WEBVTT - Maximizing Your Income in 2023 #623 0:00:00.160 --> 0:00:03.279 Welcome to How the Money. I'm Joel Matt and today 0:00:03.360 --> 0:00:26.400 we're telling you how to maximize your income. I like 0:00:26.440 --> 0:00:29.360 how you added three under the end of the title 0:00:29.360 --> 0:00:31.520 there want to be this year? Man. Well, okay, so 0:00:31.520 --> 0:00:33.000 what's crazy is I feel like this could be an 0:00:33.000 --> 0:00:36.760 episode that we would have or should have or could 0:00:36.760 --> 0:00:39.559 have done like five years ago. This is it's a 0:00:39.640 --> 0:00:43.239 more general type of episode, but honestly, it kind of 0:00:43.240 --> 0:00:46.000 demonstrates our tendencies, like our personal tendencies, like you and 0:00:46.000 --> 0:00:48.800 I were pretty frugal dudes, and because of that, I 0:00:48.800 --> 0:00:51.320 think we do tend to talk about topics that lean 0:00:51.440 --> 0:00:54.279 more and the cutting back side of the equation when 0:00:54.280 --> 0:00:57.000 it comes to your personal finances. Right, But this is 0:00:57.040 --> 0:00:59.040 a topic that we need to talk about more, and 0:00:59.040 --> 0:01:01.400 we are remedying that. Today. We're gonna talk about how 0:01:01.480 --> 0:01:03.600 you can maximize your income this year, how you can 0:01:03.640 --> 0:01:06.640 make more money. I'm excited to discuss this today. And 0:01:06.640 --> 0:01:07.880 I think, by the way, some of the things that 0:01:07.880 --> 0:01:10.039 we're going to talk about on today's episode, You're right, like, 0:01:10.080 --> 0:01:11.840 this is a topic we can talk about at any time. 0:01:12.160 --> 0:01:15.360 But I think three is a year where there are 0:01:15.440 --> 0:01:18.360 there's extremely low hanging fruit more so than than most times. 0:01:18.360 --> 0:01:20.679 And so yeah, we'll get into that too. That is true, man. 0:01:20.720 --> 0:01:22.479 All right. So I've got a little story for you. 0:01:23.080 --> 0:01:26.520 I was story time was my favorite. Pull up a chair, 0:01:26.920 --> 0:01:28.720 have a seat on the floor, criss cross apple sauce. 0:01:29.040 --> 0:01:31.199 So I was biking home yesterday, bikro home from work, 0:01:31.440 --> 0:01:34.360 and I am lucky then and that there's a path 0:01:34.520 --> 0:01:37.720 like a walker jogger bike path that goes all the 0:01:37.720 --> 0:01:40.400 way basically from our office from our little clubhouse here 0:01:40.440 --> 0:01:43.600 all the way home. And I was approaching an intersection 0:01:43.640 --> 0:01:45.520 like a you know, where a road crosses over the 0:01:45.560 --> 0:01:48.400 path when ahead started to bike across it, and I 0:01:48.440 --> 0:01:50.720 look up and and there's a car coming at me 0:01:50.760 --> 0:01:54.640 pretty quick, and I'm thinking, surely this guy's gonna stops 0:01:54.960 --> 0:01:56.440 right for you. Well, there's a stop sign there for 0:01:56.480 --> 0:01:57.960 him as well, so like, I mean, by law, he 0:01:58.000 --> 0:02:00.720 has to stop. But no, he did not, dude, And 0:02:00.840 --> 0:02:03.240 he got within maybe like two and a half feet. 0:02:03.240 --> 0:02:07.240 I mean, he was freaking close. I was pretty mad, 0:02:07.840 --> 0:02:10.480 pretty passed right in the moment um. And so I 0:02:10.560 --> 0:02:12.680 was like, all right, whatever, kind of got all grumpy, 0:02:12.760 --> 0:02:16.240 kept biking, and he had turned the direction that I 0:02:16.320 --> 0:02:17.920 happened to be going as well, and so I caught 0:02:18.000 --> 0:02:20.600 up to him at the stoplight and I decided, you 0:02:20.639 --> 0:02:23.280 know what, I'm gonna have a few words with this Yeah, 0:02:23.400 --> 0:02:25.320 and so I just I pulled up next to him 0:02:25.360 --> 0:02:26.880 on the passenger side of the car and knocked on 0:02:26.919 --> 0:02:28.520 the window, and I was just like, hey, I told 0:02:28.600 --> 0:02:30.839 him what's up. I mean in a in a kind way, 0:02:30.840 --> 0:02:33.440 but I just wanted to let him know that man, 0:02:33.520 --> 0:02:36.200 he he almost took me out, but I I guess 0:02:36.280 --> 0:02:37.760 what I wanted to ask you. This made me think 0:02:37.800 --> 0:02:39.919 of how we often do frugal or cheaps on the show. 0:02:39.919 --> 0:02:41.840 And do you feel that I was being um like 0:02:41.880 --> 0:02:44.480 a jerk bike commuter or was I just being a 0:02:44.520 --> 0:02:48.800 concerned biking advocate who was politely informing this guy that 0:02:49.160 --> 0:02:50.959 of of his actions, Like, I mean, what would you 0:02:51.000 --> 0:02:53.400 have done? Do you think in that really close to 0:02:53.400 --> 0:02:54.880 me in a car when I was on a bike 0:02:54.960 --> 0:02:57.760 like that, like and I felt endangered? Then yeah, I 0:02:57.760 --> 0:03:01.320 would hopefully I would take a moment to calm down 0:03:01.360 --> 0:03:02.760 like you did, and then knock on the I mean 0:03:02.840 --> 0:03:05.600 window and didn't have a conversation, But I think luckily 0:03:05.639 --> 0:03:07.799 I had a stretch of biking to where I think 0:03:07.800 --> 0:03:09.640 I was able to burn off a little bit because, like, 0:03:09.680 --> 0:03:10.959 had he stopped right in the moment, I think I 0:03:10.960 --> 0:03:13.200 would have been like, hey, man, did he how did 0:03:13.200 --> 0:03:15.720 he respond? When he talked so okay? It seemed he 0:03:16.120 --> 0:03:17.920 was genuinely shocked, And so what I asked him, I 0:03:17.919 --> 0:03:19.639 was like, hey, did you know that you got really 0:03:19.639 --> 0:03:21.920 close to me? Like I wasn't I was being kind, 0:03:21.960 --> 0:03:23.880 I wasn't looking for a fight. Again, I felt like 0:03:23.919 --> 0:03:25.800 I was kind of I was in my in my 0:03:25.880 --> 0:03:27.680 right mind at that point, Like when I knocked on 0:03:27.720 --> 0:03:30.600 his window and I knocked on it gently, you know, kindly, 0:03:30.840 --> 0:03:32.480 But I was just like, hey, do you realize that 0:03:32.480 --> 0:03:33.880 you got really close to me back there at the 0:03:34.120 --> 0:03:36.560 at the stop sign? And he looked at me just 0:03:36.640 --> 0:03:39.320 with shock, like horror on his face. He's like, no way, 0:03:39.400 --> 0:03:42.520 did I really? He's a teenage driver. Does not seem 0:03:42.560 --> 0:03:44.880 that he has been been driving me very long? Um, 0:03:44.920 --> 0:03:47.200 And so the lesson for him, and honestly, exactly, there 0:03:47.200 --> 0:03:49.680 are much worse ways to learn that lessons. Well, that's 0:03:49.680 --> 0:03:51.960 the thing. I just wanted to like educate him and 0:03:52.040 --> 0:03:54.080 to inform him that, like, man, there are other bikers 0:03:54.080 --> 0:03:57.160 out here, I'm not the only one, and he's not 0:03:57.160 --> 0:03:59.200 going to be able to learn and maybe pay a 0:03:59.240 --> 0:04:01.160 little more attention. I don't know how he didn't see 0:04:01.160 --> 0:04:03.280 me though, I mean literally, I we never locked eyes, 0:04:03.320 --> 0:04:05.800 but I was right there. Teenage drivers you never know 0:04:06.080 --> 0:04:08.839 and completely distract even non teenage sharpers. Just everyone looking 0:04:08.880 --> 0:04:10.760 at their phones more and more driving, even though it's 0:04:10.760 --> 0:04:14.640 illegal in many states. And but yeah, yeah, and I 0:04:14.680 --> 0:04:16.560 wanted to share that, I guess too, just to like, 0:04:16.600 --> 0:04:18.960 I don't want to scare folks. Um, this doesn't happen 0:04:19.040 --> 0:04:21.080 very often, but I do think it is important to 0:04:21.120 --> 0:04:23.680 watch out. Um. I think it's a reminder to me 0:04:23.720 --> 0:04:26.200 as well to consider even like turning all my blinky's 0:04:26.360 --> 0:04:28.600 like during the day, because I do think, okay, maybe 0:04:28.600 --> 0:04:30.120 if I had those flashing you know, on the front, 0:04:30.120 --> 0:04:32.320 they're switching it because during the daytime you can switch 0:04:32.360 --> 0:04:34.440 it to flashing at night and always keep it on 0:04:34.440 --> 0:04:36.880 solid to actually light up the road light up the path. 0:04:37.200 --> 0:04:38.920 But I'm like, you know what, I want to keep 0:04:38.920 --> 0:04:40.760 those blinky's on even during the day, just to make 0:04:40.800 --> 0:04:43.159 yourself a little more visible. It's even I mean it 0:04:43.200 --> 0:04:45.160 was during the day when I was riding home but 0:04:45.200 --> 0:04:46.720 it's still kind of in the winner where it's still 0:04:46.839 --> 0:04:48.880 it's a little darker by the time we get out 0:04:48.880 --> 0:04:51.240 of bike safety matters you keeping yourself safe, but then 0:04:51.279 --> 0:04:54.760 also hopefully kindly educating other people in the road. Okay, 0:04:54.800 --> 0:04:57.200 bikers exist, even up here to the Burbs where we live, 0:04:57.200 --> 0:04:58.960 there's bikers, and I like seeing bikers on the road, 0:04:58.960 --> 0:05:00.839 and I want to see more people feeling free to 0:05:00.920 --> 0:05:05.400 bike those roads because, like we actually talked about last week. 0:05:05.440 --> 0:05:07.160 At the end of last week, we talked about just 0:05:07.360 --> 0:05:11.719 how jammed jammed these roads are with congestion, and we 0:05:11.880 --> 0:05:13.520 need more bikes on the road to relieve some of 0:05:13.520 --> 0:05:15.960 that congestion. But drivers have to be courteous to make 0:05:15.960 --> 0:05:18.400 that our possibilities right, Well, all right, but I'm glad 0:05:18.440 --> 0:05:21.640 you're okay, uh, and thank you. Thanks for Matt storytime. 0:05:22.279 --> 0:05:23.880 Let's move on. Let's mention the beer we're having on 0:05:23.920 --> 0:05:28.240 this episode. This one is called Painting Dreams by Fighting's Brewing. 0:05:28.400 --> 0:05:30.200 Will give our thoughts on this one at the end 0:05:30.240 --> 0:05:32.320 of the episode is a West Coast IPM. So you 0:05:32.320 --> 0:05:34.920 know what I meant to do was since uh, the 0:05:35.000 --> 0:05:37.280 last episode to this episode, I was planning to look 0:05:37.360 --> 0:05:39.400 up how to actually pronounce the name of this burner, 0:05:39.400 --> 0:05:41.600 because I would feel so bad if we're not getting 0:05:41.640 --> 0:05:44.000 the name right, because, as we will share later on, 0:05:44.040 --> 0:05:45.840 this is a fantastic beer and I want to make 0:05:45.839 --> 0:05:47.960 sure they get all the props. I can't imagine there 0:05:48.000 --> 0:05:52.120 are too many possibilities for the pronunciation. Yeah, something like that, 0:05:52.560 --> 0:05:54.200 But it's I would think it'd be fittings if it 0:05:54.240 --> 0:05:56.240 was two days, but it's one, So you never know. 0:05:56.360 --> 0:05:58.520 God with a hearty, it's a proper name. They could say, 0:05:58.560 --> 0:06:01.000 you say it in a way that sounds good. They could, 0:06:01.160 --> 0:06:03.000 all right, but let's help every right, Let's talk about 0:06:03.080 --> 0:06:06.480 maxing income, Matt. That's the topic for today's episode, and 0:06:06.480 --> 0:06:08.680 and and in particular, there are specific ways that we 0:06:08.760 --> 0:06:13.039 think that people are going to have extra abilities to 0:06:13.120 --> 0:06:14.839 do this, and I'm sure there are at least a 0:06:14.839 --> 0:06:17.400 few how the Money listeners who have set out goals 0:06:17.440 --> 0:06:19.680 already this year, and maybe one of those for a 0:06:19.680 --> 0:06:22.880 lot of people is to lose weight. I think that's 0:06:22.920 --> 0:06:24.520 a common one. I mean, there are just a lot 0:06:24.560 --> 0:06:27.160 of folks out there who want to shed some pounds, 0:06:27.480 --> 0:06:29.760 and I hope that endeavors going well so far. If 0:06:29.800 --> 0:06:32.560 that's something you've you've you've chosen to do, you're working on. 0:06:33.080 --> 0:06:35.479 But Matt, let's say, you know, just imagine if some 0:06:35.520 --> 0:06:38.600 of those folks they were only focusing on eating less, 0:06:38.600 --> 0:06:41.760 if they were just intent on cutting their calorie intake, 0:06:41.800 --> 0:06:43.599 if that's the only way they were trying to achieve 0:06:43.640 --> 0:06:46.600 that goal. Is that going to help him out? Sure? Right, 0:06:46.640 --> 0:06:48.880 that's gonna make some some of the difference in helping 0:06:48.880 --> 0:06:52.400 you lose some weight. But focusing solely on that one 0:06:52.520 --> 0:06:54.880 route to weight loss is also going to have some 0:06:54.960 --> 0:06:57.440 massive shortcomings. Right, there's this whole other realm that you're 0:06:57.520 --> 0:07:02.200 leaving untouched, namely exercise. Cutting calories is great. You know, 0:07:02.240 --> 0:07:05.640 my wife, she says weight Watchers is super helpful when 0:07:05.760 --> 0:07:07.880 she's trying to lose a few pounds. She she likes 0:07:07.920 --> 0:07:10.120 to go there and kind of type in what she's 0:07:10.120 --> 0:07:12.480 eating on the app. It helps her kind of hit 0:07:12.480 --> 0:07:15.320 her diet on all cylinders so that she's to attract 0:07:15.320 --> 0:07:17.920 that data. Yeah, for sure, I get it. But she's 0:07:17.960 --> 0:07:19.680 also hitting up the gym four times a week, right, 0:07:19.680 --> 0:07:22.120 So she's taken the both and approach, which is what 0:07:22.120 --> 0:07:23.640 what's gonna help you get there a whole lot faster. 0:07:23.680 --> 0:07:26.520 And I think similarly, frugality, like you've talked about, like 0:07:26.560 --> 0:07:28.480 we that's something that we talked about a lot on 0:07:28.520 --> 0:07:30.120 the show, but it can only get you so far. 0:07:30.400 --> 0:07:34.120 At some point, you can't cut expenses anymore, or you're 0:07:34.560 --> 0:07:38.080 eating just rice and beans. You're you've you've boiled it down, 0:07:38.400 --> 0:07:41.400 You've reduced your budget to such an extent that you're 0:07:41.400 --> 0:07:43.600 completely unhappy, right, and so you've got to grow your 0:07:43.640 --> 0:07:46.520 income in order to make more progress on your financial goals. 0:07:46.520 --> 0:07:48.240 And so we're gonna give a slew of thoughts on 0:07:48.240 --> 0:07:51.400 how you can maximize your earning potential in the year 0:07:51.440 --> 0:07:53.880 ahead on today's episode. That's right, And you know, like 0:07:53.920 --> 0:07:55.560 I said earlier, I think you and I both leaned 0:07:55.560 --> 0:07:57.960 towards frugality. But whether or not that's your tendency, it 0:07:58.000 --> 0:08:02.000 just comes down to your own finality. But like you said, frugality, 0:08:02.040 --> 0:08:04.720 it won't pay the bills. Uh. And if you can't 0:08:04.720 --> 0:08:07.000 get a handle on your spending, it's also going to 0:08:07.040 --> 0:08:10.760 be impossible to out earn that crappy habit. So both 0:08:10.800 --> 0:08:13.240 of those are important. And another problem for a lot 0:08:13.240 --> 0:08:14.880 of folks is that they want to make more money, 0:08:14.920 --> 0:08:17.200 but they just don't know how to make more money? Right, 0:08:17.680 --> 0:08:19.880 And so many of the ideas that come up when 0:08:20.080 --> 0:08:21.640 you you know, when you google this, like how do 0:08:21.680 --> 0:08:24.240 I make more money? The results are oftentimes going to 0:08:24.280 --> 0:08:27.160 be crap drop shipping on Amazon. It's like, oh yeah, 0:08:28.000 --> 0:08:32.440 earn uh more per year by staying home. And they 0:08:32.480 --> 0:08:35.160 almost all involved like trading your time for money, right, 0:08:35.200 --> 0:08:37.680 which is something that we all have to do to 0:08:37.679 --> 0:08:40.719 a certain extent. But time is a limited resource. It's 0:08:40.720 --> 0:08:42.560 it's one of the few limited resources that we have 0:08:42.559 --> 0:08:45.319 in our lives, and we can't do that in perpetuity. 0:08:45.400 --> 0:08:47.680 And so today we're gonna offer some of the most 0:08:47.760 --> 0:08:52.120 practical advice that we have for increasing your income. You know, 0:08:52.360 --> 0:08:55.040 again cutting back it feels like something that is accessible 0:08:55.040 --> 0:08:57.680 for everybody. I think oftentimes folks, including us, tend to 0:08:57.760 --> 0:09:01.120 lean towards that because it just seems very redoable. And 0:09:01.160 --> 0:09:03.199 I don't think everyone feels that way when it comes 0:09:03.200 --> 0:09:06.199 to increasing their income. To them, it feels like one 0:09:06.240 --> 0:09:07.960 hole too far or I don't know, one more hurdle 0:09:07.960 --> 0:09:09.520 that they have to jump. It doesn't seem like it's 0:09:09.559 --> 0:09:11.800 nearly as accessible. But we are here to say that 0:09:11.880 --> 0:09:14.600 we think it is. And that's why we're dedicating an 0:09:14.679 --> 0:09:17.360 entire episode towards increasing your income, and well, I think 0:09:17.400 --> 0:09:19.280 a lot of the advice that we give about frugality 0:09:19.400 --> 0:09:23.360 is applicable to nearly of the people listening, right, And 0:09:23.440 --> 0:09:25.520 when it comes to earning more, well, so much depends 0:09:25.520 --> 0:09:26.920 on the industry you're in and how long you've been 0:09:26.920 --> 0:09:29.680 in it, and uh, there's just so many other factors. 0:09:29.720 --> 0:09:31.840 But so we're gonna try to give them most broad 0:09:31.840 --> 0:09:35.079 based advice so we can on on today's episode when 0:09:35.080 --> 0:09:38.360 it comes to how to earn more. You probably won't 0:09:38.360 --> 0:09:39.880 be able to take every single one of these tips 0:09:39.880 --> 0:09:42.079 and implemented into your life. But if you can just take, 0:09:42.280 --> 0:09:45.280 you know, a few of these and try them out 0:09:45.360 --> 0:09:47.720 at your place of employments or as you're shopping the 0:09:47.760 --> 0:09:50.640 open job market, you can find that it will lead 0:09:50.679 --> 0:09:54.080 to meaningful increases in income. And this might be intuitive map, 0:09:54.120 --> 0:09:55.440 but I feel like it's worth saying out loud. We 0:09:55.440 --> 0:09:58.560 talked about investing a lot too in regards in addition 0:09:58.600 --> 0:10:01.960 to frugality, but it's a lot harder to invest when 0:10:02.120 --> 0:10:04.320 you've got a major income when you're not making enough, 0:10:04.640 --> 0:10:08.439 and some folks are just way overthinking, like their asset allocation. 0:10:08.720 --> 0:10:10.839 When they're only investing let's say a few hundred dollars 0:10:10.880 --> 0:10:13.360 or maybe a thousand dollars a year, they're hoping to 0:10:13.360 --> 0:10:16.800 to coax outside returns out of the dollars that they're 0:10:16.840 --> 0:10:19.440 putting into their investments. And and these folks and a 0:10:19.440 --> 0:10:22.040 whole lot of others would truly be much better served 0:10:22.240 --> 0:10:26.079 by working towards increasing their investable cash flow by making 0:10:26.080 --> 0:10:30.640 more money than by optimizing their investments or finding yet 0:10:30.679 --> 0:10:33.560 another way to cut back on their expenses so that 0:10:33.559 --> 0:10:35.920 they could invest a touch more. Exactly. Yeah, it's like, oh, 0:10:35.920 --> 0:10:38.760 i'd say, tendcects on Netflix, when what you're leaving on 0:10:38.760 --> 0:10:42.040 the table oftentimes is the potential to earn thousands of 0:10:42.040 --> 0:10:44.400 dollars more a re single year, way more than that 0:10:44.440 --> 0:10:47.880 Netflix spell. And so instead of spending hours investing obsessed 0:10:47.880 --> 0:10:51.880 over which which streaming service to cut, or you know, 0:10:52.480 --> 0:10:55.400 obsessing over which funds to stick your dollars into an 0:10:55.400 --> 0:10:57.839 attempt to choice those returns, the payback is going to 0:10:57.880 --> 0:11:00.400 be higher if you instead look to increase your income 0:11:00.640 --> 0:11:02.280 and you just stick to the boring investments that we 0:11:02.320 --> 0:11:04.920 always talk about. You're not going to get rich via 0:11:04.960 --> 0:11:07.720 the investment decisions you make. You're gonna get rich via 0:11:07.760 --> 0:11:11.000 your work and your income by increasing that income and 0:11:11.040 --> 0:11:13.959 the ability then to invest more of it. That's right. Yeah, 0:11:14.040 --> 0:11:15.839 this is an instance where you want to make sure 0:11:15.840 --> 0:11:17.400 that you're asking the right questions. You want to make 0:11:17.400 --> 0:11:20.840 sure that you're asking the thirty thousand dollar question, not 0:11:21.120 --> 0:11:24.200 the thirty dollar question. Sometimes we can get so preoccupied 0:11:24.200 --> 0:11:26.520 with the details that we we missed the bigger thing 0:11:26.559 --> 0:11:29.040 that's lying there in front of us um. And you know, 0:11:29.080 --> 0:11:31.800 the good news is that the job market right now 0:11:31.960 --> 0:11:34.640 is pretty hot. If you're someone looking for new work, 0:11:34.840 --> 0:11:36.840 you're in a strong position. The job market is like 0:11:36.920 --> 0:11:40.520 Hansel and zooland so high right now. Last year was 0:11:40.640 --> 0:11:43.200 the second best year for job growth in U S history. 0:11:43.679 --> 0:11:46.720 Despite many predictions of a souring job market, they haven't 0:11:46.720 --> 0:11:50.480 really materialized. There have been some layoffs happening that we 0:11:50.520 --> 0:11:53.240 hear about that that get all the headline attention um, 0:11:53.320 --> 0:11:56.760 specifically from a few specific tech companies, but they've been 0:11:56.800 --> 0:11:59.960 fairly minimal um. And there are still one point seven 0:12:00.200 --> 0:12:03.480 jobs available per job seeker. So that means that if 0:12:03.480 --> 0:12:05.360 you if you're out there looking, you have your pick 0:12:05.400 --> 0:12:07.920 of the litter. To a certain degree. Um, I mean 0:12:08.120 --> 0:12:10.280 we joel like, we took a trip recently and we 0:12:10.280 --> 0:12:14.080 were still passing bonuses being written on you know, pieces 0:12:14.080 --> 0:12:16.959 of paper in fast food windows that are still windows 0:12:17.000 --> 0:12:19.600 McDonald's are still saying, hey, look extra five hundred bucks 0:12:19.679 --> 0:12:22.000 or a thousand bucks just for coming to work here. 0:12:22.360 --> 0:12:26.240 That's in addition to higher normal hourly wages too, exactly. 0:12:26.320 --> 0:12:28.640 So there's a lot of employers who are still looking 0:12:28.679 --> 0:12:31.160 to fill empty positions. And you know what, while many 0:12:31.200 --> 0:12:33.560 of the things that will discuss Intudy's episode will be 0:12:33.600 --> 0:12:36.720 applicable uh next year and the year after that as well, 0:12:37.080 --> 0:12:39.440 you do have more ability in the current market to 0:12:39.520 --> 0:12:41.559 increase your your income because of how hot the job 0:12:41.600 --> 0:12:44.840 market is. Um, it's not quite as nice as it 0:12:45.000 --> 0:12:48.000 was seven to eight months ago, but workers still have 0:12:48.280 --> 0:12:52.000 massive leverage to get paid more today for sure. All Right, 0:12:52.040 --> 0:12:53.960 So that does make me think, like, how do you 0:12:54.000 --> 0:12:56.240 know if you're being underpaid? Because that's probably a really 0:12:56.240 --> 0:12:58.199 important thing to ask question. You might be at the 0:12:58.240 --> 0:13:00.760 top of your profession right now. You might be the 0:13:00.840 --> 0:13:03.600 equivalent of the air and judge for the New York Yankees, 0:13:03.640 --> 0:13:06.280 and you just you're you're hitting like he's not gonna 0:13:06.280 --> 0:13:07.760 be able to make more money than when he got 0:13:07.960 --> 0:13:11.560 this past offseason in that labor market, and like, no, 0:13:11.559 --> 0:13:14.000 nobody's gonna be able to say, well, actually double your pay, 0:13:14.120 --> 0:13:16.600 come on over here. He's at the top of his profession. 0:13:16.920 --> 0:13:19.199 But how would you even find out if you're not well. 0:13:19.200 --> 0:13:21.160 It helps to know what's going on in the market 0:13:21.200 --> 0:13:23.680 in order to be able to maximize the utility of 0:13:23.679 --> 0:13:25.760 our time and our skills. Like, for instance, a lot 0:13:25.800 --> 0:13:28.319 of truck drivers and folks in the service industry, like 0:13:28.320 --> 0:13:31.240 you're talking about math, they've seen rate pay rates rise 0:13:31.280 --> 0:13:33.679 significantly over the past year. Part of it is though 0:13:33.679 --> 0:13:36.560 sign up bonuses. Part of it is just more robust 0:13:36.679 --> 0:13:39.680 starting salaries. But it's massively helpful to pay attention to 0:13:39.720 --> 0:13:43.200 the current trends when shifts are happening in your industry. 0:13:43.240 --> 0:13:46.640 That way you can know whether or not you are 0:13:46.720 --> 0:13:49.920 getting paid appropriately. And so if you're looking for resources 0:13:49.960 --> 0:13:52.520 that can be continually helpful, we'd say sites like glass 0:13:52.600 --> 0:13:56.120 door or even just producing job postings on the web 0:13:56.200 --> 0:13:58.840 that include salary ranges, they can help you see what 0:13:58.880 --> 0:14:01.520 the pay ranges for some more positions to yours. Those 0:14:01.520 --> 0:14:03.240 are good ways to kind of figure out what's going 0:14:03.280 --> 0:14:05.080 on in the market and where am I at in 0:14:05.160 --> 0:14:07.520 relation to it. That can help you just assess where 0:14:07.520 --> 0:14:09.880 you fall on the scale and how much potential there 0:14:09.960 --> 0:14:12.240 is for you to increase your income, even if in 0:14:12.280 --> 0:14:14.880 the end you opted not to make any changes based 0:14:14.880 --> 0:14:16.840 on some of the recommendations were about to give. Yeah, 0:14:16.840 --> 0:14:20.000 and also I think just talking about money, hopefully that 0:14:20.120 --> 0:14:22.040 is something that you've done with your friends, that's something 0:14:22.120 --> 0:14:24.800 maybe that you've done with your coworkers. And if that's uh, 0:14:24.840 --> 0:14:26.640 if those are discussions that you're having, then I think 0:14:26.640 --> 0:14:29.360 it's going to be easier for you to determine whether 0:14:29.520 --> 0:14:33.000 or not you're getting paid well compared to your your coworkers. So, 0:14:33.040 --> 0:14:35.280 for instance, if there's a you're at a company and 0:14:35.280 --> 0:14:37.240 that you know there are some new hires and if 0:14:37.360 --> 0:14:40.040 you're if you realize that they're getting paid more than 0:14:40.320 --> 0:14:42.640 what what you're getting paid, and you've been there for 0:14:42.680 --> 0:14:45.320 six months, maybe a year, year and a half, well 0:14:45.360 --> 0:14:47.040 I think that's maybe it's time for you for there 0:14:47.080 --> 0:14:49.440 to be a discussion. You know, like if if you 0:14:49.480 --> 0:14:51.360 haven't talked to your boss, if you haven't gotten um 0:14:51.680 --> 0:14:55.000 like a performance review, that's a bad sign. That's Okay, uh, 0:14:55.120 --> 0:14:56.680 you know, it seems like your your pay has been 0:14:56.720 --> 0:14:58.960 been stagnant, and this is beyond maybe just even just 0:14:59.040 --> 0:15:02.760 the standard cost of living basic percentage increases that most 0:15:02.800 --> 0:15:05.960 folks oftentimes yet and that's just what we'll talk specifically 0:15:05.960 --> 0:15:09.480 about negotiating at your current job or and how to 0:15:09.960 --> 0:15:13.520 go about effectively increasing your pay if you find yourself 0:15:13.520 --> 0:15:16.000 in a position like that. But what you're talking about 0:15:16.040 --> 0:15:18.000 kind of still is is just the market research portion 0:15:18.040 --> 0:15:20.360 of this. Yeah, market research, and just I mean, and 0:15:20.480 --> 0:15:22.080 I think a part of that market research is just 0:15:22.120 --> 0:15:24.400 talking about it with other folks that's not only relying 0:15:24.400 --> 0:15:27.800 on glass door indeed linked in different job sites, which 0:15:27.880 --> 0:15:30.040 are all very important. You want a bunch of data 0:15:30.040 --> 0:15:32.680 points really exactly like you want the Internet, but you 0:15:32.720 --> 0:15:36.840 also want real life, real life data as well. Dude. 0:15:36.840 --> 0:15:38.880 One thing that's worth considering is how to use the 0:15:38.880 --> 0:15:41.840 new pay transparency laws to your advantage as well when 0:15:41.840 --> 0:15:44.040 it comes to making more money. A few of those 0:15:44.040 --> 0:15:47.840 went on the books in early three including in California, 0:15:48.400 --> 0:15:50.320 and that's in addition to two others I think New 0:15:50.400 --> 0:15:52.600 York as well, that have been passed by other states 0:15:52.880 --> 0:15:57.040 prior years. But when California gets into something because just 0:15:57.080 --> 0:15:59.920 of this the sheer size of the state. It's got 0:16:00.360 --> 0:16:02.800 a tenth of all Americans like live in the state 0:16:02.800 --> 0:16:04.960 of California. I think it's like the fifth or sixth 0:16:05.040 --> 0:16:07.360 largest economy in the world if it was its own country. 0:16:07.360 --> 0:16:10.560 So yeah, it's massive influence. Yeah, it's got all these 0:16:10.600 --> 0:16:13.080 ripple effects on everywhere else, on all the other states. 0:16:13.440 --> 0:16:15.880 Um So this year, you're going to see a lot 0:16:15.960 --> 0:16:20.200 more pay ranges listed on Internet job boards and listings. Granted, 0:16:20.760 --> 0:16:23.120 some of those pay ranges they're not always gonna be 0:16:23.160 --> 0:16:28.480 helpful because the spread it's so ridiculously between Like, I 0:16:28.520 --> 0:16:30.760 don't know what that means, but I do think that 0:16:30.760 --> 0:16:33.640 they'll function sort of as a backstop, maybe some back 0:16:33.640 --> 0:16:36.040 of the napkin math to help you to to see 0:16:36.040 --> 0:16:39.400 where you're pay stacks up against others within your industry. Yeah, 0:16:39.400 --> 0:16:42.080 those pay transparency laws, they're not necessarily some sort of 0:16:42.120 --> 0:16:44.240 bulletproof thing that's going to aid you in this negotiation, 0:16:44.280 --> 0:16:46.440 but you are. The more you produce those boards, the 0:16:46.480 --> 0:16:49.200 more you see those pay ranges listed. It is again, 0:16:49.240 --> 0:16:50.840 it's one of those other data points, and you want 0:16:50.840 --> 0:16:53.040 as many as you can to help you understand what 0:16:53.160 --> 0:16:56.280 the market is paying for people in position similar to 0:16:56.320 --> 0:16:59.000 yours or the position that you want to have. That 0:16:59.040 --> 0:17:01.560 can be just another arrow in your quiver so that 0:17:01.640 --> 0:17:04.359 you are able to negotiate for higher pay for yourself. 0:17:04.440 --> 0:17:06.440 And and because of some of these new laws, Matt, 0:17:06.840 --> 0:17:10.080 unlisted jobs are actually starting to become more common. I 0:17:10.080 --> 0:17:12.399 think some people are trying to avoid having to post 0:17:12.680 --> 0:17:15.479 the pay. Some employers are trying to avoid having to 0:17:15.800 --> 0:17:17.200 spell it out, Hey, this is what we pay for 0:17:17.280 --> 0:17:19.880 these these jobs. But a lot of the unlisted jobs 0:17:19.880 --> 0:17:21.960 are actually six figure jobs. There are actually jobs that 0:17:22.040 --> 0:17:23.719 pay really well. How do you get one of these 0:17:23.760 --> 0:17:26.400 jobs if they're unlisted? Then a little more word of mouth, 0:17:26.440 --> 0:17:29.000 isn't it? Yeah? Exactly. A lot of how you actually 0:17:29.040 --> 0:17:31.520 go about getting one of those is having a good 0:17:31.520 --> 0:17:34.639 network in place so that you're notified when an awesome 0:17:34.720 --> 0:17:36.680 job comes along that you're a good fit for. We're 0:17:36.680 --> 0:17:39.200 going to talk more about how to do that, along 0:17:39.200 --> 0:17:41.400 with a bunch of other tips for how to maximize 0:17:41.400 --> 0:17:43.479 your income this year. We'll get to all that right 0:17:43.520 --> 0:17:54.720 after this. A right, man, we are back from the break, 0:17:54.720 --> 0:17:56.760 and let's talk about how you can ensure that you're 0:17:56.800 --> 0:17:59.560 gonna make more money this year at your place of 0:17:59.560 --> 0:18:01.800 employer a mint and if you don't, you could sue Matt. 0:18:02.040 --> 0:18:05.480