3 Proven Ways To Maximize Your Earning Potential
We’ve given you advice on how to save more and how to minimize your expenses but this time we’re sharing concrete advice on how you can earn more money by maximizing your earning potential.
First and foremost you need to know that your time, skills, and energy are valuable–fully embracing that and, at the same time, having unwavering confidence in your worth will give you the will and the determination you need to achieve your max earning potential. Maximizing your earning potential is pivotal to your financial success because it will enable you to save more, further build your investment portfolio, and ultimately help you attain your financial goals quicker.
Asking for a raise, increasing your rates, or asking for more pay when you’re being recruited for a new job may be nerve-wracking but you should know that negotiating your salary is simply just communicating to your employer/client your value as a professional. When you’re negotiating your salary you are merely validating your rate with work that can be measured such as your experience, qualifications, and your skillset. Never justify your pay raise by saying that you need more money because you have dues like debt or a mortgage to pay, always leverage your skills and the value it adds to the company or to your client. After all, it is more cost-effective for companies to hire or work with a skilled professional than to hire low and invest time and money in training someone.
If your employer/client respectfully informs you that a higher pay is not within their budget, know that you can negotiate better benefits instead like additional paid time off, a flexible work arrangement, or a title/role bump. It’s up to you to ask for the benefits that are relevant to you.
Having multiple streams of income is a great way to maximize your earning potential. A strategic way to start a side hustle is by leveraging your current skill set so that you’re not only increasing your salary but you’re also advancing in your career or your industry. For example, if you’re a social media specialist you can host webinars about social media marketing when you’re off the clock. Instead of listing down potential side hustles you can pursue, we encourage you to be intentional and to discern the side hustle that will (1) increase your salary and (2) benefit or supplement your primary career.
Passive income is “income that can be earned automatically with minimal labor to earn or maintain”–for short–it’s money you earn in your sleep. You can be amazing at your job, work hard to get promotions, and keep up with your side hustles but the truth is there is a limit to your time and energy. When you’ve explored all the ways you can do labor to maximize your earning potential, ideally, your next best option to further increase your income is to make passive income. The most common way to earn passive income is by renting out property you already own. However, in the digital age, we’ve found that some professionals are getting creative by tapping affiliate marketing, creating a course, or selling an e-book. To find the ideal means for you to earn passive income it’s best to consult your financial planner.
We cannot stress it enough that all the actions and decisions you make to maximize your earning potential should be coming from a place of abundance. You won’t have the confidence to negotiate your salary, start a side hustle, or make passive income if you have a scarcity mindset.
If it is your personal financial goal to increase your income we can formulate strategies to maximize your earning potential and help you develop the abundance mindset you need to execute these strategies effectively. Book a FREE discovery call with us to get a holistic and comprehensive financial plan that can empower your financial success.
