Your time and talent are valuable and your income should reflect that. Here are six easy ways to get back on track and earn the income you deserve.
There’s nothing worse than feeling underpaid for the work you do. In fact, many of us spend more time with our co-workers than with our families, so it can be disheartening when a large portion of your day includes frustration at your 9-to-5 job. Unfortunately, this is a common problem that affects many American workers.
A recent survey by the Pew Research Center found that more than two-thirds (71%) of U.S. adults report that their pay is not high enough for the quality of their work. The same survey also showed that 70% of respondents believe they are paid too little for the amount of work they accomplish each week.
There’s a lot to complain about, but there’s also some good news. Career coaches and financial experts say there’s a way to start bringing in more money every month, if you muster up the confidence, step out of your comfort zone, and have a little courage.
You won’t find any get-rich-quick schemes here, but consider these suggestions for earning more at your current job, finding a lucrative side hustle to supplement your income, or even landing a better (and higher-paying) position in the coming months.
1. Research what other people in the same job earn.
If you already have a job and want to make more money, don’t rush into your boss’s office and demand a raise before making a fuss. It’s wise to do some research to understand where your salary ranks among others doing the same job or in a similar position in your area or state.
It’s easier to find in states with pay transparency laws, but there are plenty of online resources that can help you gain insight into where you stand no matter where you live. You can find this data on sites like Payscale and Payroll.com.
Here are some step-by-step instructions to see Payscale estimate how much people in your area make for similar jobs. Once you’re on the site, click on (Resources) in the main menu bar at the top of the home page. In the drop-down menu, click (Employees & Candidates) and then (Salary Survey).
You’ll then be taken to a page where you can take a few minutes to enter your location, years of experience, skills, and education. Once you have filled in the blanks, click Find Market Value.
Pro tip: There is also a bot in the right corner of the screen that will help you perform these steps in real time.
2. Start the file in Work Wins
Another smart way to make more money at work is to keep a file of all the ways you bring value to your company. While this may be easier to quantify for those in sales, there are other creative ways to demonstrate your value.
For example, you can list your responsibilities and the number of people reporting to you, and note how you helped them improve over time. If you work in marketing, public relations, or media, you can keep a running total of the number of earned media segments you’ve secured for your company.
According to Glassdoor.com, keeping track of your wins and what you’ve helped others achieve can help you make the case for why you deserve a higher salary and help you develop the mindset to confidently ask for it. If this is difficult for you, try not to think of it as bragging. You might also consider asking trusted work teammates what they think you bring to the table and how you’ve helped them and your company perform well.
3. Know your audience
Before asking for a higher salary or promotion, it’s important to gauge the company’s temperature so your request doesn’t come across as tone-deaf. For example, if overall budget cuts were recently implemented, now may not be the best time to request more funding. On the other hand, if you recently received a job offer with a higher salary and better benefits, you may want to contact your current employer to see if they can match or exceed the offer. Replacing a valued employee can cost thousands of dollars and months, not to mention the associated loss of morale and productivity. The moral of this story? You never know what’s possible until you ask.
4. Practice your negotiation skills
People who have learned how to negotiate well know that you can’t get what you don’t ask for. This means that if you can’t muster up the courage to file for additional compensation, you likely won’t receive any additional money right away. Plus, research shows that people who want more are actually more likely to get a pay rise, so it’s worth working on developing confidence and developing a mindset of prosperity and abundance.
According to Indeed.com, one way to become more comfortable as a negotiator is to practice with friends and family. If you choose this option, it’s important to choose someone who can provide valuable feedback on your communication style and other factors. So think about whether you have a trusted mentor or colleague who would be willing to help in this situation, and then ask.
5. Find a side job
If you haven’t yet joined the burgeoning side hustle culture in the United States, you may be surprised at how much money you can consistently make by adding a side hustle to your schedule. Don’t you think you have time to do more work? Think about it. If you spend more than an hour a day watching TV shows after work, scrolling on your phone, sitting in carpool lines or after school practice, you can use that time to make extra money. Additionally, depending on the situation and the job requirements, there may be short-term jobs that only take up a few hours a week. Want to learn more? Here are some benefits to running a side hustle and some suggestions on how to get started.
6. Consider house hacking
For those unfamiliar with this trending personal finance topic, house hacking is basically a term that means a few different things in the real estate industry. For some people, that means living in one part of an apartment complex, such as a duplex, and renting or renting out the other side, and using the rental income to cover (and sometimes pay in full) the mortgage. Successful house hacking requires the ability to pay full rent on a home when there are no tenants. Another way to househack is to rent another unit on the property, such as an apartment above a garage or the basement of a high-rise home. That income provides extra money each month to make ends meet.
Get what you deserve: Overview
Let’s be honest. No one wants to make less money. So when it comes to consistently bringing in more money every month, there are lots of practical techniques you can use to start making more money and thriving. You can ask for a raise at work, find a lucrative side hustle, or look for a new job with higher pay or better benefits to fill in the gaps in your current job.
Whether you earn more or save more, more income gives you more room in your financial plan. Remember that confidence is a powerful tool. The more you study what others have created, the more confident you will be in asking for what’s right for you.
