“What we fear doing most is usually what we most need to do.”
― Tim Ferriss
Hello to all my fellow Thrivians out there! I hope you are well and I wanted to start this blog off by doing a little recap of what I’ve been up to. Everyone needs a break and I currently took about a 4 month hiatus from blogging. Why? You might ask? Well I’ve been pursuing exactly what today’s blogging topic is about. For those who might be seeing this as the first blog; the Thrive Vine has become almost a documentary of the journey of becoming financially independent; or close to at least, by the age of 35. In 1 month I’ll be 30 years old, so I figured that leaves me 5 years to buckle down and start making some moves. One of those moves was to make more income; something which I think many of us try to strive for. Below are not only the observations and success I had on my journey; but also 3 different strategies you can take to give yourself a raise:
Get a new Job – There are honestly two ways main ways you can give yourself a raise. By either cutting spending and making a lifestyle change; or by generating more income. For me, I took the later path of trying to generate more income by changing jobs and making an upward move in my career. Here are how the numbers worked out for me. I was previously making $43,600 at my old position after being there for a little over 5 years. I’ll admit it was a nice place to work; however the income change wasn’t happening as quickly as I wanted/needed it to, to continue on my path to becoming financially independent. After applying to numerous positions and going through the hell that has become job searching (more blogs on that to come) I landed a job in about 2 months time. The starting salary was 55k with a 5% bonus so we’re talking about 57k/year. Which isn’t too shabby and is more than enough for me to speed up the process of saving/investing…So you can say in a little over 2 months I gave myself about a 14k raise. However is getting a new job always the answer? The answer is a big HELL NO; in fact I would suggest changing jobs for two reasons: If you genuinely don’t like it; and the work you do doesn’t give you fulfillment. Or reason two, if you really feel that you can’t go anywhere further and you’ve reached your max at that company. My reason was the latter.
Create Your Own Position In The Same Company– Recently a friend of mine had an amazing success story of increasing her income by a little over 20k/year through the art of promotion. The uniqueness of this situation comes in the reality that the position she was promoted to never existed and she essentially convinced managers and VP’s of the work and title that she was doing. So the underlying question is; how can anyone do this? The answer here is leverage. When you prove that you are an asset to a company your company is more inclined to give you the opportunity to move up the ladder. In my friend’s situation she went from a regular technical coordinator position to an Executive Assistant which allows her to support not only her manager but VP’s of the company as well. When all else fails remember to look at your manager or boss and think “what tasks can I take off their plate” as a result, a promotion might be in your future along with additional income.
Get Another Offer – Another good friend of mine also went through the process of getting an over 30k raise! In his situation he didn’t get a new job or even get a position title or promotion. He went out and interviewed with another company and after being granted the position from that company, he took the offer letter to his current manager and from there his company decided to match the competitors offer. So again how does one do this? The answer again is that you need to be an asset to the company that you work for. From my experience I’ve found companies are ok with letting some people go; however if you make yourself a resource to them they’ll reward you; and in turn will help you give yourself a raise.
Conclusion – Lets review: There are a bunch of ways to give yourself a raise at work by staying at where you currently work or by moving on. In any of the above situation one thing does hold true; you need to be really good at what you do in order to move up. If you feel that you are the backbone of your department or organization speak up and get the pay you deserve for your hard work! What you do you think? What are some other ways you give yourself a raise and gain more income? Leave your comments below!