5 Ways To Increase Your Income and Achieve Your Financial Goals
Your income is going to be one of your biggest and best tools to achieve your financial goals. Whether you’re looking to pay off debt, build a large investment portfolio, or retire early, your income is a tool that can help get you there.
It seems trendy these days to be an entrepreneur, hustle in all your off-hours, and see a 9–5 job as nothing more than a jail cell. While I agree that having your own business can propel you to financial freedom, I think it would be wise for us not to lose sight that having a job working for a company doesn't make you less than anyone else, even an entrepreneur. A career at a company can be a great thing, and there is a lot of money to be made doing it! I once heard Gary Vaynerchuk said that not everyone needs to or can be a #1. The #2, #3, and #4 at Facebook are certainly doing alright!
If you find yourself working for a company and don’t have a desire to delve into the world of entrepreneurship, fear not! You too can achieve your financial goals. Here are 5 ways to increase your income to achieve your financial goals.
Become a Linchpin — A few years back I listened to Linchpin by Seth Godin with my wife while we were in the car on a road trip. The book left an impression on both of us. My wife frequently references the book when something good happens at work. Essentially, Godin talks about becoming indispensable to your company — providing so much value that your managers, VPs, and even the CEO wouldn't dream of getting rid of you because the value you bring to the organization is irreplaceable. This resonated with me because often times we go to work, do what we’re told, then leave, but what if we did more than just what we were told? What if we decided to care about our organization? What if we decided to lift up the others around us and make decisions and come up with ideas as if the company was our own? We would soon become a Linchpin. The great thing about becoming a Linchpin is that it often comes with more pay as your career progresses!
2. Choose Your Job/Career Wisely — This is a big one, and one I feel many young people don’t think enough about. It isn't trendy to choose a career for its income potential. It seems like all we’re told to do is follow our passion. The problem is that not everyone can be a musician, a writer, an actress, or a professional athlete. When deciding what you want to do as a career, take into account the income that career can generate. A high income can propel you toward your passions. YOUR JOB DOESN’T ALWAYS HAVE TO BE YOUR PASSION. My job has allowed me to pursue and explore my passions. I'm very grateful for that.
“A high income can propel you toward your passions. YOUR JOB DOESN’T ALWAYS HAVE TO BE YOUR PASSION. My job has allowed me to pursue and explore my passions. I’m very grateful for that.”
3. Don’t Be Trendy — Trendy careers come and go. Sometimes it's working for a non-profit or for a company like Facebook or Google. These careers aren't bad in and of themselves, but sometimes you get rewarded for not following the crowd — for going against the grain. Choose a career that’s valuable, not just trendy. If those things coincide, great. If not, a good career with high earning potential is not a bad thing!
4. Ask! — This is one many people neglect. If you’re working for a company and positioning yourself as a Linchpin there, it’s ok to ask for more money. You might not always get it, but sometimes you might. The important thing here is to be tactful with how you ask and to have the self-awareness to know if you’re providing more value than you’re currently being compensated for. If you know you’re worth more than what you’re earning don’t be afraid to ask for more money!
5. Don’t Be Afraid to Leave Your Company — Lastly, sometimes even when you’re providing your company a tremendous amount of value, even when you’re lifting up everyone around you, your organization may not see those efforts. This is unfortunate, but it happens all of the time. In these cases, it’s ok to leave! Don’t let one organization stifle your growth. I say this with great hesitation because I think people like to jump ship and quit jobs a little too easily, but some occasions and circumstances do justify you leaving. Analyze your situation and consult with a few people you trust. Some of the best things have happened in my career when I decided to leave!
At the end of the day, a high income used wisely is a powerful thing. Increasing your income isn't always easy, but it’s definitely possible! I hope these words have help.
Talk soon,