The Income Episode: What You Earn Drives Everything
- liveyourmoneystyle
- May 12
- 3 min read
Welcome to the first episode in our 5-part podcast series on the 5 Essential Pillars of Personal Finance. At Your Money Style, we believe personal finance doesn’t have to be complicated—and that starts with understanding your income.
Your income is the foundation for everything else in your financial life. You can only spend, save, and invest based on what you earn, so let’s dive into how to make sure you’re maximizing this first—and most critical—pillar.
Why Income is the Starting Point of Financial Health
You can't build a budget, grow your savings, or invest wisely without understanding your income. But earning money isn’t just about bringing in cash—it’s about making sure you’re earning what you’re worth, exploring other income streams, and using that money intentionally to support your life goals.
Are You Getting Paid for the Value You Bring?
The first step is making sure you’re being paid fairly for your role. That means understanding your market rate—based on factors like:
Your location
Role and level
Years of experience
Industry standards
Your performance (be honest!)
Tools to Find Your Market Rate:
Glassdoor, Salary.com
Conversations with your network
HR or recruiter insights
Browsing similar job postings
Knowing your number gives you a benchmark to evaluate where you stand—and if it’s time to speak up for a raise or promotion.
Create Your “Brag File”
Before you walk into a meeting with your manager, come prepared. That’s where a “brag list” comes in. It’s a document you update monthly or quarterly with your biggest wins—not every task, but the accomplishments that show the value you’re adding.
Use your brag file to:
Support conversations about raises or promotions
Update your resume
Keep track of your career growth
Pro tip: Don’t assume your manager knows everything you’re doing—advocate for yourself!
Want help getting started? Download our free Brag List template
Timing is Everything
When planning to talk with your manager about a salary adjustment or promotion, timing and approach matter. Here are a few things to consider:
Know your company’s review cycle – Some companies only review compensation once or twice a year.
Schedule a meeting in advance – Avoid catching your manager off guard.
Pick a strategic time – Avoid busy Monday mornings or high-stress periods.
Give them a heads-up – Mention the purpose of the meeting so they come prepared too.
These conversations can be uncomfortable, but they’re essential for your financial growth. Remember: advocating for yourself is not selfish—it’s smart.
Exploring Additional Income Streams
As Warren Buffett famously said, “Never rely on a single source of income.” Once your 9–5 income is stable, it’s time to think about diversifying.
Additional Income Streams to Consider:
Side hustles – Turn a passion or skill into extra cash
Bank interest – Even savings can earn passive income
Dividends – Earn money from investing in companies
Rental income – Own property? It can generate monthly returns
We recommend starting with a goal of 3 different income streams to begin building long-term wealth.
Want help getting started? Download our free income tracker
Check out our side hustle podcast episodes to help you decide if one is right for you!
Final Thoughts: Make Your Income Work for You
There’s no single “right” way to earn income. It’s all about choosing what fits your lifestyle and goals. The key is to:
Know your value
Advocate for your worth
Explore other income opportunities
Align your earnings with your future
This is just the beginning of the conversation. Stay tuned for upcoming episodes in our 5 Pillars series, where we’ll tackle budgeting, saving, investing, and managing debt.
Episode Resources:
Explore the 5 Pillars on our website
Have questions or want to share your story? Email us: hello@liveyourmoneystyle.com
