Are you approaching or not on target to earn your potential? Well the truth of the matter is on average most people don’t earn much more when they are 50 than they did at age 40!
This shocking statistic comes from data based on the jobs of college graduates. The trend seems to be a steep increase in salary after leaving college, then a flatter increase in your thirties and then when you’ve hit 40 you’re basically getting inflation every year, 3% max.
Sorry ladies unfortunately we aren’t quite at full equality yet, the data shows that a woman’s peak salary is at 38 and men at 45.
So what can YOU do to make sure you aren’t the “Average Joe” slaving away year after year trying to save for that retirement that you deserve?
The Top 10 Tips to Having You Earn More Each Year!
10. Don’t sit in the same job for too long. You might be comfortable in your current job, but the pay rises aren’t just enough. It pays to shop around and always keep your eyes and ears open for new opportunities. When moving to a different job especially after being at the same job for so long, you often have a greater capacity for higher pay rises that your old job have long passed.
9. Be the “go to” person for your boss. You can do this by being drama free and the right person who will know your position is vital, and quite often the best pay rises go to the person that is invaluable to the company. Now we all know no-one is not replaceable, but by being the go to person with a great attitude you are far harder to replace, and therefore worth more money to the business you are in. This in itself will reap you more money year after year.
8. Socialize. Well not so much with your friends, but with your boss and the ‘higher ups’ in the business. Mingling and networking with work collogues is a great way to cement your vital role in a team. As well as getting your name out to many of the upper level management people, you may find yourself being invited to conferences in exotic places – just another perk of the job.
7. Consider specializing your qualification. Whilst you are young you may be still getting great pay rises, but as mentioned when things begin to flatten out, often you have “no more tricks” in the bag. Becoming a specialist in the field is a great way to stand and really move up the corporate ladder. So consider taking on more study and really improve that bag of tricks, whilst you’re still getting great salary increases.
6. Although this isn’t a tip to earn more, but rather a way to insure your future, be sure to set up a financial foundation for the future. Whilst in your 20s it may seem like the big salary increases will last forever, now is the perfect time to start saving and investing that money because come 40 even if the salary isn’t rising, the investments will be and that can be exactly the increase you’re after.
5. Be flexible. Although you may be qualified in a certain area, maybe try pulling yourself into other areas/directions.
4. Overtime. Although a word that doesn’t appeal to many of us, if you work overtime, you will reap the benefits. Many hours worked outside of normal business hours, or on the weekends, will attract time and a half or even double time – what’s not to like about that?
3. Further study. Again, the thought of going back to college and being buried in books is not a fond memory in anyone’s mind, but if you do further study and obtain additional diplomas or certificates, it will pay off. These days, employers are very focused on these “pieces of paper” and degrees will often win over practical or hand-on experience.
2. Ask for more money. Sounds simple right? If you deserve more money for the job you are performing in, why not ask? Just make sure you go in prepared, because any successful business will want you to prove why they should pay you more and if your value to the company is worth more than they are currently paying you, then yes, of course they will give you a salary increase. Don’t wing it though, do your research. Also be prepared with the fact you may choose to leave your current role, if not given that hefty pay rise. Putting your job on the line is a definite, don’t do it if you’re not prepared to leave.
1. Re-write your resume. Your resume is your personal sales letter – it is the very first thing a potential employer will find out about you, and first impressions really count.