How do you increase your income?

Question  How do you increase your income?

Answer  Work smarter, harder and more.

Complete Answer ¬†Because everyone’s employment situation is difference, I will speak in general terms. I will address your “regular” job – the one which you work the most hours. It may not be your “dream” job or the career field which you would like to work, but it’s a starting point.

We live in and work in a competitive free market economic system. Which means that you compete with others for a job. Your potential employer will hire the most qualified person for the job. Your pay is based on how productive you are; the price that people will pay for the services you provide and/or the goods you produce. Most importantly, you are free to sell your labor to whomever you wish.

The first step would be to ask your employer, “What do I need to do to get a raise?” Then do it.

Work smarter: Take and attend any workshops or seminars offered by your employer. Take classes offered by your local community college that relate to your job. Learn a new skill offered online. Take advantage of “matching programs” offered by your employer. For example; some employers will match up to a certain amount, anything that you put into a 401 retirement account. It’s fee money and you need to fund your retirement account anyway.

Work harder: Volunteer for additional assignments at work. Volunteering to serve on the company’s scholarship selection committee or annual community cleanup event may not add anything to your paycheck, but it will certainly put your name at the top of the list when your company is looking to fill a new position, expand a department or start a new project.

Work more: Volunteer to cover for a fellow worker who has to miss work or work overtime when extra help is needed. Get a second part time job. (Note: Remember to change the W-4 Form for money withheld for income tax – a second job may push you into a higher tax bracket.)

Financial Literacy Knowledge/Skill

To raise your income work smarter, harder and/or more.

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Next week’s topic: How do you decrease your expenses?