When it comes to improving your financial situation there are many
things you can do you can start to save more money by better understanding your
wants versus your needs you can set up an automated contribution to your
investment account every month or you can make larger payments towards your
mortgage while all these actions will improve
your financial state the most powerful way to reach financial prosperity sooner
is to start making more money unfortunately this is where people
struggle the most when it comes to making significant gains in their
financial lives but luckily boss in this video i will share with you five proven
ways to start making more money and if you're new to the channel then hit the
subscribe button below for more life changing content
number one increase your nine to five value if you are currently working a
nine-to-five job then you will know that increasing your income in this context
can be tough your employer is not likely to come to your desk and drop a pile of
money in front of you and because of this you need to become more valuable to
that company so that you can demand a greater compensation
in fact in most circumstances your employer wants to pay you more now i
know i just said that your employer is not in the business of handing out money
for nothing but if you can help your business make more money then i am sure
you will be in a better position to ask for more on your upcoming paychecks the
sad reality is that most people don't want to put in the work to get a raise
or promotion you see most people work just hard enough to not get fired they
do the bare minimum because they treat what they do as a job instead of a
career and if this sounds like you then ask yourself why would an employer ever
pay me more money for the minimal effort i am putting in so if you are willing to
put in the work what value can you add that will make your employer want to
throw piles of money at you some examples from my past jobs include
acquiring new client contracts making current processes more efficient or
gaining a skill set that the team or business currently lacks
for instance if you work at an i.t company perhaps you can learn a coding
language that is very valuable in the market that none of your colleagues
currently possess making you the subject matter expert in that field for your
business in fact once you begin to cultivate these unique skills you will
not only have more leverage for negotiating a higher salary but you will
make it that much harder for your employer to fire you given that you
bring to the team a unique value proposition that no one else does but
it's not enough to just cultivate a unique skill you must also deliver
results begin to use the skill to win new work bring in more revenue and build
a track record of success so that you can have as evidence when you decide to
make your case for a razer promotion then when the time is right approach
your manager and tell them what you've done and what results you've created for
the company back up what you say with your performance and then ask for more
pay that is how you increase your 9 to 5 value number 2 go from paycheck to
profit another way to increase your income is to move from paycheck to
profit similar to the ambitious worker you want your contribution to the
company to have a direct impact on its revenue and which role you hold in a
company will determine whether or not this is possible now you may not know
this but there are three kinds of jobs in the business world and only one will
allow you to go from paycheck to profit the first kind of job is the technical
skills job like i t legal and accounting in fact the current job i hold is a
technical skills job and while i add value to the business through my work my
efforts do not directly add revenues to the organization sure the legal
department ensures that the company is aborted by all of its regulations and
the it team is ensuring that the internet infrastructure is working
properly but these aren't rules that will make the business money in short
they are roles that have value to keep the business going and while that is
important holding one of these roles makes it much harder to go from paycheck
to profits the second kind of job is operational
such as customer service or administration and these tend to be the
lowest paying jobs in the corporate world and why you may ask because those
jobs could easily be replaced by someone else remember what i explained
previously when you have a skill set that is unique and irreplaceable then
you make it that much harder to be let go or fired now don't get me wrong there
are some operational employees that do earn modest incomes however again this
type of position is not set up to allow you to transition from paycheck to
profit the third kind of job are revenue generating jobs and these are the kind
of jobs that are best suited for going from paycheck to profits people who hold
this type of position contribute directly to the company's bottom line
they include the sales people marketers and copywriters in fact let me share
with you a brief story of one of my best friends named mark a few years ago mark
began working at a large it company in toronto and during the first couple of
years he was strictly working on internal projects so that he could
cultivate his understanding of the business and their products at this time
mark was making roughly fifty thousand dollars a year which in downtown toronto
is a very low salary then mark transitioned into the account sales team
and began traveling across the country selling i.t products to customers in
that first year alone mark sold more than two million dollars worth of
company product and as a result tripled his annual income from fifty thousand
dollars a year to a hundred and fifty thousand dollars
now you may be thinking that this is a rare occurrence however when you think
about it it makes total sense mark brought in more than two million dollars
in revenues and as a result was rewarded with a 5
commission not only did his efforts bring in value for the business but he
reaped the rewards as well therefore while holding a technical or operational
role will allow you to earn money through a paycheck the real money is
made through the profit stream number three be an internal entrepreneur
the third way you can increase your income is to become an internal
entrepreneur now you are probably familiar with the idea of being an
entrepreneur and running your own business but there is something called
an internal entrepreneur and it's when you take the lead on new initiatives
within the business you work for this is another powerful way to start making
more money because you are leveraging the brand and its resources to make you
money in fact this is a great starting point for people who want to start their
own businesses down the road because they will begin to gain insights into
what it means to run your own entity without as much financial risk as you
may already know starting a business on your own isn't for the faint of heart
and for many has a very short life span according to the small business
association 30 of new businesses failed during the first two years of being open
50 during the first five years and 66 during the first 10. the sba goes on to
state that only 25 percent make it to 15 years or more therefore starting
internal before you branch out on your own is a way to cut down on this risk
number four develop a monetizable skill the fourth way to increase your income
is to develop a monetizable skill a monetizable skill is a skill that can
make you at least a thousand dollars or more per month and has proven market
demand now notice that i didn't say get a high
paying job what differentiates a high paying job
from a monetizable skill is that a monetizable skill is transferable you
see if you have a high paying job then you may be financially sound and can
leverage the three previously mentioned methods and making more money but if you
change jobs then all of a sudden you are putting your chances of making more
money at risk your new employer may not be open to you working as an internal
entrepreneur or being part of their profit stream which ultimately limits
your ability to make more money the beauty of a monetizable skill is that it
is not attached to any one organization for example you can work as a copywriter
in the marketing department of a clothing store a transportation company
or an it company another great aspect of monetizable skills is that it often
doesn't take that long to develop a skill that you can use to start making
more money whereas we are used to having to go through four years of education in
order to get a piece of paper that demonstrates a competency many skills
can be learned in a much shorter time span moreover many of these skills have
a very high demand for instance all companies that sell either a product or
a service need proper marketing materials and included in that is
copywriting which is why i gravitated towards this skill when embarking on my
own journey towards earning more income now i know that it can be intimidating
to start the process of identifying and developing a skill that can make you
more money which is why i created the side hustle success course where i show
you how to build a freelance side hustle from scratch that you can use to earn at
least a thousand dollars a month and succeeding with this course requires no
prior experience as i walk you through step by step exactly how to scale up to
a thousand dollars or more a month and unlock the newfound financial success
that comes with making more money if this sounds like it's for you check out
the link in the description for more information on how you can join the side
hustle success course today number five turn your skill into a business at this
point you should have a skill that is making you at least a thousand dollars a
month and while this may be making you the money you desire the reality is that
you are now working much more than when you were earning less this is why you
should consider leveraging your skill to start a business let's say your skill is
in motion graphics you are a proficient video creator who makes videos for both
small businesses and large corporations every month you spend 40 hours making a
couple videos that you sell to your clients for three thousand dollars
however after doing this for a couple of years your priorities in life shift and
you want to focus more on starting a family and your health this is when it
is beneficial to turn your side hustle into a business at this point what you
can do is find other freelancers who will work for you and you become the
salesperson for your business you acquire the clients and let your
contractor or employer do the work while you sit back and collect the profits
which is the difference between what your clients pay you and your
freelancer's fee by doing this you will free up tons of time in your schedule
while still earning money every single month hey it looks like youtube thinks
this next video is the one that will change your financial life forever give
it a watch and let's see if they're right