How to Make More Money - at your job
Regardless of the economic times, many of us wonder how to make more money at our place of employment. In other words, how do we make extra income without necessarily starting our own enterprise.
A key part of frugal living is accumulating wealth, and that can be done much easier when you make more money and save more money.
It can be done as an employee. I know because I have done it many times.
Here are a good handful of ideas for you. They range from the obvious to the unusual. I hope at least a couple will fit with your lifestyle and be to your liking.
To be realistic, sometimes we need to think "outside the box" a bit to discover possibilities that we wouldn't normally see. The more you desire to make more money, the more willing I suppose you will be to thinking "outside the box".
Generally How it Works
There is no universal formula for how to make more money, but there are a few general expectations. Both you and your employer should have these in mind:
- do more work
- do more difficult work
- take on more responsibilities
- take more risks
- give extra effort
- have added value to the organization
- stay longer in your position
- achieve organizational goals
Of course, there is also the "most favored employee" syndrome and other ways "pet employees" and "brown nosers" and "yes men" get their rewards. These types know how to make more money, but for this discussion, let's assume that you make more money by earning it.
I know how to make more money based on my experience. I've done it in several employment situations. Let's look at how it can be done.
How to Make More Money with Your Time
Here are some tips about making more money by simply investing more time.
Overtime is a simple approach to extra income by doing more work, and doing it beyond your normal work week. It makes perfect sense; you work more so you get paid more.
Many times overtime pay is at a higher rate, so you get more work and more pay per hour of work.
Ask for opportunities to work overtime. Let your interest be known. There may be opportunities for overtime that don't come your way, only because you haven't let others know that you're willing to work more hours.
Overtime works differently everywhere, so you'll have to understand how it works at your place of employment and how to take advantage of it to earn extra income. In some cases, overtime pays the same as "straight" time, so you still make more money, but not a premium for the extra hours you put it.
Pulling a double shift can put more money in your pocket. You stay at the same job, but work more hours. This is probably not something that you can plan on, but rather simply take advantage of when the opportunity presents itself.
Again, let your management know that you're interested in working a double shift if the opportunity arises. For a contract job like a security guard, it might mean picking up and going to another location for the next shift, but it still is a chance to do a double shift that day.
Stay with the organization longer than you might have, and sometimes that will qualify you for "time in service" awards or pay increases. How to make more money shouldn't simply be "doing time" behind your desk, but some companies foster that mentality. Know the culture you're dealing with and act accordingly.
Change shifts and you could see a pay differential over "normal" work hours. Working the "swing" or "midnight" shift might even work out better for you with respect to personal responsibilities at home.
Working odd hours could be your answer to how to make more money, but it might not be right for you or your family.
How to Make More Money with Skill and Ability
Hone your skills so you deserve more compensation. This is another way of saying do more difficult work. If you know how to rotate tires, then why not learn how to change a tire and repair a tire. You go from car repair shop helper to a technician.
Out perform others is way to increase income. If one of your options for how to make more money includes sales, then there may be opportunities for financial rewards for achieving high sales volume.
In some cases, trips and other incentives are offered. If you were going to take a trip anyway, winning the sales performance award vacation offsets what you would have spent on the trip, so it's another way to keep money in your pocket. You don't make more, you just spend less than you otherwise would, and it has the same effect.
How to Make More Money through Self-Challenge
Be a roadie for your company. For some businesses, there are home office employees and field employees. If you opt to be a field employee, sometimes there are benefits. Consider that you might get some of your daily expenses paid for in the form of meals.
If your company or customer is paying for a meal, then you aren't. You might also get a per diem allowance. As long as it is sufficient, and you're frugal, you can pocket the difference that you don't spend. This pays double benefits - you don't pay for meals, and you might take back home a little bit more.
If you are a serious roadie, you can get away with a minimal place to live (back home and away), and find most of your lodging and living expenses paid for by your company or customers. When you lower your housing and daily living expenses, you increase the money that you keep in your pocket.
That has the same effect as getting paid more.
In addition, getting reimbursed for miles driven can pay for a car. That's what I did. I drove about 100,000 miles and was compensated for it to the tune of at least 32 cents a mile. That's $32,000 in mileage charges for an $18,000 car.
Even with insurance, repairs and fuel, there is no way that I spent all the reimbursed mileage charges on my vehicle. So, the car paid for itself and all it's associated costs, and put a little in my pocket too.
Promotion is another way to make more money. It requires taking on more responsibilities. Some of us don't seem to be all that interested in this opportunity because it involves supervising people or managing projects.
If you aren't shy about a promotion to more responsibility, then get interested and be ready, and you could take advantage of the opportunity when it comes along.
With promotion comes more responsibility, so you'll have to start taking more responsibility for things and staying on top of the work at hand. This will demonstrate your eagerness and readiness for promotion.
Promote yourself through demonstrated performance and then request compensation commensurate with your enhanced performance. This idea is related to the idea of promotion and out performing others. It works well in some organizations where you have a progressive and aggressive management culture.
Get out there and make things happen. Create your own niche in the company, and you can create your own job. Show others you have the right stuff, and increased compensation will often follow.
Don't expect overnight success with this one. It takes time to show others that you're not just a "flash in the pan". Once you've established yourself on the "flight path" to higher performance and value added for the company, then higher compensation has to come your way. If not, you'll be peddling your talents and added-value to outside interests that will compensate you according to your performance.
New opportunties at your place of employment can also offer higher pay. Perhaps there are openings in another department, or new positions within your own department.
New challenges, new responsibilities and new duty assignments could mean new numbers on your paycheck - larger numbers we would hope.
For example, perhaps you are a showroom salesman for a particular product and an opportunity opens up for a product representative for customers remote from the showroom. Perhaps a life on the road would pay better and give opportunities for commissions.
Investigate new opportunities and consider them carefully. There could be a raise in there for you.
How to Make More Money by Taking Risks
New projects and new ventures are filled with great opportunities for success and higher compensation, but they are also a bit risky. If you're willing to take the risks, you can also command higher compensation for a "good show".
Threatening to quit is a way to make more money. It doesn't have to be an overt threat. Just be looking for new employment opportunities right around the time when management is considering pay increases. If you're the type of employee that has value, a smart manager will make certain you get your raise.
Other times you really have to threaten to quit in order to get higher compensation. Just make certain that you have another place to go before you do so.
A "problem" adminitrative assistant of mine figured out how to make more money - she resigned one day. Then, the next day she came into the office to discuss the terms under which I would be hiring her back. Before she had said her first sentence, I simply and calmly said to her: "I have accepted your resignation".
So, be prepared to follow-through on any threat you make because there might be someone out there that will take you up on your offer to quit. If you're not careful, your "how to make more money" might quickly turn into "how to be looking for another job".
Summing it Up
We've set out to find out how to make more money. Did we do it? I hope we at least made a big dent in it. We sure kicked around a lot of ideas. I hope it gets you thinking and acting in your own best interest.
If part of your frugal living plan is to earn more and save more, you'll need to do something to bring in extra income. It likely won't just plop in front of you at your place of work. You'll have to plan and act wisely to get it.
Done with How to Make More Money, take me back to Managing Money