3 Things You Can Do Today to Start Earning More Money

Your income plays a key role in determining how much you can spend, save, and invest. That’s why it’s crucial to make sure you're earning as much as possible in your current role. There are practical steps you can take today to boost your income. Keep reading to learn about three things you can do right now to start earning more money.

1. Research Your Market Rate

You can't rely solely on your company or manager to ensure you're being paid the market rate for your role. Taking control of your financial future means you should actively research what you're worth in today’s job market.

Here are a few reasons your market rate might have increased recently:

• You’ve added valuable skills through additional training or education.

• You’ve gained more experience and are now considered an expert in your role.

• The demand for your role has increased across the job market.

To research your market rate:

• Use sites like salary.com to get a general idea of what others in similar positions are earning. Keep in mind that salary ranges can vary, so honestly assess where you fall within your career.

• Ask colleagues or professional acquaintances who are in similar roles. While they may not give you an exact number, they can likely provide a salary range.

• Ask your manager or mentor to help you access your company’s HR data to find out what comparable roles are paid within the organization.

• Look for similar job postings in your area. If salary ranges aren’t posted, consider having exploratory interviews to gather information.

  
  

Taking the time to research your market rate is worth it—it could result in a raise or even make you realize you're ready for a promotion!

2. Create Your Elevator Pitch for a Promotion

If you’ve mastered your current role and are the go-to expert at your level, it might be time to aim for that promotion. Crafting the perfect conversation with your manager is key to getting to the next level.

Here’s how to create an effective elevator pitch for your promotion:

• Keep it clear and concise: Your manager is likely very busy, so you want to make sure you are organized. Prepare a conversation and information that are well-written and get to the point.

• Show your expanded skillset: Provide at least three examples of your work that demonstrate you’ve taken on responsibilities that are more aligned with the next level.

• Present data: Be sure to include clear data points that show how your work has contributed to the company—whether it’s through revenue generation, cost savings, or improved efficiency.

  
  

Not sure if you're ready for that promotion? Look for job descriptions for the next level. Compare the skills they require to what you already do or are working toward. If you meet most of the requirements, you may be ready to take the next step.

3. Ask for a Special Assignment

If you're happy with your salary and aren’t ready for a promotion just yet, but still want to earn more money, consider asking for a special assignment. Does your company have a project they’re considering hiring an external consultant for? Offer to take on the project as part of your regular responsibilities, but ask for an additional bonus upon completion. This can be a win-win: The company might save money by not hiring an external consultant, and you’ll gain new skills while possibly positioning yourself for a future promotion.

Final Thoughts on Talking With Your Manager

When it comes time to talk to your manager about a raise, market adjustment, or promotion, here are a few important tips:

1. Pick the right time: Don’t approach your manager during a stressful time, like just before a major deadline. Instead, try scheduling a one-on-one meeting during a quieter time. You’ll have their full attention.

2. Understand your company’s promotion and raise cycles: Most companies have a set promotion and raise cycle, often once or twice a year. Trying to get an off-cycle raise or promotion can be difficult, so it’s best to start the conversation about six months before the cycle begins. This gives your manager plenty of time to consider your request.

Remember, maximizing your income is key to how much you can spend, save, and invest. Conversations about money can feel uncomfortable, but it’s essential to advocate for yourself. Take these steps today to ensure you’re earning what you're worth!

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