How To Ask For A Raise And 4 Other Strategies To Increase Wealth
How To Increase Your Income With 5 Strategies
One of the primary components of financial responsibility is saving your money; whether it is for your kids, yourself, or for emergencies, allocating some of your income into a savings account is a crucial monetary decision. If you’ve finally realized that you could be saving more after looking at your recent bank statements, the next step is earning more money. This is achieved by integrating the following four wealth increasing tips as well asking for a raise if you’re under an employer. If you’re self-employed, this may be a little more difficult, but naturally, you would look to raise your prices or begin selling another product or service. If you’re currently being paid higher than the standard rate, then maybe look to see if you could pick up another job depending on your time constraints.
Asking For A Raise
So how does one go about asking for a raise?
- To start, go online and research how much other people are being paid doing a job that is similar to the one you have at your company. Business magazines often contain national salary averages so visit your local library or browse the internet for articles or websites that highly the average pay for people in your occupation.
- Next, begin listing all the accomplishments that you completed in the past six months to a year and type up a professional memo. Essentially, you want to strengthen a case as to why you should be given a raise. Provide strong facts such as statistics and other numeric values to show exactly how your efforts improved the company’s earnings or desired results. Your employer may not know everything you did in the past year. Providing solid evidence that you’ve made a positive impact on the company from working hard will be your best bet.
- Ask to set up a meeting with your employer to talk about your work performance in person. During the meeting, state what you want. Someone who confidently asks a raise after presenting a strong case demonstrating their work performance is more likely to get the raise than someone who also works hard but does not present their case and requests a raise. If you’ve taken the time to strengthen your presentation, then you can prove that you are a high performing employee but only earning the average to below average pay for your occupation. Naturally, this requires that your case undoubtedly shows that you are a high performing employee.
- Life coaching advice: Before meeting your employer, take some time to practice asking for a raise in front of a mirror, preferably one in a bathroom where you have some privacy. If you begin noticing that you appear nervous or unsettled or make awkward gestures with your face or body, just relax and continue practicing until you’re confident and collected. If you’re able to practice with a close friend or a life coach, that’s highly preferred. It may also be beneficial to write down exactly what you want at least 10 times a day to help build the right mindset. Knowing exactly what you want helps increase confidence before you go in and request the raise or promotion.
If you’re self-employed and have already lowered your business costs, you may need to raise your prices or rates. You complete this by gradually adding greater value to your services or more products to justify the price increase to your clients or customers. Another option would be to maintain the same rates or prices to your current clients but raise the fees to new clients.
4 More Strategies To Raise Your Wealth
- Apply for another job is a perfect means of earning more money while gaining experience in another field. If you think you won’t have time, make an effort to evaluate your current time spending habits; if you tend to watch TV and sit on the coach during your free time, you could substitute that with a part-time job. The average American spends more than 20 hours a week watching television and 26 hours on social media if you think you may contribute to this why not spend the time earning more money?
- Start your own business. There are a lot of creatives ways to raise your income; maybe a hobby could earn you extra money if you turned it into an online business. The vast majority of America’s wealthiest individuals own their own business, if not several. It is one of the quickest ways to raise your income. If you fear that a hobby or interest is not profitable, you might want to think again. Playing video games while streaming online has exploded into one of the largest revenue services in the world; the revenue from eSports and streaming video games online will hit $3.5 billion by 2021, according to a new press release from Juniper Research.
- Use your skills or natural talents as a side profession. If you speak several languages fluently, why not create a listing online or an ad as a for-hire tutor in the evenings? If you’re an expert in something from years of experience and research why not sell that knowledge by writing a book or a novel if you simply enjoy writing.
- If you’re mechanically inclined, it can be extremely profitable to begin investing in properties to fix up and sell or rent.
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