How to increase your income – Series 2.

Posted on Posted in Personal Finance Advice

How-to-grow-passive-incomeI started a series last week on how to increase your income, in-case you missed the first series, you can read it HERE. As I mentioned in the my post, by growing your income, I mean increasing your earning capacity.

I remember a story my Pastor once told us about a mechanic that was very skilled in repairing Citroen cars and was highly sort after, however as time went Citroen cars were no longer in vogue and people switched to Volkswagen cars. Sadly, the mechanic never bothered to evolve with the people’s choice. People stopped needing his services as he could not repair Volkswagen cars and he eventually folded up.  Such a sad story. I believe things could have been different for him if he invested his time and resources to learn and become skilled in Volkswagen cars.

Today I will be talking about two additional steps; Improving yourself and asking for a pay rise.

3. Improving yourself: Today’s world is highly competitive. Whether in the corporate environment or among businesses there is competition everywhere. So how does one beat competition? By standing out and creating value for your clients / employers. As I said in  my last post, I am not a full time entrepreneur so most of my examples will be within the corporate environment.

Improving ourselves is so important, take your work deliverables to a higher level. Pursue that professional qualification, have a good knowledge of your working tools such as Microsoft office and your organizations ERP, become vast in your area of expertise, learn other areas relating to your field, be flexible and make your table a one stop resource place. Stand out among your colleagues, position yourself well so that you become indispensable. Be diligent at your work, have a can do mentality and always thrive to deliver excellent results.

This might take you time but don’t relent. At my present place of work, my boss is a guru and I diligently studied him thereby improving myself. It took me over 2 years, but I finally gained his confidence.  This leads me to the next point.

4. Asking for a pay rise: I never thought this was possible within the Nigerian environment, but yes this is very possible and it can come in different ways. You can ensure you meet all your work targets thereby getting a promotion or you can directly talk to your boss about a pay rise.

In my case I wanted to earn more , some advised that I move to a new organization  but I loved my organization and I wanted to remain a loyal staff. I spoke to my boss and gave him reasons why my salary and level should be reviewed. After about a week, I got a positive response from him.

The above points can also be applied in a business, I got better at what I do as a side hustle, I added more value and even exceeded my client’s needs, with that I was able to negotiate a higher charge and have our contract reviewed.

A friend of mine also shared her own experience with me, she was a contract staff at her place of work and her company wanted to convert the position to a permanent one. They approached her with the offer, however she was not satisfied with it. She dictated her terms and offer but they said it was not possible. She insisted on her terms as  she had created value on her job and was an asset to the company.  They finally agreed to her terms as they were not ready to let her go.

If it worked for both of us, it can also work for you. Never say never. Increased income = more money = more savings&investment = increased wealth = a more secured future. Don’t be among those staff that complain, improve on your yourself and you will be a step closer to earning more.  But please, don’t go matching off to your bosses’ office tomorrow demanding a pay rise. Apply wisdom in this matter.

Don’t miss my next post on the advantages of a side hustle.

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