Part of my wealth equation includes increasing income so that you can save more. Cutting expenses and sticking to a budget is extremely important, but will only take you so far.
Below is a step by step guide that worked for me. It can work for you and double your salary.
- Develop a valued skill at your company that is also widely valued in your industry (Sales Life for me!)
- Be able to quantify how you have helped the business (Ex. Revenue gained, territory expansion, inventory turnover, on time deliveries, customers helped, capital expenditure reduction, etc).
- Develop your LinkedIn profile. Add substance to it.
- Network within the company. Talk to people in different divisions and higher ups about the business and your ideas to help.
- Network outside the company. Do not solely depend on your employer for vertical job growth. Leverage your skills in the open market and see where else they are valued.
- Attend trade shows and conferences when possible.
- Apply for roles within and outside your company.
- Contact human resources or the hiring manager if you can. Ask them for an informal discussion on your candidacy. Search for them on Linkedin.
- Research every company you are offered an interview at extensively. You should be able to articulate what their business is trying to accomplish
- Interview everywhere you can even if you are not interested in the company. Interviewing skills are tough to develop. Get as much practice as possible and see how many offers you can get.
- NEGOTIATE – This is the final and most important step. Don’t underestimate your value. Give them a salary range that you need to achieve (the range shows flexibility). If you have the right skill set and followed the steps above, you are in the stronger position to negotiate.
Remember that many Finance Blogs Have it All Wrong. Maximizing income is a necessary component to creating wealth.
Hope these simple steps help you double your salary! Give it a try. You have nothing to lose and a lot to gain.