With bills climbing and costs soaring daily, the time has never been right to discuss the subject of ‘Earning More Money”. Learning how to earn money can improve your finances in ways that cutting down expenses simply cannot. There is a limit to how much you can cut expenses, but there is no limit on how much you can earn. I will not be focusing on the side hustle side of earning more money today, we will discuss that topic in more detail next month. Here are three ways to ramp up your cash flow and earn more:
1️⃣ Ask for a raise:
Most people can improve their cash flow right now with minimal effort simply by asking their employer for a raise. If you have a great argument for a pay increase (e.g. paid below market rate, a significantly greater level of responsibility, in-demand skillset, etc.), now is the time to have that conversation you have been putting off forever; “ASK FOR A PAY RAISE”. If you are a business owner, the strategy to adopt here is to increase your selling price. Analysis shows that many businesses can easily increase earnings by raising their prices by as little as 1% to 2%. Asking for a raise isn’t about having a confrontation; rather, it’s about creating an opportunity to seek what you deserve and what you are worth.
2️⃣ Change jobs:
If a raise isn’t an option in your current role, it might be worth considering moving on. If you have carefully considered all the options and still feel there is no chance of a salary increase, looking for a new job may be the right choice for you. Research has shown that people who change jobs, compared to those who stay put, can enjoy higher pay growth over time because they can potentially negotiate higher salaries. Change is never easy. Many resist change because of fear of the unknown. But from my personal journey, I have seen many financial doors open up for me, simply because I ditched fear and embraced change.
3️⃣ Skillset review:
If the idea of changing things up and doing things differently appeals to you, then you might consider retraining or upskilling to increase your earning potential. A skillset is a combination of abilities, qualities, and experiences you can apply to perform tasks excellently well. Adding to your skills or qualifications will possibly open you up to senior or higher-skilled roles, with potentially higher salaries. If you are a business owner, the strategy to adopt here is to empower yourself and your team with skillsets that will benefit your business in the long term. From digital marketing to brushing up on your cyber security best practices, etc. you can learn more to earn more.
Increasing your income allows you to pay down debt quicker, save more, invest more, or actually have some extra fun money. Earning more will accelerate the time it takes for you to accomplish your financial goals.
About Nike
Oyenike Adetoye (aka Nike) is an impactful speaker, author and personal finance expert. A Chartered Management Accountant by profession. Nike is the founder and CEO of LifTED Finance, a private financial firm that educates, coaches and supports people on their journey through financial fitness and wealth management.