Monday, 5 November 2018

How to make more money

Whenever you go to Google to find out how to make more money, you’re subject to the same old suggestions that don’t work. If you’re here, you want different, and that’s exactly what I’m going to give you by NOT giving you a 100+ list of things that stopped making money back when dial-up was the new kid on the block. In other words, here are some of the best ways you can start making money in 2019.

The 3 best ways for beginners to make extra money

There are plenty of ways to make more money — but my three favorite ways are:
  1. Tap into hidden income
  2. Negotiate a raise
  3. Start a side hustle

1) Tap into hidden income

This isn’t income that your grandma hid under her mattresses or in the chimney for safekeeping. I’m talking about money that you can save right now if you just made a few negotiations with your billing companies.

In fact, you can save hundreds per month with just a few one-time, 5-minute phone calls, including:
  • Car insurance
  • Cell phone plan
  • Gym membership
  • Cable
  • Credit card

There are only three things you need to do to negotiate with these companies on fees and rates:
  1. Call them up.
  2. Tell them, “I’m a great customer, and I’d hate to have to leave because of a simple money issue.”
  3. Ask, “What can you do for me to lower my rates?”

Of course, you’re going to want to adjust this formula for whatever company you’re calling. Check out my video on negotiating your bills for more on this topic.

2) Negotiate a raise

Salary negotiations are magic.

Seriously. That’s because with a single conversation, you can make thousands more than you did before.

The best part? Your gains only add up year after year.

Negotiations can be terrifying, though — especially if you’ve never done it before.

Luckily, I have a system that’ll help make it a little less terrifying while increasing your chances of nailing them and getting the salary you deserve.

Three months before negotiations

Before you even think about getting into your boss’s office and hashing out what type of company car you want them to give you, you need to start tracking everything you do at work and the results you get.

If you were on a team that sold 50,000 widgets, figure out what you did to help make that happen and quantify it.

By tracking all of your accomplishments and giving a hard number to them, you can adequately make your case as to 1) Why you’re an indispensable employee and 2) Why you deserve to earn more.

During this time, ask your boss if you can schedule a time to sit down and discuss ways you can excel at work. Make it clear you want to exceed expectations and ask what that would entail.

Two months before negotiations

Now it’s time to meet with your boss again and show him your tracking from the previous month … and ask him what you can do better.

You want to make sure you’re on the right track with your work. More importantly, you’re communicating your results. This shows your boss you’re willing to take the initiative to make your work and therefore the company better.

During this time, you’re also going to want to prep The Briefcase Technique. This is a tried-and-true system my students have used to earn thousands in immediate salary gains.

Here’s how it works: You’re going to create a one- to five-page proposal document showcasing specific areas in the company wherein you can add more value.

Then you’re going to bring that proposal with you when you negotiate your salary. When compensation discussions come up, you’re going to pull out this document and outline how you’re going to solve the company’s issues.

Check out the 7-minute video below for more.

One month before negotiations

If you haven’t already, now’s the time to mention to your boss that you’d like to discuss compensation at a meeting next month.

Ask what you’ll need to bring to make it a fruitful discussion and listen carefully to what your boss has to say.

During this time, it’s time to do some research and practice.

If you don’t have a hard number when you walk into salary negotiations with your boss or hiring manager, you’re going to be at the mercy of someone who does this for a living and will control the conversation.

To that end, there are a few great resources for you to find a good number to start with: This is a great website for both employers and job seekers to compare compensation rates for specific jobs across a huge variety of companies. Though this site primarily acts as a “Yelp for jobs,” it also includes an incredibly handy salary tool that allows you to look at the national average salary for your job as well as the average rate of compensation in your city. This website sends you a personalized salary report based on a questionnaire you fill out regarding your career history. It’s especially great for recent college grads.
Ask a friend: Do you know anyone who has worked in this field before? Maybe a friend of yours has been in the industry for a few years. Ask them how much they were paid — as well as advice on how much you should ask for as well.

Now it’s time to practice, practice, practice, and practice some more.

After all, it’s one thing to research and read about negotiations. It’s another thing entirely to do it live and under pressure.

To practice effectively, you’ll want to first brainstorm as many different discussion scenarios that might occur with your boss as you can. Then run through each of those scenarios with a friend and play them out.

For example:

  • Your boss acts surprised or annoyed when you bring up a higher salary.
  • Your boss asks you to name a number first.
  • He gives you a BS excuse like “It’s the economy” or “Everyone else is getting the same thing.”

Then observe or have your friend give you feedback on the following:
  • Your words. They should be compelling and concise.
  • Your body language. You want to be sitting up, attentive, but relaxed.
  • Your tone. It should be professional, positive, and energetic.

Practice up until the day of negotiations. Once there, you’ll be as ready as you’ll ever be to negotiate your salary.

In my 6-minute video below, I go more in-depth on how exactly you can absolutely crush your salary negotiations. Check it out.

3) Start a side hustle

Salary negotiations are great, but my all-time favorite way of making extra money is by starting a side hustle. 

What’s a side hustle, you ask?

Simply put, side hustles are freelance businesses that can generate you cash outside of your normal work hours, like…
  • Graphic design
  • Copywriting and editing
  • Web development and programming

The best part is freelance businesses are easily scalable, so you can make a lot of money if you’re willing to devote just a little bit of time to it. Or if you get busy in other areas of your life, you can scale back.

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