Your time and talent are valuable, and your income should reflect that. Here are six easy ways to get back on track and earn what you deserve.
There are few things worse than feeling underpaid for your job. Fact is, many people often spend more time with their coworkers than with their families, so it can be disappointing when a large chunk of your day includes dissatisfaction in your nine-to-five grind. Unfortunately, it’s a common issue that impacts many American workers.
A recent study by the Pew Research Center found that more than two-thirds (71%) of U.S. adults reported their pay isn’t high enough for the quality of work they do. The same survey also showed that 70% of respondents thought their compensation was too low for the amount of work they accomplish each week.
Despite all the dissatisfaction, there is some good news. Career coaches and financial experts say there are ways to start bringing in more money every month if you can muster up some confidence, step outside your comfort zone, and maybe even be a little brave.
While you won’t find any get-rich-quick schemes here, consider these suggestions for earning more at your current job, finding a lucrative side hustle to supplement your income, or even landing a better (and higher-paying) position in the months ahead.
1. Research What Others With Your Job Earn
For those who already have a job and want to earn more, don’t bust into your boss’s office to ask for a raise before having your ducks in a row. It’s smart to do some research and figure out where your salary ranks among those in your region and state who do the same job or have a similar job title.
While that’s easier to find out in states with pay transparency laws, there are plenty of online resources to help you gain insight on where you stand, no matter where you live. You can check out sites like Payscale and salary.com to find this data.
Here are some step-by-step instructions to determine Payscale’s estimate of what people in your area make for similar jobs. Once you’re on the site, click on “Resources” on the main menu bar at the top of the home page. On the dropdown menu, click on “Employees and Job Seekers,” and then click on “Salary Survey.”
That brings you to a page where you can spend a couple of minutes inputting your location, years of experience, skills, and education. Once you fill in the blanks, click on “Find your market worth.”
Pro-tip: There’s also a bot on the right-hand corner of the screen that can help you get through these steps in real time.
2. Start a File on Work Wins
Another smart way to help in your quest to make more money at work is to keep a file on all of the ways you bring value to your company. This may be easier for those in sales positions to quantify, but there are other creative ways to show your worth as well.
You can list out your responsibilities and how many people report to you, for example, and note how you have helped them improve over time. For those in marketing, public relations, or media relations positions, you can keep a running total of the number of earned media segments you secured for your company.
Keeping track of your wins and those you helped others achieve will help you build a case for why you deserve a higher salary and help you develop a confident mindset to ask for it, notes Glassdoor.com. If this is challenging for you, try not to think of it as bragging. You could also consider asking trusted work teammates what they think you bring to the table and how you have helped them and your company perform well.
3. Know Your Audience
Before asking for a higher salary or promotion, it’s important to gauge the temperature in your company so you don’t come across as tone-deaf with your request. For example, if budget cuts were recently implemented across the board, this may not be the best time to ask for more money. On the other hand, if you recently received a job offer with higher pay and better benefits, you may want to approach your current employer to see if they want to match or beat the offer. It can cost thousands of dollars and months to replace a valued employee, not to mention the decrease in morale and productivity that often comes with it. The moral of this story? You never know what’s possible unless you ask.
4. Practice Your Negotiation Skills
People who have learned to be great at negotiating know you don’t get what you don’t ask for. Which means, if you aren’t able to summon the courage to ask for more compensation, you likely won’t get more money any time soon. Plus, research shows that people who ask for more are more likely to actually get a bump in pay, so it’s worth it to work on developing your confidence and fostering a mindset of prosperity and abundance.
One way to become more comfortable as a negotiator is to practice with friends or family, notes Indeed.com. If you choose this option, it’s important to pick someone who can also offer valuable feedback on your communication style and other factors. So think about any trusted mentors or colleagues you have who would be willing to help out in this situation, and then make the ask.
5. Find a Side Hustle
If you aren’t already part of the burgeoning side hustle culture in the United States, you may be surprised at how much money you can consistently earn by adding a side gig to your schedule. Don’t think you have the time for more work? Consider this: if you spend more than an hour a day watching TV shows after work, scrolling on your phone, or sitting in carpool lines and after school practices, you can use that time to earn extra income. Plus, depending on your circumstances and the job duties required, some short work can take up just a few hours of your week. Interested in learning more? Here are some benefits of pursuing a side hustle, along with suggestions on how to get started.
6. Consider House Hacking
For those unfamiliar with this trending personal finance topic, house hacking is basically a term that can mean a few different things in real estate. For some, it means living in one part of a multifamily property, like a duplex, and leasing or renting the other side so that the rental income helps cover (or possibly pay in full) the mortgage. To make house hacking successful, you should have the ability to pay the entire house note when you don’t have a tenant. Another way to house hack is to rent out another unit on your property, such as an apartment above a garage or the basement of a multi-level home. That income can bring in extra money every month to help make ends meet.
Earn What You Deserve: Overview
Let’s face it. No one wants to make less money. So when it comes to consistently bringing in more money every month, there are plenty of practical techniques you can use to earn more and start thriving. You can ask for a raise at work, you can find a lucrative side hustle, or you can look for a new job that pays more or offers better benefits to make up for something your current job lacks.
Whether through making more or saving more, any additional income will add some breathing room to your financial plan. Remember, confidence is a powerful tool. The more you research what others make, the better prepared you will be to ask for what you deserve with confidence.
