1 00:00:03,200 --> 00:00:06,400 Speaker 1: Welcome to Before Breakfast, a production of I Heart Radio. 2 00:00:09,119 --> 00:00:13,640 Speaker 1: Good Morning. This is Laura. Welcome to the Before Breakfast podcast. 3 00:00:14,440 --> 00:00:17,200 Speaker 1: This week we're talking about broad issues related to work 4 00:00:17,360 --> 00:00:20,480 Speaker 1: and how we feel about it. Today's tip is about 5 00:00:20,520 --> 00:00:22,880 Speaker 1: how to earn more even if you work in a 6 00:00:22,920 --> 00:00:26,920 Speaker 1: conventional job. I think raising your income significantly over time 7 00:00:27,480 --> 00:00:31,040 Speaker 1: is more possible than most people think. I've worked for 8 00:00:31,080 --> 00:00:33,120 Speaker 1: myself for a great many years, and one of the 9 00:00:33,159 --> 00:00:36,880 Speaker 1: most satisfying parts is the clear connection between working more 10 00:00:37,440 --> 00:00:40,479 Speaker 1: and making more. And yes, if I don't hunt, I 11 00:00:40,520 --> 00:00:42,839 Speaker 1: don't eat, and this is why we've made sure to 12 00:00:42,920 --> 00:00:46,239 Speaker 1: save for slower times. On the other hand, when I 13 00:00:46,320 --> 00:00:48,800 Speaker 1: do the hard work of landing a big new project, 14 00:00:49,360 --> 00:00:52,879 Speaker 1: I can reap the rewards and often significantly raise my 15 00:00:52,920 --> 00:00:56,200 Speaker 1: income year over year. I know this is harder in 16 00:00:56,280 --> 00:00:59,080 Speaker 1: a traditional job, and this is one reason so much 17 00:00:59,120 --> 00:01:03,720 Speaker 1: financial literature focuses on trimming costs. It's relatively easy to 18 00:01:03,760 --> 00:01:06,920 Speaker 1: trim a grocery bill, or change the thermostat, drive a 19 00:01:06,920 --> 00:01:10,760 Speaker 1: little less, or shop at discount stores. It's perceived as 20 00:01:10,840 --> 00:01:14,039 Speaker 1: much harder to raise your income, but there are a 21 00:01:14,040 --> 00:01:17,280 Speaker 1: few things you can do. One is to always get 22 00:01:17,319 --> 00:01:20,600 Speaker 1: in the habit of asking for more. Whenever you have 23 00:01:20,680 --> 00:01:23,720 Speaker 1: a performance review, go in with an argument of why 24 00:01:23,800 --> 00:01:26,560 Speaker 1: you contribute enough to the bottom line that you deserve 25 00:01:26,640 --> 00:01:30,440 Speaker 1: more than whatever the normal cost of living adjustment might be. 26 00:01:30,440 --> 00:01:33,560 Speaker 1: Be sure to frame your argument in these terms. Your 27 00:01:33,640 --> 00:01:37,160 Speaker 1: organization doesn't care if you need the money. Your organization 28 00:01:37,200 --> 00:01:40,119 Speaker 1: cares that you brought in a huge new client. Your 29 00:01:40,200 --> 00:01:43,160 Speaker 1: organization cares that you invented a process that saves five 30 00:01:43,680 --> 00:01:47,320 Speaker 1: on a recurring expense. Focus your work on doing these 31 00:01:47,360 --> 00:01:49,640 Speaker 1: things that add to the bottom line, and then make 32 00:01:49,680 --> 00:01:53,440 Speaker 1: sure the appropriate people know about them. If your manager 33 00:01:53,480 --> 00:01:55,400 Speaker 1: doesn't have the budget right now for a raise, you 34 00:01:55,400 --> 00:01:59,040 Speaker 1: can always negotiate these things prospectively. If I can bring 35 00:01:59,080 --> 00:02:01,600 Speaker 1: in a new client, or if I can cut costs 36 00:02:01,640 --> 00:02:04,080 Speaker 1: by x, then can we agree that my salary can 37 00:02:04,200 --> 00:02:06,840 Speaker 1: rise by Why this is a win win for all 38 00:02:06,880 --> 00:02:10,359 Speaker 1: of you. One thing that can help in these negotiations 39 00:02:10,440 --> 00:02:12,919 Speaker 1: is if you go in knowing what other people like 40 00:02:13,000 --> 00:02:15,959 Speaker 1: you make. Again, it doesn't help to announce that well, 41 00:02:16,040 --> 00:02:20,320 Speaker 1: Bob makes why. Some organizations are funny about sharing salaries 42 00:02:20,360 --> 00:02:23,280 Speaker 1: even if they shouldn't be, and sometimes forbidding sharing is 43 00:02:23,320 --> 00:02:26,120 Speaker 1: actually illegal. But if you know that you're paid in 44 00:02:26,160 --> 00:02:30,120 Speaker 1: the average range and you're performing above average, you'll feel 45 00:02:30,120 --> 00:02:32,799 Speaker 1: more confident in your ask and that helps a lot. 46 00:02:34,040 --> 00:02:37,200 Speaker 1: It goes without saying that you can position yourself for promotions. 47 00:02:37,840 --> 00:02:40,440 Speaker 1: Talk with people in your company about what's actually involved 48 00:02:40,440 --> 00:02:43,240 Speaker 1: in getting to the next level. What do the powers 49 00:02:43,240 --> 00:02:46,160 Speaker 1: that we care about, How can you portray your current 50 00:02:46,160 --> 00:02:49,600 Speaker 1: accomplishments within that narrative, or what could you do to 51 00:02:49,680 --> 00:02:53,320 Speaker 1: make that narrative become true. You can also be open 52 00:02:53,400 --> 00:02:57,520 Speaker 1: to moving to other organizations. There's been some analysis that 53 00:02:57,639 --> 00:03:01,280 Speaker 1: most major jumps and income happen with mob changes, which 54 00:03:01,320 --> 00:03:05,120 Speaker 1: makes sense. Most people won't jump unless there's a good reason, 55 00:03:05,680 --> 00:03:08,480 Speaker 1: which means that if your current employer is decent, your 56 00:03:08,480 --> 00:03:11,600 Speaker 1: new employer needs to be excellent to justify the hassle. 57 00:03:12,520 --> 00:03:15,840 Speaker 1: So attend those industry conferences and stay in touch with 58 00:03:15,919 --> 00:03:19,919 Speaker 1: former colleagues who switch organizations. Keep reaching out to people 59 00:03:19,960 --> 00:03:23,680 Speaker 1: you know from school or other places in your community. 60 00:03:23,760 --> 00:03:26,400 Speaker 1: In general, you should be meeting with people outside your 61 00:03:26,480 --> 00:03:30,200 Speaker 1: organization at least twice a month or so. And here's 62 00:03:30,200 --> 00:03:33,840 Speaker 1: the thing. You often don't actually have to leap to 63 00:03:33,919 --> 00:03:37,520 Speaker 1: get a raise. Interest from other places makes you more 64 00:03:37,600 --> 00:03:41,400 Speaker 1: valuable to your current employer. As an employer myself, I 65 00:03:41,440 --> 00:03:43,840 Speaker 1: know how ridiculous and expensive it can be to hire 66 00:03:43,880 --> 00:03:47,080 Speaker 1: someone new. When I've interviewed people in HR about this, 67 00:03:47,200 --> 00:03:49,520 Speaker 1: they note that a senior person can often cost a 68 00:03:49,600 --> 00:03:53,440 Speaker 1: year's salary to replace when you figure in interviewing time, 69 00:03:53,600 --> 00:03:56,000 Speaker 1: the number of people required to make a decision, and 70 00:03:56,040 --> 00:04:01,119 Speaker 1: training time. If giving someone a salary ump means they'll 71 00:04:01,160 --> 00:04:05,520 Speaker 1: likely stay for another three years, your organization has come 72 00:04:05,520 --> 00:04:09,400 Speaker 1: out ahead, so feel free to interview, and especially if 73 00:04:09,400 --> 00:04:12,080 Speaker 1: you do get an offer somewhere, ask for a match 74 00:04:12,160 --> 00:04:15,160 Speaker 1: or better. Even if you don't get an immediate offer, 75 00:04:15,240 --> 00:04:17,760 Speaker 1: building up your network and seeing what's out there can 76 00:04:17,800 --> 00:04:22,240 Speaker 1: be helpful when you remind your organization of your value. Finally, 77 00:04:22,320 --> 00:04:25,240 Speaker 1: you can earn more on the side too. Definitely check 78 00:04:25,240 --> 00:04:29,080 Speaker 1: out Carla Marie's Side Hustlers podcast and Chris Gilibo's Side 79 00:04:29,120 --> 00:04:33,320 Speaker 1: Hustle School to learn more about creating extra income streams. 80 00:04:33,360 --> 00:04:36,440 Speaker 1: The best are those streams that, after initial burst of work, 81 00:04:36,600 --> 00:04:39,640 Speaker 1: don't require any more investment of time to produce income. 82 00:04:40,480 --> 00:04:43,440 Speaker 1: If you create a useful video course, for instance, and 83 00:04:43,480 --> 00:04:46,200 Speaker 1: people pay to download it, it doesn't take much more 84 00:04:46,240 --> 00:04:49,560 Speaker 1: work to sell the hundredth copy versus the second. My 85 00:04:49,640 --> 00:04:52,000 Speaker 1: books took a lot of work to write, but when 86 00:04:52,040 --> 00:04:54,520 Speaker 1: they sell out their advances now I get royalty payments 87 00:04:54,520 --> 00:04:57,919 Speaker 1: every few months. If something passive like that isn't in 88 00:04:57,920 --> 00:05:00,800 Speaker 1: the cards, you can still study your schedule and see 89 00:05:00,839 --> 00:05:02,800 Speaker 1: when you might have a few extra hours to do 90 00:05:02,880 --> 00:05:05,359 Speaker 1: something in the gig economy, like driving for one of 91 00:05:05,360 --> 00:05:08,640 Speaker 1: the rides share companies. In any case, if you give 92 00:05:08,680 --> 00:05:11,440 Speaker 1: yourself a timeline of twelve to twenty four months, you 93 00:05:11,480 --> 00:05:15,120 Speaker 1: could probably raise your income significantly. And that's a good 94 00:05:15,160 --> 00:05:17,920 Speaker 1: thing where work is concerned, because for most of us, 95 00:05:18,400 --> 00:05:21,080 Speaker 1: well it's not only about the money. We're happy when 96 00:05:21,120 --> 00:05:24,000 Speaker 1: the money is good. In the meantime, this is Laura. 97 00:05:24,400 --> 00:05:26,760 Speaker 1: Thanks for listening, and here's to making the most of 98 00:05:26,760 --> 00:05:36,080 Speaker 1: our time. Hey, everybody, I'd love to hear from you. 99 00:05:36,080 --> 00:05:39,000 Speaker 1: You can send me your tips, your questions, or anything else. 100 00:05:39,720 --> 00:05:43,320 Speaker 1: Just connect with me on Twitter, Facebook and Instagram at 101 00:05:43,320 --> 00:05:48,200 Speaker 1: Before Breakfast Pod that's b E the number four, then 102 00:05:48,279 --> 00:05:51,680 Speaker 1: Breakfast p o D. You can also shoot me an 103 00:05:51,680 --> 00:05:55,880 Speaker 1: email at Before Breakfast Podcast at iHeart media dot com. 104 00:05:55,920 --> 00:05:58,440 Speaker 1: That Before Breakfast is spelled out with all the letters. 105 00:05:59,040 --> 00:06:07,279 Speaker 1: Thanks so much, look forward to Staying in Touch Before 106 00:06:07,320 --> 00:06:10,360 Speaker 1: Breakfast is a production of I heart Radio. For more 107 00:06:10,400 --> 00:06:13,840 Speaker 1: podcasts from i heart Radio, visit the i heart Radio app, 108 00:06:14,160 --> 00:06:17,360 Speaker 1: Apple Podcasts, or wherever you listen to your favorite shows.