If you want to make more money, it makes sense to follow in the footsteps of those who are already where you want to be.
That’s why we’ve compiled seven ways to make more money, from the minds of several self-made millionaires.
- Negotiate a raise
The best place to start making more money is the place where you already earn money: your current place of employment. A $10,000 raise doesn’t just mean a one-time bonus. You make that money every year, and it compounds on itself. If you leave, you will also command a higher salary.
Look, it is annoying for employees to replace people who leave. Research suggests that it can cost between six to nine months of an employee’s salary to find, onboard, and train a recruit. So if you make $50,000 a year, it can cost your employer anywhere from $25,000-$37,500 to hire someone new.
It is in an employer’s best interest to retain top talent, but here’s the catch: you don’t just walk into a manager’s office and ask for a raise. You need to lay the foundations far in advance. Lay out what kind of increase you are looking for, and figure out together what it would take to achieve it. Then once all the parameters are in place – do it, and keep management in the loop throughout the process. Doing it this way makes them complicit in your raise and makes it incredibly difficult to renege on a promise.
- Start a side hustle
Everyone has a skill that they can use to make money on the side. What are you good at?
If you have a job, then there are skills you can leverage to start a side hustle. Do you make snazzy PowerPoint presentations? Start advertising your services on online marketplaces like Freelancer or Fiverr. You can start small, charging $20-$30/hour at first, and then work your way up as you gain a reputation and a stable roster of clients.
Once you’ve built something steady, you can start to grow your side business or develop multiple sources of income.
This piece of advice is often misunderstood and poorly executed upon.
This advice isn’t about going to networking events and handing out your business card. If you hate the idea of that, then you are not alone.
Instead focus on what many entrepreneurs forget: that many opportunities can come from your network. For instance, if you have worked with clients in the past, it makes sense to go back and ask them for referrals to others who may benefit from your services. Don’t think of networking as meet and greet events, think of your network as a money-making support system, a group of friends, acquaintances and people that will help unlock future profits. Cultivate relationships that you believe fall into this vision, whether it is old clients or other hard-working hustlers in your niche.
4. Invest In Yourself
The final piece of advice we will leave you with is to invest in yourself continually.
You are the instrument by which you will make more money. Take care of your instrument. If you are in sales, then spending $1000 on sales training may be the best thing you will ever do. Imagine that the $1000 investment results in a 5% improvement in your sales performance. If you usually sell $100,000 worth of product, now you are selling $5000 more. That $1000 investment resulted in a $4000 gain, and it’s not like it is going to be a one-time thing. The knowledge you gained stays with you forever.
Think of yourself as a business. Many businesses have a capital spending schedule. You can have a personal investment schedule. Set aside 10% (or whatever you feel comfortable with) of every sale and plan to spend that amount every quarter by investing in yourself, through courses, seminars, workshops or conferences. Even buying books can count, don’t be afraid to get creative.