Learn how to earn more money and have a higher income with these simple steps. The higher the income the faster you will be able to achieve your financial goals. So here are some ideas:
Earn More Money With Pay Raise
The best time to negotiate a raise is before your contract expires or when you see that there is room for it (in a way that you have started to perform more complex tasks or one of your colleagues has resigned). People often decide to take this step when they have nothing to lose. Usually, they have an offer from competitors, but I believe that such negotiation grows into blackmail and can harm the future relationship.
The situation depends, of course, on the job, negotiation skills, and your market value. I highly recommend that you research your market value through the websites available in your country or you can use one of the calculators for Europe – for example from Eurostat at the link here.
Likewise, it would be good to invest time in mastering negotiation skills. Before the negotiations, it is important to look at the whole situation objectively and prepare data that prove that you deserve a raise. Also, it helps if you view the situation from the point of view of your employer and wonder what would you want from yourself in his place?
Earn More Money With Job Change
If you are dissatisfied with the conditions at the current job and you have tried to change them without success, the option is to look for a job with the competition. It is also important to know your market value and negotiation skills before taking this step.
Earn More Money With Additional Education
We all should strive for lifelong learning. Although some have graduated from college, I believe we must never omit lifelong learning. Ever faster changes and the newer trends are coming. Therefore, they leave us no choice but to make learning an everyday habit. We certainly don’t want to become “scrap metal”. There are a lot of ways for improving your knowledge and skills, for example:
a) Online courses
Online courses may or may not be free. The two probably most famous online courses are Udemy and Coursera. Although Udemy has a larger number of courses, Coursera’s courses allow you to study at the world’s top universities, and their certificates are generally of greater value because they are offered by top universities.
b) Audiobooks and books
One of my main ways of gaining new information and knowledge. Although a lot of people prefer a hard copy of a book, I don’t mind reading an ebook given that I can download it in a few minutes and start reading. Also, it’s super easy to store them.
What I love even more are audiobooks and podcasts. You can just turn your headphones in and start the book or podcast. I always listen to them when I’m on the road, in the store, or when I’m exercising.
It is interesting how the average CEO reads 60 books a year, which is equivalent to 1.15 books a week. The average length of a book is 100,000 words (115,000 words average CEO reads weekly). If we read at an average speed of 250 words a minute, we need to read daily for 1 hour and 10 minutes to reach the goal of 60 books a year.
Let’s say we need half an hour to get to work every day and on weekends we go shopping (a total of 1 hour daily) and at that time we listen to an audiobook (average audiobook narration speed is 155 words a minute), 155 x 7 x 60 = 65,100 words. All we need is to read for 28 minutes more every day and we will read as average CEO. Amazing, right?
Good old YouTube. Perhaps the easiest way to learn something new. Just search for what you want to know more and you will get as many sources of information as you want.
I have only words of praise for this as well as for the books. Podcasts, like audiobooks, are very useful in certain life situations, and a lot can be learned about them. I use a platform called Podbean and I’m very happy with it, it has every podcast I’ve been looking for. Also, there are plenty of alternatives just as good.
Earn money With Job Switching
The average salary varies greatly depending on the country in which we are located. In 2020, the average hourly labor cost was € 28.5 in the EU, ranging from € 6.5 in Bulgaria to € 45.8 in Denmark.
You may live in a country where your work is paid less than you could get in other countries. In this case, you could achieve your financial goals faster in that country. Certainly, it is worth considering whether it is worthwhile to go somewhere else to work where you can earn more.
Earn More Money With a Side Hustle
This may be the riskiest in terms of our time and money, but it is certainly the most effective if successful. Those who are not prone to higher risk and do not have the opportunity to do so (if there are people who depend on you, you have no cash buffer, etc.) I definitely recommend doing some hard work before quitting your job.
There is plenty of time to start your side hustle in time before, after work, and on weekends. After the first income starts to come, the business starts to be stable and you need to spend more time on it, you might consider quitting your job.
Another way is to leave your day job immediately. In this way, you can focus all your energy and time. The downside is that it usually takes time to start a business to become profitable. This can be quite risky, especially for someone who hasn’t tasted it before given that entrepreneurship is quite challenging.
The more money you earn, the faster you will become financially independent. When you set the financial goals, you can see through the investment calculator whether you will achieve your goals in the desired time. On contrary, you will have to work on increasing passive income streams.
Here are just a few of the ideas, and if you have any specific situations feel free to contact me so we can comment on them.