Make More Money From Your Job
By Steve Gillman
Leaving your employment and starting a business at some point
in life is not a bad idea, but it also makes sense to make more
money from your job while you have it. So, how do you boost your
income without quitting and looking for better opportunities
elsewhere? Here are four ways that have worked for other people.
1. Add Hours to Make More Money
This may not be a possibility for some, and will be irrelevant
if you are paid a set weekly or monthly salary. But if you can
work more hours, this is like giving yourself an instant raise.
Take shifts from other employees if you can, come in early or
stay late. I have had a number of jobs over the years where I
could add 20% to my hours--and therefore my paycheck.
2. Work More-Highly-Paid Hours
This is another method that won't work for everyone, but it
can be powerful when it does work. The basic idea is to work
more of the hours that pay you a higher rate. Overtime is the
obvious example, but some companies also pay higher hourly rates
for holidays or weekends. Volunteer for more of those profitable
shifts.
This suggestion is not the same as the first, since you do
not necessarily need to work more hours to make more. Some jobs
offer a higher degree of flexibility. If yours is one, take advantage
of it. Instead of working 40 hours weekly, drop a shift one week
and work an extra one the next. You still put in 80 hours in
two weeks, but you get eight hours of overtime pay. Of course,
if you work more hours and work better ones, you can really
boost your income.
3. Get a Raise
Here's the most important tip for getting a raise: deserve
it. If you don't yet deserve it, change that. Find ways to make
yourself more valuable to your employer, establish that you are
more valuable, and then make the pitch. As long as it
make financial sense to your employer to keep you around versus
hiring and training a new employee, you are likely to get that
raise--at least by the second attempt. And you lose nothing for
trying.
You see, the threat of quitting is inherent in every request
for a raise. In fact, if you are truly underpaid, make it more
than just a subtle possibility. Check out other jobs and perhaps
even apply before you ask for that raise. You'll feel more comfortable
about asking if you know you have other options out there, and
that will show in your polite but firm assertion that you deserve
a raise.
4. Use Your Job
When it appropriate and possible, use your workplace as market
for any sideline business you start. I have known people who
sell food and even leather boots to fellow employees, but most
of the time you'll have to be content to hand out business cards
or invite other workers to meet with you outside of work.
Some More Suggestions
To really make more money from your job, use as many of these
four ways as you can to multiply the effects. For example, lets
suppose you work in a factory for $12 per hour and normally get
36 hours in each week. You gross pay is $432 weekly, or $22,464
annually. Now let's suppose that make yourself indispensable
and so get a raise to $13.50 per hour. Plus you come in early
and stay late to bump your weekly hours up to 40. Then you add
two extra overtime shifts (paid at time-and-a-half) per month,
and three holiday shifts annually (paid at double-time). Now
you're making $32,616 per year, a boost in income of over 45%.
Finally, one of the best ways to make more money from your
job in the long run is to use it as training for starting
your own business. After all, if you can't get what you want
from your boss right now, you are free to let him train his competition--you.
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