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Smart Ways To Boost Your Earning Potential

  • January 14, 2020

If you're reading this, I'm earning money. Thanks for helping to feed my family. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not a CPA, lawyer, or doctor, although my parents wanted me to be all three. So, talk to a professional before acting on anything you read below.

Smart Ways To Boost Your Earning Potential

The job market is certainly a competitive place. Companies typically do everything that they can to attract great talent, even offering amazing employee benefits, like pet-friendly offices and work from home privileges. However, to be in with a chance of securing these competitive rewards, you must make yourself stand out. Luckily, there are many things you can do to not only improve your resume but actually boost your earning potential too. Maximizing your earning potential will offer greater financial freedom and security. With that in mind, here are ten ideas for you to try. 

Ask For A Raise

As an employee, you must know your worth. Every job has an average salary or hourly wage, so make sure that you’re at least earning equal to that figure. If you’re not, you should schedule a meeting with your boss to discuss a potential raise. Depending on the work you do, you might deserve a bonus for various other reasons. Regardless, it’s important that you time your request well, preferably after you’ve met an impressive target, and that you always dress to impress. 

Take On Extra Projects

There isn’t any shortcut to success. If you want to climb the career ladder, you must put the work in. Rather than remain satisfied with your current workload, you should take the initiative to ask for new projects and responsibilities. Offer to train new employees, learn basic first-aid, and stay after work, if necessary. Make sure you also build on your knowledge and expertise by attending seminars and conventions, reading industry publications, and requesting extra training.

Learn A New Language

Being fluent in English is a skill that most companies in English-speaking countries expect. However, knowing additional languages is especially beneficial. This is because it would allow you to interact with customers and clients who don’t speak English fluently. Although learning a new language is hard work, the rewards are definitely worth it. Knowing a second language typically leads to a salary increase of around 2%, which can equal thousands before retirement.  

Move To Another City

Location is a crucial factor when it comes to income. Different cities have different average salaries, which means that moving a few hours away could benefit your finances greatly. If you currently live in a town with a lagging economy and low growth, then think about relocating to one where earning prospects are much higher. Knowing a second language would make it much easier to move abroad, which could result in, not only a higher salary, but lower living costs too. 

Go Back To School

Education can improve your earning potential in several ways. Learning new skills would allow you to take on additional responsibilities while earning a degree might steer you towards a new career where earning prospects are better. If you don’t have the time to attend classes, you should join a school that offers online courses, like the University of Southern California. Online courses mean that you can study from home, which is a flexibility that full-time workers needs. 

Change Up Your Career

Some careers don’t offer an earning potential as high as others do. Although you should never choose a career for financial reasons alone, you can change to a new one if you’re in an industry you don’t like. Many people assume that changing careers is rare, but that simply isn’t true. In fact, most people change career paths several times throughout their lives and change jobs even more than that. With the right experience and qualifications, the job market is your oyster. 

Build A Professional Network

Building a professional network, both within and outside your profession, could come in useful throughout your career. Personal connections are an effective way to gain insider knowledge, especially about job opportunities, as well as keep updated on developments in your sector. Networking events are a brilliant place to make connections, but you could just as easily meet new people online. The site LinkedIn is used by countless professionals to cultivate networks. 

Smart Ways To Boost Your Earning Potential

Start Your Own Business

A side hustle or business is highly flexible work you do on the side of your usual job. Something you might consider second nature, like your love of animals, or talent for arts and crafts, could easily be a money maker. Try turning your hobbies and passions into a business, such as by advertising pet sitting services or opening an Etsy shop. A business would require investment, both in terms of money and time, but if you’re willing to put the work in, it could easily take off. 

Find A Trusted Mentor

Having some idea of where you want your career to go can certainly pay off. Thankfully, you don’t need to make any plans alone. A good career or business mentor will provide feedback and advice based on their own experiences. This will help to ensure that you’re on target to improve your earning prospects. Finding a mentor involves networking, so likely won’t happen overnight. Although there are groups to meet mentors, you must find a professional you want to work with. 

Work A Second Job

Running a business is rewarding, but it requires a great deal of work. More often than not, finding part-time work to run alongside your full-time employment is much easier. Many companies are looking for workers to cover unappealing shifts, like evenings, weekends, and nights. If you are available at those times, you could consider working a second job. There are opportunities in many different industries, including retail, hospitality, manufacturing, shipping, and more. 

Money isn’t the most important aspect of life, but it’s a crucial resource that we all need. The world is an expensive place, after all, and won’t get any cheaper soon. Living paycheck to paycheck certainly isn't ideal and could easily result in financial trouble. Thankfully, there are many ways to boost your earning potential and make more money each month. Hopefully, by following the smart advice above, that is something you can begin to do. 

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