Who doesn’t want more money? If managed effectively, more money won’t create more problems, but real wealth.
What's the goal of this step? Plan to increase your income over time (and understand your current sources of income) to build wealth at a faster rate.
Why is this important? There are two big levers to creating wealth - money in and money out. A plan to grow your income over time covers half of that equation. This concept is particularly important to women, as we generally face a wage gap relative to our male counterparts. Women are also more likely than men to take time out of the workforce - often to serve in highly valuable but non-paying caretaker roles for children and parents.
When and how do I do it? Decide now which path you’d like to prioritize to grow your income, and start pursuing it today.
There are many, many ways to grow your income, and we’ll continue to explore this topic together over time. To get started, let’s explore a few common options:
Get more from your current job. If you’re currently working outside the home, a pay increase and / or promotion in your current job is a logical place to explore. With pay data increasingly available on sites like Payscale and Salary, you can have a more informed view on what your role is truly worth. Asking for a raise requires both research and preparation; here's how to ask for a raise in four steps.
Create a side hustle. Today’s technology gives us access to many potential side hustles. This post lists 99 ideas for your consideration! Simply put - applying your skills to the hours in which you’re currently not working creates an additional income stream.
Pursue a job or career change. Your position today might not be ripe for income growth, or you’re ready to move on. Whatever the case may be, changing jobs can result in bigger income increases than sticking with your current employer.
Improve returns on your money. This is applicable to those of you that have money invested or saved that isn’t giving you as much income as it could be. For example, do you have a mutual fund you inherited but don’t understand? Or, have you been sitting on more cash than you need because you’re unsure how to invest it? Put your own money to work for you more efficiently!
Each idea to grow income will take time and planning - but step one is to decide which is right for you. So - which are you going to prioritize to grow your income over time? Or, is there another approach you’re going to focus on? I’m curious to hear from you.
xoxo, Ms. Financier
A version of this post with additional details also appeared on the Fairygodboss blog - I love their mission to improve the lives and workplace for women, through transparency.