- We could all use a little bit more money in our pockets,
right, the biggest question though
is how do you increase your income.
While there are a ton of different ways to make this happen
I wanted to use this as a starting point for you.
I'll go through a handful of ways to start working towards
increasing your income right now.
The last one may be the fastest way to actually
make this happen so don't miss it.
Some of these ways to make more money will be achievable
a lot quicker than others,
the others that have the biggest bang for their buck
will take a little strategery on your part.
Think of making more money like a long term game
that you have to play.
People who are chasing the fast cash will either not make
any more money or they will realize that the fast
cash method isn't as sustainable as they think.
In each example I'll go into a little more detail
to get you thinking about how you can apply
this to your particular situation.
I've personally utilized the majority
of these recommendations and succeeded in making
more money in every single one of them.
Hey I'm Jarrad from Debt Free Blueprint
where I show intelligent people like you how to get out
of debt and create freedom through your finances
using the Debt Free Blueprint.
Don't forget to smash that thumbs up button
and leave a comment down below to let me know which one
of these you're going to try today.
If you want more personal finance videos then
hit that subscribe button and notification bell
so YouTube knows to deliver them to you.
A recent article from the Pew Research Center
mentions how wage growth has lagged for a long time.
A little too long according to economist,
while paychecks are bigger than they were 40 years ago.
The purchasing power of today's money is exactly the same.
So how do we change that, you and I have to seek
out more money we have to take control
of our own financial life and financial future.
No one cares about your money more than you do, nobody.
Let's get into exactly how you can do that right now,
first up is making more money where you currently work.
This is probably the quickest path to increase your income
with the least amount of effort.
There are some companies that give yearly raises and others
that don't, for example I've worked for companies
that offered a yearly raise between zero and seven percent.
If you were in a position like this then it would make
sense for you to understand what you have to do to get
that seven percent increase every single year.
For those of you that cannot due to pay being tied
to the years that you've been working or something
along those lines then keep watching
because I have you covered in later examples.
For those of you who work for a company without a structured
pay increase policy, it's time to start inquiring
about how to get paid more money on at least a yearly basis.
Since you've already built a relationship with management
and the decision makers, it will be a little easier
just to strategize how to increase your income.
This is important because you have should have a good idea
of who the real decision makers are within the company
that you work for, start asking around about
what this process looks like within this company.
Research the average industry pay to start building
a case for why you deserve more money.
Making more money within your current company can be done
in one of four different ways.
The first way is to get a raise in your current position,
this will take a little strategizing
because you'll need to know how you're going to sell
that sort of ask to your boss.
I've worked for various companies over the years,
so I have a pretty good handle on how to make this happen.
If you'd like then I can go into more detail
on this in a separate video,
so let me know in the comments down below if this interest
you and I'll make it happen for you.
The second way is to get a promotion within the current
company you work for, depending on the size of the company
this can be a little easier to do than it may be
if you worked within a smaller company.
As I said before you should use your current relationship
to look for promotions within your current group
or leverage those relationships to get your foot
in the door of other departments within the company.
Sometimes this may even be a way for you to jump
to another part of the business to start gaining more
experience to be able to market yourself a little
bit better in the future.
Start doing some internal networking with management
in other areas of the business,
set up one on one meetings to understand what they
do in their particular parts of the business.
It's important to start getting your name out there,
the third way is one that I recently utilized
and had success with, I mean a friend had success with.
We'll call him Debt Free Dan.
Create a new position and ask for more money,
sometimes management doesn't realize where there are gaps
within the business but someone who's in the trenches
and the day to day activities like you could notice
something that they're lacking, a gap.
Let me tell you about our friend debt free Dan,
when Dan tried this he was a little skeptical at first.
He did some initial investigating with the HR department
to get a feel for if it was possible to create this type
of position, he left that initial conversation
with an answer of basically being no way,
this is not going to happen.
At first Dan as a little discouraged and felt defeated,
he almost didn't pursue it any longer
then a switch flipped in his head later on that night.
Dan decided that he wasn't going to take mo for an answer,
he refused to give up without putting more effort into it.
If he was going to get a no, then he was going to work
really hard for that no.
Plus Dan made a pact with himself,
that if he had put all this effort into it and they still
said no then he was going to leave the company eventually
because those are the kinds of things you can do
when you're debt free like I am, I mean like Dan is.
He went home, created a list of reasons that made sense
to create this position then presented it to the other
decision makers within the company.
Yes behind HR's back because he didn't wanna waste his time
eventually the new position was created,
Dan got a promotion and he started making more money
it's up to you to find those holes within the company
then create and sell the need for that new position.
This next one isn't always an option but working
more hours at your current can net you some easy cash.
It's usually easy to pick up shifts from the lazy people
who like to stay broke, those people who bitch about
not having money yet still give their shifts away.
It's kind of funny and crazy at the same time,
those people will always exist and you're not lazy like them
so take those hours and that money.
Another way to see a huge spike in your income
is through getting a job at a new company.
A Forbes article mentioned that employees who stayed
in companies longer than two years get paid 50% less.
There's a lot of data showing that we make the biggest
jumps in salary when we leave our current company
to go work for another one.
A report from ADP, one of the largest payroll companies
stated that full-time workers who switched jobs
in quarter one of 2017 saw a 5.2% increase in salary.
When I first entered the full-time workforce
I had heard on average that you would see the biggest
movement in your paycheck when you get a $10,000
pay increase, ever since then that has been my goal
when switching jobs and companies.
Don't accept any less than a $10,000 pay increase
if you switch jobs, it's worked out well for me
and it's probably been some of the best career advice
I've listened to and implemented.
The next way to make more money is to get a second job
in your local area, there are multiple ways to do this
but one of my favorites is of course
working at a restaurant.
I've mentioned time and time again that restaurant work
is probably the best way to make more money.
Working at a restaurant is usually a lot more laid back
and you have the opportunity to make stupid amounts
of money doing this, yes you'll have to work more hours
but the benefits greatly outweigh it.
You get to work with pretty cool people,
you get to interact with customers
which will help you improve your people skills.
You can work on the weekends where you usually
make more money, while I was in the process of paying off
my $82,000 in debt I worked every single weekend.
Seven days per week between my Monday through Friday job
and the restaurant work on the weekends.
Was it miserable?
Yeah it sucked a little bit sometimes but actually
did my best to have fun with it.
I actually turned that restaurant work into my weekend fun.
I got to hang out with fun people
and make some money in the process.
Think along the lines of anything like this
to make some more money.
Let's do a quick recap before we finish the rest
of the ways to make more money.
Number one, is make more money within your current company.
This can be done through getting a raise in your current
position, getting a promotion, creating a completely
new job at your current company and working more hours.
You can also get a job within a new company to start
making a whole lot more money.
Finally you can get an in person second job
like working at a restaurant.
The next way to increase your income is the internet,
of course by far one of the easiest ways.
As time goes on we're gonna see more and more jobs
pop up that you can do on the internet.
It will get to a point where there is no excuse
when it comes to not being able to find work.
I actually made a specific video on this one,
that I'll link in the description,
but one of my favorites is teaching children online
using VIPkid.com, I've mentioned before how I have friends
that do this on a regular basis and make at least
$20 per hours and they make their own hours.
I honestly wanna do this so bad but I have too much
going on and I don't necessarily need the money
since I'm debt free, so I haven't personally tried it yet.
But if I lost my job tomorrow then this is the first
place I'd go to continue earning an income
while I search for another job.
I'll throw a link down in the description of this video
if you're interested in getting a job with them.
The last one is the fastest way to see an immediate boost
in your income, getting better with your money.
Cutting expenses you currently have,
this may not sound like a way to make more money
but it totally is, by managing and putting a little more
structure around your spending,
you're instantly getting a quick influx of money
that you didn't realize existed.
We all get to a point now in our financial life
where we've let our spending get out of hand
and that's okay, I'm just as guilty since
I've done it as well but if you're in a spot
where you need more money.
Look to your current habits, where could you cut back
a little bit, where could you find a cheaper alternative?
Where could you change a habit or two that would
net you a lot more money.
This is the perfect way to get some quick money,
while you look for a way to increase your income.
Then once you find that job to make money
you'll have more than you know what to do with
since you've all ready done the things to lower
your spending and increase your income.
Leave a comment down below and let me know which
one of these you're going to try, I'm very curious.
If you need some help in the area of getting your money
in order then sign up to get on the money management course
waiting list, the link is in the description.
Make sure to Hulk smash that thumbs up button
and pick up your free copy of the Debt Free Prep Workbook,
hit that subscribe button and notification bell
to get more personal finance videos just like this.
So we can start getting you to a point
where you are financially free.
I'll see you in the next one friends, adios.