How To Make More Money at Work Plus Side Hustle Strategies
The struggle is real! What struggle may you ask? The struggle for women to make what they deserve in the work place. Ever since I started my career 10 years ago, I always had the challenge of trying to get paid what I actually deserved. Annnnd let me tell you, working harder than everyone else doesn’t get you far. It will get you a good reputation but it definitely doesn’t make your bank account grow. The trick is…you have to work smarter! Ah-ha, but wait…how do you do that? There are tons of smart people in this world, but what can you do different that will take you to the top of your salary range or at least get you more money? I am going to help you because I needed help and I struggled for years. After reading all the books, taking all the advice, and working longer hours than any of my co-workers, it wasn’t paying off. I basically had a quarter life crisis at 25 because it seemed everyone around me had “made it.”
I’m not a double comma momma, don’t get me wrong. But, with some smart outside the box thinking, I raised by gross income by $30,000.00 in less than two years at my current job. I knew my parents were proud of me, but then when I decided to confide this to my best friend, Ady, (You may know her as founder of this amazing blog!) she told me that I had to help others. Then I began to think about a conversation I had with a family friend that put the icing on the cake for me to actually share my insight.
Let’s start there: I was sitting a dinner table with a college student and she was offered a summer internship by a well established executive at a very well known company. He said, “I can pay you $17 an hour if you decide to work for me.” She replies, “I’ll work for free!” Ummmm….eeerrrmmeerrrggeerrdd girl what did you just do?! I literally stopped the conversation, turned to her and said, “You never work for free. Your time and skill sets are valuable.” And that my friends brings me to this blog post.
5 Tips on How to Make More Money
1. Never underestimate your value
I can’t say this enough, your time has value. You have a value. Will you get paid what you are worth…never. You are worth an infinite amount of money, but it doesn’t grow on trees. With that being said, when someone offers you money for a service do not decline. Instead, negotiate. How do you negotiate? There are many answers and opinions to that very question but my best advice is to show them how they will make their money back by investing in you. It’s called return on investment (ROI). Give them examples of how you succeeded in the past. If you haven’t had so much success, just make sure they don’t know that. Even without any experience, you bring something to the table. Do not, I repeat do not work for free and do not let someone walk all over you. If someone offers you more than you think you deserve, politely accept and tell them they won’t be disappointed.
2. Don’t play the payscale.com/salary.com negotiation game
This is the biggest lesson I have learned on my journey to being paid more. I have never had a good outcome when I print out what others doing the same job I do, in the same area are earning. Everyone seems to do this and your boss and HR team have seen this a million times. Here is the most valuable advice I have to offer…MAKE YOUR OWN CAREER. What does that mean? I hired into a position and worked hard to prove that I could handle so much more responsibility. Then I took what I had accomplished to my boss and a new job description and title that I wanted the company to create because I saw a crack in the system. I saw a need for a position that they didn’t have so I took my job into my own hands and created one. BEST. DECISION. EVER.
I not only did this once, but twice. After creating my new position, I realized that I needed a team of people to help me get the department I needed to expand to keep up with our demand. I did the work, I ran the analytics, and I got a visual representation so it was easily understood and took that back to my boss and HR manager. They saw the need for the team that I needed, and again more money and a management position with a team to lead. And guess what, I am currently doing it again. The more my department was able to support sales, the more product we got out the door. That means I get to create more jobs and opportunities not only for myself but for others!
3. Take Your Career Into Your Own Hands
My dad gave me the best career advice 10 years ago. He said, “Nobody cares about you, they only care about themselves and their advancement.” Harsh? No. Truth! Don’t wait on your boss or your best friend co-worker to help you climb the corporate ladder. I guarantee you, you will be left behind as they move up. Maybe they will take you with them a couple steps, but if it’s them or you…you’re out my friend. My advice is to find a mentor outside your company. Meet with them for the career and professional growth advice. They will have your best interest at heart and you will know that because they will take the time out of their schedule to help you grow.
4. Side Hustle
If you need to make more money to keep up with your growing budget, find a side hustle. Mine is pretty easy to figure out…blogging. I don’t make tons of money blogging, but I enjoy editing posts. In return I get the opportunity to create sponsored campaigns for big brands. I’m also able to travel for free with my best friend and that to me is worth more than a paycheck. Making memories and keeping myself happy is extremely valuable to me. I strongly suggest, finding something that you love to do, and see if you can add value to your life. Whether that value has a dollar assigned to it or not, a side hustle that is successful adds to your life which in turn can add to your bank account if you do it right.
Read more from our side hustle master Susie Moore.
5. Save and Invest
How do you save money? First, I would tell you to not change your lifestyle when you make more money, but it seems to happen more often than not. I understand it is hard for people to want or think that they need more because they make more money, but if you can prevent adding new bills or higher bills to your budget, I would do so. The longer you hold out on that bigger wardrobe, nicer furniture, more square footage…the more money you can save. The more money you save, the more interest you can receive if you are set up with the right bank.
Secondly, do not try to keep up with your friends. You don’t know if they are in debt up to their eyeballs or not. Trying to keep up with others will only make you lose money. Most millennials carry over $6k in debt on their credit cards. Do not be that person! Don’t worry about other people and their lifestyle. Focus on you!
Thirdly, think before you spend. It’s the easiest way that I save money. Sometimes I go shopping and if I don’t need something, I put it on hold and if I am still thinking about it the next day then I will go back and buy it. I normally don’t even want to make the trip back to get it, so it’s not that important and I save my money.
Investing is something that a lot of younger adults forget. Please, invest in your future. Start with maximizing your 401k with your company and other benefits that they offer. I don’t want to work until I’m 60. I’m tired now and I’ve only started 10 going on 11 years ago! The more you invest, the more potential you have to earn. Get a financial advisor if you can, someone you trust. If you need a recommendation… Ady and I can help you there! Ady’s husband is a great one.
These are things that I have learned and would have loved for someone to tell me along the way. Let me know if you have any advice or any comments below!
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