relatively easy to
trim a grocery bill, or change the thermostat, drive a
little less, or shop at discount stores. It's perceived as

(01:10):
much harder to raise your income, but there are a
few things you can do. One is to always get
in the habit of asking for more. Whenever you have
a performance review, go in with an argument of why
you contribute enough to the bottom line that you deserve
more than whatever the normal cost of living adjustment might be.
Be sure to frame your argument in these terms. Your

(01:33):
organization doesn't care if you need the money. Your organization
cares that you brought in a huge new client. Your
organization cares that you invented a process that saves five
on a recurring expense. Focus your work on doing these
things that add to the bottom line, and then make
sure the appropriate people know about them. If your manager
doesn't have the budget right now for a raise, you

(01:55):
can always negotiate these things prospectively. If I can bring
in a new client, or if I can cut costs
by x, then can we agree that my salary can
rise by Why this is a win win for all
of you. One thing that can help in these negotiations
is if you go in knowing what other people like
you make. Again, it doesn't help to announce that well,

(02:16):
Bob makes why. Some organizations are funny about sharing salaries
even if they shouldn't be, and sometimes forbidding sharing is
actually illegal. But if you know that you're paid in
the average range and you're performing above average, you'll feel
more confident in your ask and that helps a lot.
It goes without saying that you can position yourself for promotions.

(02:37):
Talk with people in your company about what's actually involved
in getting to the next level. What do the powers
that we care about, How can you portray your current
accomplishments within that narrative, or what could you do to
make that narrative become true. You can also be open
to moving to other organizations. There's been some analysis that
most major jumps and income happen with mob changes, which

(03:01):
makes sense. Most people won't jump unless there's a good reason,
which means that if your current employer is decent, your
new employer needs to be excellent to justify the hassle.
So attend those industry conferences and stay in touch with
former colleagues who switch organizations. Keep reaching out to people
you know from school or other places in your community.

(03:23):
In general, you should be meeting with people outside your
organization at least twice a month or so. And here's
the thing. You often don't actually have to leap to
get a raise. Interest from other places makes you more
valuable to your current employer. As an employer myself, I
know how ridiculous and expensive it can be to hire

(03:43):
someone new. When I've interviewed people in HR about this,
they note that a senior person can often cost a
year's salary to replace when you figure in interviewing time,
the number of people required to make a decision, and
training time. If giving someone a salary ump means they'll
likely stay for another three years, your organization has come

(04:05):
out ahead, so feel free to interview, and especially if
you do get an offer somewhere, ask for a match
or better. Even if you don't get an immediate offer,
building up your network and seeing what's out there can
be helpful when you remind your organization of your value. Finally,
you can earn more on the side too. Definitely check
out Carla Marie's Side Hustlers podcast and Chris Gilibo's Side

(04:29):
Hustle School to learn more about creating extra income streams.
The best are those streams that, after initial burst of work,
don't require any more investment of time to produce income.
If you create a useful video course, for instance, and
people pay to download it, it doesn't take much more
work to sell the hundredth copy versus the second. My

(04:49):
books took a lot of work to write, but when
they sell out their advances now I get royalty payments
every few months. If something passive like that isn't in
the cards, you can still study your schedule and see
when you might have a few extra hours to do
something in the gig economy, like driving for one of
the rides share companies. In any case, if you give
yourself a timeline of twelve to twenty four months, you

(05:11):
could probably raise your income significantly. And that's a good
thing where work is concerned, because for most of us,
well it's not only about the money. We're happy when
the money is good. In the meantime, this is Laura.
Thanks for listening, and here's to making the most of
our time. Hey, everybody, I'd love to hear from you.

(05:36):
You can send me your tips, your questions, or anything else.
Just connect with me on Twitter, Facebook and Instagram at
Before Breakfast Pod that's b E the number four, then
Breakfast p o D. You can also shoot me an
email at Before Breakfast Podcast at iHeart media dot com.
That Before Breakfast is spelled out with all the letters.

(05:59):
Thanks so much, look forward to Staying in Touch Before
Breakfast is a production of I heart Radio. For more
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