It’s a near universal truth: everyone wants more money.
Some people want more to improve their quality of life, others want to pay down debt faster, while most simply seek the comfort and security that comes from building a nest egg.
Oftentimes, the easiest route is to simply cut back on expenses. But unless you’re already comfortably wealthy, most people can’t reduce their personal budget without affecting their quality of life or that of their family.
But there are ways of making more money without sacrificing what we already enjoy, and everyone, regardless of rank or station, is capable of bolstering their revenue streams one way or another.
If you’re already gainfully employed, requesting a raise is often the ideal place to start because it doesn’t require more of your time for more money.
Before running to the boss with your hand out looking for a few more shekels, the first question you should ask yourself is whether or not you deserve it.
The reality is that just showing up to punch your hours and never going above and beyond doesn’t entitle you to a raise from your employer, regardless how indispensible you feel.
If you feel you’ve earned it, go to your boss with both barrels loaded by making a list of your accomplishments and reasons why your work merits a bump in pay.
Don’t explain why you need or want more money – your boss likely doesn’t care – and don’t compare yourself to what your co-workers make. Keep it professional and you’re likely to be surprised by the result.
If the initial answer is no, don’t be discouraged. Ask what you can do to earn a raise and do that on top of the effort you’re already making.
Another alternative, while daunting, is changing jobs.
The most important thing to remember here is that it’s easier to find work while you have work. Prospective employers will be more attracted to prospective employees who are already working.
If you’ve got a line on a higher-paying job, great, but when changing jobs there are more factors to weigh than just the size of your bi-weekly pay cheque.
What’s the work environment like? How does the benefits package compare to that of your current employer? How will it impact your lifestyle outside of work? How does it factor into your long-term career plans?
Do your homework and it’ll pay off in the end.
Conversely, you can keep your job and get a second part time job. Granted, this might not be the most appealing option for someone who feels they already work hard enough and it might not even be possible for those with a mountain of commitments outside the workplace, from kids to volunteer efforts to recreational activities.
That said, first things first, decide if you have the time. Figure out what will be the best fit for you that won’t interfere with your primary career.
For some people, that might be as simple as putting your skills to use. As the saying goes: if you’re good at something, never do it for free.
Maybe you can teach piano lessons, tutor high school students, cash in on your crafty side by selling your wares on online marketplaces.
One important thing to consider when taking on more employment, is the tax implication. If you’re lucky enough to make a few bucks, be cognizant of how it will impact you come tax time.
Of course, you could always heed the advice of Forbes magazine founder Malcolm Forbes who said: “I made my money the old-fashioned way. I was very nice to a wealthy relative right before he died.”