How to Double Your Salary in Less Than a Year--Guaranteed
Want to make more money? Here is a guide to doubling your income in the next 12 months.
Entrepreneur and investor@darshitkarkar
Many
people would love to double their salary but feel it is almost
impossible. That's why when they come across an article with such a
promising title, such as this, they disregard the information presented,
because it seems too good to be true.
However, there are practical actions you can
take to dramatically increase your income. I’ve used many of them to
double my income several times. Here are my suggestions for how you can
make doubling your salary in less than a year a reality.
Identify and Maximize Your Specific Skills
Everyone has naturally given talents, and you
must identify and enhance these skills. This is especially true if your
skill is unique among others in the organization. Having a unique
talent will set you apart from others in your field and increase your value to your employer or your clients.
Do research on salaries in your specific
profession on sites like PayScale and see how they may vary in different
areas of the country. If you find there's better pay outside of your
location, perhaps you may want to consider moving. Also research the
cost of utilities, housing, and other expenses as they relate to your
potential earnings. You may receive a bigger salary in San Francisco,
but the cost of living could be more expensive than your current
location.
Take the Initiative
Go beyond your job description. Take on
projects beyond your assigned responsibilities. Make suggestions that
will improve the operation of the organization, and assume new
responsibilities, something introverts do very well.
This will demonstrate that you have ambition and are willing to help
the company in whatever way necessary. Doing more than others in your
group of co-workers or other professionals in your field will show you
have initiative, and enhance your reputation.
Taking on new responsibilities also creates
opportunities to learn new skills, which can help you attain a promotion
or a higher-paying job with another company.
Always Interview
It is a good practice to have a job interview
at least once a year. You will keep your interview skills honed and
will learn about other opportunities and salary ranges in your field.
Also, apply for other positions within your company. One of these
interviews may lead to a higher-paying opportunity. If not, your skills
and résumé will be well prepared as new opportunities arise.
Expand Your Knowledge
There is always something new to learn in any
profession. Take some classes related to your current job, or study a
new topic. This will enhance your knowledge and expand your skill set.
It will also help you become better qualified for promotions. I love to
be reading (a.k.a. listening to an audiobook) on a daily basis.
Be sure your manager knows you are taking
job-related classes. Become a certified professional to help you become a
more valuable asset to your company, or demonstrate your expertise to
the customers of your business.
Double Your Prices
This suggestion applies to business owners
and may seem rather unorthodox at first, but doing so may significantly
raise your income. Promote yourself as an expert in your profession or offer additional products or services to justify the price increase.
If you double your prices and lose half of
your customers, this can be a positive thing. You will be making the
same amount of money but doing less work. Devote this extra time to
learning new skills or developing ways to expand your business. How much
should you charge your clients? Here is a guide I put together for freelancers, designers, and programmers.
Help Others Make Money
People are in business to make money.
Companies exist to make a profit. You can show yourself to be a valuable
asset to them if your actions can increase their profits. Once you
establish your reputation as such an asset, you can ask for higher fees
or more pay.
I’ve been helping others make money for
years. One of my students went on to start, grow, and sell a
million-dollar business. Guess who funded my last startup? You never
know whose life you’ll impact in an amazing way. Special note: It
doesn’t always have to be with money.
Establish Your Own Business
Take a skill or hobby in which you are highly
skilled and build a business. You can do this on the side while keeping
your full-time employment. Not only will you be making money doing
something you enjoy, your income will rise as your customer base
increases.
I was able to do this at the last full-time
job I had. Before I quit (which was so hard), I was making twice as much
money in my business as I was in my day job. Being your own boss will
give you the ability to make more money than you have ever imagined
possible.
Change Jobs
If opportunities are limited at your present
place of employment, consider changing jobs. Most of the time, when you
switch jobs you’ll get a little bump in pay. Look for a company where
you will have chances for advancement along with higher pay for the same
work you are presently doing. Be willing to move to a different part of
the country if the pay is higher for your profession and the cost of
living is affordable.
While there is no simple way to double your
income overnight, the above suggestions can serve as guidelines for
doubling your income in the shortest time possible. These ideas, along
with your hard work and dedication, will help your income increase.


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