The secret to increasing your income

How many times have you wished you made more money?

We’ve probably all had those thoughts.

Photo by Towfiqu barbhuiya on Unsplash

Fortunately, there is a mindset you can adopt that will almost magically increase your annual income.

Could it really be that easy?

Yes. And to understand why, let’s go back to understand why people spend money.

Why do people spend money?

Think back to the last time you spent money on something. Maybe you bought some food. Or maybe you paid someone to set up your internet.

Here’s the big question: Why did you spend that money?

Take a moment to really think about it. Your answer might be something like, “Because I wanted it,” or “Because I needed it.”

The underlying reason why we spend money comes down to how much value we think we’re getting in return.

How much is the convenience of fast food worth to you?

How much is good, quality food worth to you?

We’re constantly asking and answering these types of questions when we spend money on something. We buy things when we think we’re getting equal or greater value than the money we’re spending.

What does that have to do with income?

Employers and clients are just like you. When someone hires you, they do so because they believe that they’re going to get more value in return.

To get higher income, all you need to do is continually add more value.

Each person is priceless. Income is determined by how much of that priceless value we add to each other’s lives.

What we’ve seen is that most times when people aren’t happy with how much they’re being paid, it’s because of one of these things:

  • The employer is not actually paying for all the value they’re getting. They’ve probably identified that the company can run effectively while receiving less value, which is all they’re paying for.
  • The employee has not identified how they add value. We all bring something profound and unique to the table, but without being clear about it, it’s difficult to ask for a raise or enter pay negotiations.
  • The employee is fearful of changing jobs. If an employee is delivering far more value than their compensation reflects, and their current job won’t give them an appropriate raise, there is probably another employer out there who would be willing to pay more. At this point, however, it falls on the employee to start looking for those other employers.

What can you do next?

The best thing to do next is to identify what skills you have that add value to others. A good financial advisor can help you with a career planning appointment to get the brainstorming started, and from there to help you make the choice about asking for a raise, or seeking other employment.

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