Monday, December 10, 2018

Growing Your Income Without Changing Careers

Everyone wishes they could earn more money, but it can often feel like you’re at a standstill with your career. While you could consider changing careers altogether, why should you have to switch to something new and give up all of your existing skills and experience? If you’re smart about it, you can grow your income without changing careers. Find out more below.

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Ask for a raise

It doesn’t hurt to ask for a raise, especially if it’s been a while since your last one. If you can demonstrate a good record of delivering on your objectives and maintaining consistent performance reviews, you could have the evidence you need to negotiate a raise. Learn the dos and don’t of asking for a raise and start negotiations with your boss!

Gain some new qualifications

If you want to move ahead in your career, getting some additional qualifications under your belt can help. If you have aspirations of management, then an additional degree could benefit you. If you’re in the nursing, consider studying an RN to BSN program to grow your knowledge and boost your skills. In the business world, a masters degree in business management could set you up for moving up the next level in your professional development and help you get a right.

Try freelancing on the side

If you have skills which can be used outside the office, why not use them to generate additional income through freelancing? There are some great ways to freelance through ‘gig’ style, one-off jobs, or you could source clients to complete projects on the side. Even if you work in a job that you can’t really do ‘on the side’, there are plenty of side hustle ideas you can try instead to make some additional money without having to give up your career.

Take on new responsibilities

If a promotion isn’t possible, then perhaps taking on some additional responsibilities could lead to a boosted income. From taking on line management responsibilities to conducting employee training, your employer could offer you a financial reward for taking on more responsibility. Don’t take on more than what you should, however, as this can lead to you doing above and beyond without any reward.

Invest your earnings

Another way to boost your income, of course, is to invest what you have and what you earn. There are many smart ways you can invest to help your money go further. You can invest in property, the stock market and even make micro-investments that can boost your short-term income. Investing can be risky, so make sure you think about what you’re doing carefully before you proceed - you might be better off saving your money instead.

Being stuck in a money rut doesn’t have to be permanent. There are things you can do to grow your income and prepare for your future without having to switch to a more lucrative career. Keep doing what you love with a boost to your finances by using the smart ideas above.

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