WEBVTT - Boost your paycheck

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<v Speaker 1>Welcome to Before Breakfast, a production of I Heart Radio.

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<v Speaker 1>Good Morning. This is Laura. Welcome to the Before Breakfast podcast.

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<v Speaker 1>This week we're talking about broad issues related to work

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<v Speaker 1>and how we feel about it. Today's tip is about

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<v Speaker 1>how to earn more even if you work in a

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<v Speaker 1>conventional job. I think raising your income significantly over time

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<v Speaker 1>is more possible than most people think. I've worked for

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<v Speaker 1>myself for a great many years, and one of the

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<v Speaker 1>most satisfying parts is the clear connection between working more

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<v Speaker 1>and making more. And yes, if I don't hunt, I

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<v Speaker 1>don't eat, and this is why we've made sure to

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<v Speaker 1>save for slower times. On the other hand, when I

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<v Speaker 1>do the hard work of landing a big new project,

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<v Speaker 1>I can reap the rewards and often significantly raise my

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<v Speaker 1>income year over year. I know this is harder in

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<v Speaker 1>a traditional job, and this is one reason so much

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<v Speaker 1>financial literature focuses on trimming costs. It's relatively easy to

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<v Speaker 1>trim a grocery bill, or change the thermostat, drive a

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<v Speaker 1>little less, or shop at discount stores. It's perceived as

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<v Speaker 1>much harder to raise your income, but there are a

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<v Speaker 1>few things you can do. One is to always get

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<v Speaker 1>in the habit of asking for more. Whenever you have

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<v Speaker 1>a performance review, go in with an argument of why

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<v Speaker 1>you contribute enough to the bottom line that you deserve

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<v Speaker 1>more than whatever the normal cost of living adjustment might be.

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<v Speaker 1>Be sure to frame your argument in these terms. Your

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<v Speaker 1>organization doesn't care if you need the money. Your organization

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<v Speaker 1>cares that you brought in a huge new client. Your

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<v Speaker 1>organization cares that you invented a process that saves five

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<v Speaker 1>on a recurring expense. Focus your work on doing these

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<v Speaker 1>things that add to the bottom line, and then make

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<v Speaker 1>sure the appropriate people know about them. If your manager

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<v Speaker 1>doesn't have the budget right now for a raise, you

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<v Speaker 1>can always negotiate these things prospectively. If I can bring

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<v Speaker 1>in a new client, or if I can cut costs

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<v Speaker 1>by x, then can we agree that my salary can

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<v Speaker 1>rise by Why this is a win win for all

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<v Speaker 1>of you. One thing that can help in these negotiations

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<v Speaker 1>is if you go in knowing what other people like

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<v Speaker 1>you make. Again, it doesn't help to announce that well,

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<v Speaker 1>Bob makes why. Some organizations are funny about sharing salaries

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<v Speaker 1>even if they shouldn't be, and sometimes forbidding sharing is

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<v Speaker 1>actually illegal. But if you know that you're paid in

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<v Speaker 1>the average range and you're performing above average, you'll feel

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<v Speaker 1>more confident in your ask and that helps a lot.

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<v Speaker 1>It goes without saying that you can position yourself for promotions.

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<v Speaker 1>Talk with people in your company about what's actually involved

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<v Speaker 1>in getting to the next level. What do the powers

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<v Speaker 1>that we care about, How can you portray your current

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<v Speaker 1>accomplishments within that narrative, or what could you do to

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<v Speaker 1>make that narrative become true. You can also be open

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<v Speaker 1>to moving to other organizations. There's been some analysis that

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<v Speaker 1>most major jumps and income happen with mob changes, which

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<v Speaker 1>makes sense. Most people won't jump unless there's a good reason,

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<v Speaker 1>which means that if your current employer is decent, your

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<v Speaker 1>new employer needs to be excellent to justify the hassle.

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<v Speaker 1>So attend those industry conferences and stay in touch with

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<v Speaker 1>former colleagues who switch organizations. Keep reaching out to people

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<v Speaker 1>you know from school or other places in your community.

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<v Speaker 1>In general, you should be meeting with people outside your

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<v Speaker 1>organization at least twice a month or so. And here's

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<v Speaker 1>the thing. You often don't actually have to leap to

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<v Speaker 1>get a raise. Interest from other places makes you more

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<v Speaker 1>valuable to your current employer. As an employer myself, I

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<v Speaker 1>know how ridiculous and expensive it can be to hire

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<v Speaker 1>someone new. When I've interviewed people in HR about this,

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<v Speaker 1>they note that a senior person can often cost a

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<v Speaker 1>year's salary to replace when you figure in interviewing time,

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<v Speaker 1>the number of people required to make a decision, and

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<v Speaker 1>training time. If giving someone a salary ump means they'll

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<v Speaker 1>likely stay for another three years, your organization has come

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<v Speaker 1>out ahead, so feel free to interview, and especially if

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<v Speaker 1>you do get an offer somewhere, ask for a match

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<v Speaker 1>or better. Even if you don't get an immediate offer,

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<v Speaker 1>building up your network and seeing what's out there can

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<v Speaker 1>be helpful when you remind your organization of your value. Finally,

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<v Speaker 1>you can earn more on the side too. Definitely check

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<v Speaker 1>out Carla Marie's Side Hustlers podcast and Chris Gilibo's Side

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<v Speaker 1>Hustle School to learn more about creating extra income streams.

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<v Speaker 1>The best are those streams that, after initial burst of work,

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<v Speaker 1>don't require any more investment of time to produce income.

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<v Speaker 1>If you create a useful video course, for instance, and

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<v Speaker 1>people pay to download it, it doesn't take much more

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<v Speaker 1>work to sell the hundredth copy versus the second. My

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<v Speaker 1>books took a lot of work to write, but when

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<v Speaker 1>they sell out their advances now I get royalty payments

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<v Speaker 1>every few months. If something passive like that isn't in

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<v Speaker 1>the cards, you can still study your schedule and see

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<v Speaker 1>when you might have a few extra hours to do

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<v Speaker 1>something in the gig economy, like driving for one of

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<v Speaker 1>the rides share companies. In any case, if you give

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<v Speaker 1>yourself a timeline of twelve to twenty four months, you

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<v Speaker 1>could probably raise your income significantly. And that's a good

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<v Speaker 1>thing where work is concerned, because for most of us,

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<v Speaker 1>well it's not only about the money. We're happy when

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<v Speaker 1>the money is good. In the meantime, this is Laura.

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<v Speaker 1>Thanks for listening, and here's to making the most of

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<v Speaker 1>our time. Hey, everybody, I'd love to hear from you.

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<v Speaker 1>You can send me your tips, your questions, or anything else.

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<v Speaker 1>Just connect with me on Twitter, Facebook and Instagram at

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<v Speaker 1>Before Breakfast Pod that's b E the number four, then

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<v Speaker 1>Breakfast p o D. You can also shoot me an

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<v Speaker 1>email at Before Breakfast Podcast at iHeart media dot com.

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<v Speaker 1>That Before Breakfast is spelled out with all the letters.

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<v Speaker 1>Thanks so much, look forward to Staying in Touch Before

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