Speaker 1: Welcome to Before Breakfast, a production of I Heart Radio.
Speaker 1: Good Morning. This is Laura. Welcome to the Before Breakfast podcast.
Speaker 1: This week we're talking about broad issues related to work
Speaker 1: and how we feel about it. Today's tip is about
Speaker 1: how to earn more even if you work in a
Speaker 1: conventional job. I think raising your income significantly over time
Speaker 1: is more possible than most people think. I've worked for
Speaker 1: myself for a great many years, and one of the
Speaker 1: most satisfying parts is the clear connection between working more
Speaker 1: and making more. And yes, if I don't hunt, I
Speaker 1: don't eat, and this is why we've made sure to
Speaker 1: save for slower times. On the other hand, when I
Speaker 1: do the hard work of landing a big new project,
Speaker 1: I can reap the rewards and often significantly raise my
Speaker 1: income year over year. I know this is harder in
Speaker 1: a traditional job, and this is one reason so much
Speaker 1: financial literature focuses on trimming costs. It's relatively easy to
Speaker 1: trim a grocery bill, or change the thermostat, drive a
Speaker 1: little less, or shop at discount stores. It's perceived as
Speaker 1: much harder to raise your income, but there are a
Speaker 1: few things you can do. One is to always get
Speaker 1: in the habit of asking for more. Whenever you have
Speaker 1: a performance review, go in with an argument of why
Speaker 1: you contribute enough to the bottom line that you deserve
Speaker 1: more than whatever the normal cost of living adjustment might be.
Speaker 1: Be sure to frame your argument in these terms. Your
Speaker 1: organization doesn't care if you need the money. Your organization
Speaker 1: cares that you brought in a huge new client. Your
Speaker 1: organization cares that you invented a process that saves five
Speaker 1: on a recurring expense. Focus your work on doing these
Speaker 1: things that add to the bottom line, and then make
Speaker 1: sure the appropriate people know about them. If your manager
Speaker 1: doesn't have the budget right now for a raise, you
Speaker 1: can always negotiate these things prospectively. If I can bring
Speaker 1: in a new client, or if I can cut costs
Speaker 1: by x, then can we agree that my salary can
Speaker 1: rise by Why this is a win win for all
Speaker 1: of you. One thing that can help in these negotiations
Speaker 1: is if you go in knowing what other people like
Speaker 1: you make. Again, it doesn't help to announce that well,
Speaker 1: Bob makes why. Some organizations are funny about sharing salaries
Speaker 1: even if they shouldn't be, and sometimes forbidding sharing is
Speaker 1: actually illegal. But if you know that you're paid in
Speaker 1: the average range and you're performing above average, you'll feel
Speaker 1: more confident in your ask and that helps a lot.
Speaker 1: It goes without saying that you can position yourself for promotions.
Speaker 1: Talk with people in your company about what's actually involved
Speaker 1: in getting to the next level. What do the powers
Speaker 1: that we care about, How can you portray your current
Speaker 1: accomplishments within that narrative, or what could you do to
Speaker 1: make that narrative become true. You can also be open
Speaker 1: to moving to other organizations. There's been some analysis that
Speaker 1: most major jumps and income happen with mob changes, which
Speaker 1: makes sense. Most people won't jump unless there's a good reason,
Speaker 1: which means that if your current employer is decent, your
Speaker 1: new employer needs to be excellent to justify the hassle.
Speaker 1: So attend those industry conferences and stay in touch with
Speaker 1: former colleagues who switch organizations. Keep reaching out to people
Speaker 1: you know from school or other places in your community.
Speaker 1: In general, you should be meeting with people outside your
Speaker 1: organization at least twice a month or so. And here's
Speaker 1: the thing. You often don't actually have to leap to
Speaker 1: get a raise. Interest from other places makes you more
Speaker 1: valuable to your current employer. As an employer myself, I
Speaker 1: know how ridiculous and expensive it can be to hire
Speaker 1: someone new. When I've interviewed people in HR about this,
Speaker 1: they note that a senior person can often cost a
Speaker 1: year's salary to replace when you figure in interviewing time,
Speaker 1: the number of people required to make a decision, and
Speaker 1: training time. If giving someone a salary ump means they'll
Speaker 1: likely stay for another three years, your organization has come
Speaker 1: out ahead, so feel free to interview, and especially if
Speaker 1: you do get an offer somewhere, ask for a match
Speaker 1: or better. Even if you don't get an immediate offer,
Speaker 1: building up your network and seeing what's out there can
Speaker 1: be helpful when you remind your organization of your value. Finally,
Speaker 1: you can earn more on the side too. Definitely check
Speaker 1: out Carla Marie's Side Hustlers podcast and Chris Gilibo's Side
Speaker 1: Hustle School to learn more about creating extra income streams.
Speaker 1: The best are those streams that, after initial burst of work,
Speaker 1: don't require any more investment of time to produce income.
Speaker 1: If you create a useful video course, for instance, and
Speaker 1: people pay to download it, it doesn't take much more
Speaker 1: work to sell the hundredth copy versus the second. My
Speaker 1: books took a lot of work to write, but when
Speaker 1: they sell out their advances now I get royalty payments
Speaker 1: every few months. If something passive like that isn't in
Speaker 1: the cards, you can still study your schedule and see
Speaker 1: when you might have a few extra hours to do
Speaker 1: something in the gig economy, like driving for one of
Speaker 1: the rides share companies. In any case, if you give
Speaker 1: yourself a timeline of twelve to twenty four months, you
Speaker 1: could probably raise your income significantly. And that's a good
Speaker 1: thing where work is concerned, because for most of us,
Speaker 1: well it's not only about the money. We're happy when
Speaker 1: the money is good. In the meantime, this is Laura.
Speaker 1: Thanks for listening, and here's to making the most of
Speaker 1: our time. Hey, everybody, I'd love to hear from you.
Speaker 1: You can send me your tips, your questions, or anything else.
Speaker 1: Just connect with me on Twitter, Facebook and Instagram at
Speaker 1: Before Breakfast Pod that's b E the number four, then
Speaker 1: Breakfast p o D. You can also shoot me an
Speaker 1: email at Before Breakfast Podcast at iHeart media dot com.
Speaker 1: That Before Breakfast is spelled out with all the letters.
Speaker 1: Thanks so much, look forward to Staying in Touch Before
Speaker 1: Breakfast is a production of I heart Radio. For more
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