We have had podcasts, blogs, and videos talking about the importance of income. It is the most important part of your personal financial portfolio–more important than debt and saving. Income is the one thing that can help you overcome poor debt decisions and expedite saving. It is the fuel that keeps the wealth-building train headed in the right direction.
So, how do you get more income? Specifically, how can you get more of it with your current employer?
THE PROPER MINDSET
Some think they are entitled to a raise each year they are employed. Their tenure should equate to more pay. Although this thought and practice has been made common by some, it is a terrible mindset to have.
Being employed longer does not make the employer more money. Because of this, the employer does not have more income to give you as a result of your tenure.
This leads to the proper mindset when it comes to increasing your income with your employer. If you help your employer make more money, then you may be able to ask for more money.
Unless your tenure has made their profit and loss statement more favorable, then your time in your position should not get you a raise.
A raise is not an entitlement. A raise is something you earn.
HOW TO EARN IT
Businesses exist because they fill a need that is in the community. Employees exist at that employer because they fill a need within that business. So, how can you earn more income with your employer? Find a need and fill it!
Community Needs
What are other needs in the community that the company you work for could fill? Is there another way your employer could be helping more people? Or helping people in a different way?
If you are able to identify needs in the community, and prove how your employer is able to fill those needs, you are finding new ways to make your company more money. And, if you are not only coming up with the idea, but taking an active role in filling the need – then you are in a great position to earn more income with your employer!
Company Needs
Not everyone has an entrepreneurial spirit. Some might find it difficult to come up with community needs, and that’s okay! Simply take the “find a need and fill it” mantra and focus it internally within your company.
How can you add more value to your company? What are the inefficiencies, pain points, or struggles that your company has? How can you meet those needs?
Any time an employee can create a better run company, the income of the company has a better chance to go up! If you are not only coming up with the ideas, but you also position yourself to actively fill the needs – a raise could be in your future!
SERVE AND ASK FOR MORE
Every business has one fundamental thing in common: Every business serves someone somewhere. So, how are you doing with serving your co-workers, boss, or employer? When you show yourself to be excellent at serving others, you are showing yourself to fit well within the core of what makes businesses operate. I would strongly suggest taking at least one hour a week to put yourself in the shoes of the people at your workplace. Consider their life as an employee and work to discover ways you could serve them and make their lives easier. This consistent activity will help create the thoughts and actions needed to earn a raise.
If all of the above is tough for you to do, do this one simple thing: Make yourself available.
Simply communicating to your employer that you are ready for more is a huge step in the right direction. Let them know that you like to work, you want to work more, and you are ready to work more when the time comes. Letting your boss know you want to serve is an excellent way to earn more income.
Income is the most important part of your financial life. Finding ways to earn more of it will make a positive impact in your wealth building journey. The cool part? The secret to earning more income is simple and fun. All of the above strategies have to do with helping people. Making a positive impact in others’ lives is a blast.
So, go have fun! Serve people and earn more income!
