Increase Your Earning Potential This 2021 with These 3 Tips
One of the most common New Year’s resolutions that people make has to do with money. According to an article from CNBC, approximately 70 percent of Americans make a money-related commitment.
The three popular financial resolutions mentioned in the report were:
- Save more money
- Pay down debt (and eventually enjoy a debt-free life)
- Spend less
Although these resolutions are great, people forgot to include this one important resolution: make more money.
Regardless of the reason, boosting your income potential is an effective way to reach your financial goals quicker. What’s more, the ability to put more dollars in your pocket doesn’t require you to work tedious and long hours, though this may entail some more upfront work on your end.
How can you raise your earning potential for 2021?
Consider one of these suggestions:
1. Continue Your Education
Whether your strategy is to enroll in a master’s degree program at an online school or obtain a certification at a traditional school, one thing’s clear: more education will help you make more money.
Getting certain certifications can help boost your pay. Obtaining a Microsoft Certified Professional (MCP) certification, for instance, can help you earn more in high-growth industries.
On the other hand, postgraduate degrees serve as prerequisites for top management positions. You can land a high-ranking managerial role (and increase your earning potential in the process) when you have a master’s degree.
2. Get a Raise
A simple way to increase your quickly is to negotiate a raise with your boss at your current job. Having a one-on-one conversation with your boss may appear intimidating at first, but you shouldn’t worry if you’re consistently delivering stellar work in the office.
Not sure how to go about asking for a raise (that you deserve)? Consider these tips:
- Be confident when you present your case to your boss.
- Note down all your achievements from the past six months. As much as possible, provide statistics or figures when describing your accomplishments. Rather than simply stating that you’ve contributed to the growth of your organization, you could elaborate by saying, “In the past six months, I generated 20,000 leads for our division — an increase of 32 percent from the previous year. The resulting revenue totaled $300,000 in new business.”
- Explain your plans for the future. Present your goals, show how they benefit the company and explain how you aim to accomplish these goals.
- If you receive a “no” from your supervisor, don’t throw in the towel just yet. Ask for direct input, such as figuring out areas in your performance that were below expectations. Perhaps your boss wants to see fewer errors or increased responsiveness from you. The bottom line is that you should always inquire behind the reason for the denial and take steps to better yourself when you walk out of your boss’ office.
3. Look for New Opportunities
If your boss constantly refuses to give you a raise despite showing improvements at work and adding value to the company, think about finding better opportunities elsewhere.
Exploring new jobs or careers allows you to bump up your income potential. An estimate mentioned in a Forbes article revealed that the median raise a worker gets for leaving the company is between a 10 and 20 percent boost in salary.
Other than money, another top reason for seeking greener pastures is that this enables employees to do what they do best. Making the switch may encourage the employee to devote more of their time and energy to improving their craft. When they become skilled and efficient in what they do, they can ask for a promotion or a raise, which translates to higher earning potential.
These three suggestions will help you make more money for the coming year. You could be well on your way to enjoying a better financial future, so long as you’re willing to put in the work necessary to improve your earning potential.