5 Tips for Increasing Your Earning Potential

Earning potential is the amount of money you can possibly earn in a year. You can increase how much money you make by doing a few simple things. You can move up in your own career or pick up a side hustle. Follow our recommendations to make more money this year.

Negotiate a Raise

Your hard work does not go unnoticed. Undoubtedly your employer is aware of your performance in your time at the company. Asking for a raise can be scary, but very rewarding. Remember, it is safer for companies to promote their existing employees than to hire new employees. The interview process is an imperfect way to judge how new employees will perform. Before negotiating your salary, investigate typical salary ranges for your position on Glassdoor. This can indicate to you what numbers are reasonable to ask for. Be ambitious, but not unreasonable.

Look for Other Opportunities

If your employer refuses to give you a raise, it may be a good idea to look elsewhere. Other companies may be willing to hire you at an improved salary or offer more opportunities for career growth. It is always better to look for a new job while you are employed than when you are unemployed. If the new opportunities do not pan out, you can always stay with your current company. It does not hurt to look.

Seek new Certifications

Earning a raise or discovering new opportunities in your industry is easier with certifications. Becoming trained and certified in new things makes you more marketable as you stand out from other candidates. You could learn to code, develop graphic design skills, or complete a product management certification. 280 Group provides a variety of in-person and online training options to prepare for a product management certification. This will help you improve your position in any industry. A knowledge of product management, coding, or graphic design will set you apart from your colleagues.

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Alt Text: Man drives Uber vehicle and follows GPS navigation

Develop a Side Hustle

Sometimes there is little opportunity for immediate raises in your career. Another option is to pick up a second job with a flexible schedule. Driving for Uber or DoorDash provides you with some cash for each drive you complete. Becoming a freelance designer is another option. Even with a small amount of graphic design experience, you can pick up some clients for small projects or design apparel for Threadless. Completing small tasks and filling out surveys can earn you some cash on Amazon’s Mechanical Turk. This program helps companies crowd source simple activities to people like you. Use your industry knowledge and become a consultant. This is a great way to make some money while developing skills that are relevant to your job field. The best side hustles will help you become better at what you do in your career. This will help you benefit the most from the time you invest.

Learn How to Invest

Investing wisely is a way to make your money work for you. Start by investing in your retirement. Compound income involves earning interest on the principal amount you invest. This is money earned without much effort on your part. Investing in stocks is a little more complicated. Consider working with a financial advisor to balance your risk tolerance with your financial goals. They can help you make wise investments.

There is always room for growth, so don’t settle for your current salary. Negotiate a raise or investigate side hustle opportunities. Look for ways to increase your earning potential.

Jerry Kirkham is an investment professional, and like every investment professional, he makes mistakes. Jerry encourages you to do your own independent "due diligence" on any idea that he talks about, because he could be wrong. Nothing written here, at Essential Savings, or anywhere else Jerry may write is an invitation to buy or sell any particular security; at most, Jerry is handing out educated guesses as to what the markets may do.