Table of Contents
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There are some very real steps you can take to increase your earning potential. In the article to follow we will review 8 easy steps to increase your earning potential now. Follow these guidelines for increasing your money-getting skills and boost your earning potential now.
How To Increase Your Earning Potential and Make More Money
Navigate to What You Want
- Step 1: Challenge Your Personal Beliefs About Money and Success
- Step 2: Find the Right Career Path To Increase Your Earning Potential
- Step 3: Learn From Others to Increase Your Earning Potential
- Step 4: Increase Your Earning Potential With Education and Certifications
- Step 5: Generalize and then Specialize to Increase Your Earning Potential
- Step 6: Army of You – Increase Your Earning Potential via Delegation
- Step 7: Take Action Towards Increasing Your Earning Potential
- Step 8: Accountability
Step 1: Challenge Your Personal Beliefs About Money and Success
We all have heard the phrase ‘money is the root of all evil’. The truth is that even if you’re biblical in your dogma…the bible never taught that money is evil.
On the contrary, the biblical text refers to money more than 800 times.
To give weight to this, Jesus is found anywhere from 983-1273, depending on the version you use.
With that being said, many have come to use the parable of how hard it is for the rich to enter heaven as a mantra to remain in poverty.
If you follow biblical teachings and principles the reverse is true. Each is commissioned to be a good steward of their earnings.
When you boil it down, money is merely a tool to exchange for things or services.
It is not the money that is the problem, it is the desires of your heart that are. That is what the money=hard to enter heaven parable is referring to. Not the physical item but the internal desires.
The more things or services you desire…the more money is needed.
If these things are for wrong, bad or unwarranted purposes—then you may have a moral/theological dilemma.
Wealth should be sought to:
- Create;
- Give;
- Inspire change and,
- Promote financial security for our loved ones.
This post is mainly focusing on increasing your income but there are two sides to the wealth equation. Making more and spending less are keys to increasing your wealth.
Be sure to check out this article to learn how to save your money and patch that leaky wallet.
So how do you get more of this ‘tool of exchange’ i.e., money?
Challenge What You Think About Money to Increase Your Earning Potential
First, you must challenge your personal beliefs. We have already attacked some common misconceptions but let’s dig a little deeper.
Linda says,
“The richest 1% should give me theirs…”
Why?!
Before demanding other’s right to possession consider this; what happens when you acquire more wealth?
Is it right or fair that someone should DEMAND of you, your new-found wealth – regardless of how hard you worked to create it?
If you have answered yes…
Please leave your name and number in the comments below and a representative will be in touch shortly to DEMAND a contribution. 🙂
Marcus says,
“I don’t make enough to save…”
Quite bluntly…I call Bullsh*t.
Saving for your future is not a one-time event. A little here and a little there will go a long way!
Think about all of the events in your life that you came into some extra cash.
What did you do with it?
Did you save it or spend it… there are only two options here.
Sally says,
“I just graduated college with my bachelor’s, I should earn $80K+…”
Sorry, Sally where’s your experience?
- Have you been through the ups-and-downs your industry of choice has seen?
- Have you managed anything outside of textbook assignments and your syllabus coursework?
If not…the steps below are key to you getting that $80K+ position.
Ultimately… I’m here to tell you that your personal beliefs directly influence your actions financially. The goal is to eliminate financial-sabotaging thoughts and actions.
Challenge Your Self-Worth to Increase Your Earning Potential
Most of us have started with menial jobs and perhaps some are still there. Once upon a time, I was a fast food jockey flipping burgers and drenching french-fries in oil like a champ.
While this career choice was amazing (I’m so joking), I knew I wanted more. I knew I wanted to increase my earning potential.
Minimum wage is for those willing to put in minimal effort –OR– those with minimum skill and knowledge.
So how do you overcome the minimalist paycheck?
By engaging in the maximum effort towards the life you want.
Curious about just how to make this happen?
Keep Reading.
I will show you the path I took from making minimum wage to well over 100K a year. Take note that money and wealth are not a bad thing. Recognize that no one…not one person on this earth, owes you anything.
If you want the big bucks, you have to be willing to provide something of equal value.
In the next step, I’ll walk you through putting yourself in the best position to cast out that money-grabbing net to hoist in some wall-mounting checks.
Step 2: Find the Right Career Path To Increase Your Earning Potential
Not every career path is right for you. Each of us has a set of skills we excel at. Some of us are good at math, while others still are trying to grasp how the heck letters found their way into the numerical problem.
2x(30/12y)= 5y
…Error: Cannot_Compute; “Brain_Hurts“
Some of us are great at writing, while others would prefer to read a book that is written in all emojis.
***If you can create this, it may be a million-dollar idea!***
Finally, some are great at communicating a vision, while others are better at making the vision a reality.
It doesn’t matter where your skills lie, there is real earning potential if you can exploit, hone and master the skills needed in an industry that craves them.
Skills Assessment Test
A skills assessment test should be the starting point of your journey after you have completed your self-assessment of your money beliefs.
Many tools allow you to get an understanding of where your best skills could lead you.
Here are two to get you started:
But my favorite is:
Upon taking this test I found the following results…
Guess what?
I was a Police Officer for the Federal Government (2nd and 3rd result). Now I’m in an administrative job for the Federal Government (3rd result) and…Currently, I’m educating and teaching you through this blog WeWHPH (6th result)!
So for the top 6 recommendations – I have done 3 of them!
Crazy right?
Not so far fetched though when you realize that much effort and study has gone into making these tests.
Just because you are a dishwasher, secretary, or coder today doesn’t mean that it is your true calling. Explore these tests to get a better understanding of where your current skills could be better employed.
Once you narrow down that focus now is the time to conduct a little research on the industry you truly want to be a part of.
Research
So you want to be the next industry, tycoon? First, you need to start as a peasant and research everything about your new industry.
To use an analogy, think of a tree’s life-cycle. First, the seed must be planted, then the roots must develop and finally the tree gains in stature and height.
Seed = Your starting point
Roots = Your knowledge/skills/experience
Stature/Height = Your career growth potential
This is your career path.
The research will be the way you chose the most premium soil to plant your seed and is fundamental if you want to increase your earning potential.
Key things to focus on:
- Industry Revenue
- Industry Growth
- Future Challenges
- Leaders in your Industry
By conducting a simple search for these key elements you can narrow down your focus to specific companies you plan to work for in the future.
You also, gain a more complete understanding of the industry itself.
Your time invested wisely, provides the best return!
Step 3: Learn From Others to Increase Your Earning Potential
Now that we’ve established a good direction, let’s try to forge a path.
If you have ever been in the woods or in a field you may have noticed paths that were already there.
These paths are typically known as deer trails. The reason for this is that deer walk these paths daily to graze and do deer things.
By continuously walking the same path vegetation is hindered from growing, which keeps the path open.
So what does this have to do with increasing your earning potential?
Simple…
Walk the path already forged!
Study Those in the Position You Want
By studying the individuals in the position you want you can gain a better focus on what you need to do.
When researching the position I want, I realize a few key features.
Those that are directors of government agencies tend to:
- Have Multiple Degrees
- Prominently have MBA’s
- Are Strategic Thinkers
- Volunteer
- Actively Seek Development Opportunities
- Aggressively Attend and Speak at Conferences
- Share their Knowledge
So what should I do?
This isn’t hard…
I should do everything they are, whenever possible! By honing in on their path to success I can fast pace my career growth.
Screw the career ladder, take the elevator!
Maintain Your Vision
We all get there sometimes. It’s Monday. We find ourselves going with the flow. Next thing we know…it’s Monday again.
Remember why you are at work.
At this point, it should be a simple quest. You are there to acquire the skills and experience you need to jump to the next position. If you truly want to increase your earning power, continue to learn and grow.
Never forget that you are not meant to be in a short-term job assignment until retirement.
Get what you need and level up!
Keep your eye on the end goal. What is that Holy Grail that you set your vision toward?
FOCUS!
Laser-Like Focus
In the book Think and Grow Rich, the introduction is amazingly simplistic yet wealthy in the information.
To summarize, Napoleon Hill gives you a challenge and entices you by stating that the key to the book can be found at the very beginning.
You have just come across someone that has read that book over…and over…and over…and then… it hit me!
Each story told in that book has a key element of FOCUS!
Every success story shared some mutual elements like:
- Determination;
- Adaptation;
- Unmovable Spirit;
- Resilience and,
- Steadfast Will.
All of these can be summed up as FOCUS!
Think of a flashlight. Yes, it provides light, but not much else. Now imagine a military-grade laser. Not only do you get some light but look out – it’ll melt steel.
By focusing on what you want, you harness the power to create a whole new reality for yourself!
Just how do you focus you ask?
Here are some ideas:
- Create a Vision Board
- Keep a journal that accounts for what actions you have taken today to reach your goal
- Utilize a planner to process tasks to take each day, week, month, etc., to reach your goal
- Subscribe to relevant magazines, blogs, etc., that keep you aware of the job you want and the industry conditions
All of these are great ways to keep that goal attainable and get you on your way to increase your earning potential.
Those that sleep, Dream. Those that do, Achieve!
Don’t sleep…Do!
Step 4: Increase Your Earning Potential With Education and Certifications
At the beginning of this post, i.e., step 1, I brought up a key element to increase your earning potential. I ended the step by stating that no one owes you anything. I further suggested that if you want that dream salary, you better be willing to provide something of equal value.
This step is how you equip your mind with the tools necessary to do the job.
Education
I know, college is expensive and is a drain on time. I sympathize and empathize.
Why?
Because I have been there.
College is a place to learn a craft but that never gave me solace. I never bought into the idea of learning botany when I am aiming to be an Organizational Leader.
Yet this very notion was faulty on my end.
College is not just for what you want to be. It is to expand your mind to the opportunities that surround you.
It helps to achieve a higher sense of general knowledge to make you a well-rounded individual.
If you are like me…all those words are B.S that don’t enhance your incentive.
Ultimately, if you are serious about expanding your earning potential let’s drop the fluff.
College is a Toll.
Pay the toll and cross the bridge to higher income potential. It’s as simple as that.
I was fortunate enough that our great country paid my tuition in return for my military service.
With that in mind, my costs were minimal. However, my stipend was not infinite.
The following shows how I ended up with an MBA with finite resources, that most veteran’s dry up on just getting their bachelor’s.
Cost is what keeps most away from acquiring a degree.
To assist those of you that want the degree but not the huge bill here are some options:
- Community College
- Only apply to Colleges that offer ‘credit for real-world experience’
- Stack up free training certificates from online programs that transfer as college credit
I followed the guidance I just provided you and…
…I achieved my Bachelor’s in two years and my Master’s one year after that!
As discussed previously, take the elevator not the ladder!
Certification
Relevant certifications can propel your career further and faster than your competition.
Does the position you want to have, have relevant certifications?
Most industries offer certifications:
A quick online search for “[insert your profession] certification” and you should find what you need.
Also, remember to look for any professional organizations or certifications that individuals have that are sitting in the position you want.
The results are eye-opening.
Step 5: Generalize and then Specialize to Increase Your Earning Potential
The key to earning more is to learn a bit from every chair you sit in.
Learn what the people one step under and one step above your position do.
Sit in the pilot seat for a while and test drive their positions. Focus on the challenges and demands of that position.
- What are some strategies they have implemented to perform certain tasks?
- What can you take away from the experience?
No need to be an expert here. You simply want to feel what they feel and pick up a little working knowledge. This little step can help boost you along your career path.
By gaining these little experiences over time, you will accumulate a wealth of knowledge. Once you have gained a solid foundation, hone in on exactly what you want.
Are you good at:
- Noticing details;
- People skills;
- Finance;
- Drafting policy;
- Strategic vision;
- Communicating or,
- Organizing talent?
These are the areas you will specialize in once you aim for your place in a position of higher earning power.
Step 6: Army of You – Increase Your Earning Potential via Delegation
Now that you have a little of the basics down, time to go pro. You are only one person…but what if you could become a brand? What if you could be in two places at once?
Curious…Keep Reading.
Outsource
In Tim Ferriss’ book The 4-Hour Workweek, Tim spun the notion of work smart, not hard on its head. He presented a fundamental idea that you can outsource much of your life.
Are you ‘working your butt off’ drafting proposals that will land you $8K in bonuses but have a newsletter due?
Outsource your menial tasks allowing you to concentrate on the greatest task that brings in the big bucks.
Each activity you do should land some cash in your pocket…by doing more — you get more cash.
It looks like this:
For this example, “Activity” simply means a job. Further, we decreased the amount Activity 2 gives you when outsourced to accommodate the earning potential after paying for outsourcing that activity.
Regardless, you get the point—you make MORE!
Outsourcing can also help your relationships. Got an anniversary gift you need to shop for, but busy at work—
—You can outsource that too!
The key here is to maintain YOUR FOCUS on what matters financially.
For more outsourcing resources search the Web for:
- Elance
- Freelancer.com
- Upwork
- Fiverr
- Mechanical Turk
- Habiliss
- Efficise
Experiences may differ, but once you find a reliable virtual assistant…it’s game on for your productivity!
Side hustle
Everyone… I repeat Everyone needs to engage in some sort of extra income gig.
This practice is nothing new.
A quick look at the American founding fathers shows that they dabbled in more than 1776 politics. They were the modern-day:
- Public Speakers
- Home Brewers
- Bloggers
- Book Writers
- Travel Guides
- Farmers’ Market Producers
- Champion Breeders
- Etc.
The truth is this ain’t nothing new.
Going back to the biblical writings we started this journey off with, there is a passage that states to get involved in 7 or 8 side hustles as you never know which will succeed or fail.
You have to gain income from multiple sources to remain successful and to increase that earning power.
Simple Equation to Follow:
Start now + Fail quick + Remain persistent = Success!
Guest Speaking
Everyone has a voice. We all have a message. What is yours?
Public speaking may be a fear of yours, but don’t let that stop you! Actively seek the opportunity.
Start small and build your way up.
Today is your time to speak on matters pertaining to your industry.
You need to seek in order to be found in this world. There is a direct correlation to your ability to get your message across and your earning power.
Want to fine-tune this craft?
Check out, Toastmasters. They’ll get you ready to take the mic, deliver your message and drop it to a standing ‘Oooooohhhhh’!
Company Newsletter
If your company publishes a monthly or quarterly newsletter…get involved!
“Okay, but how do I find things to write about?”
Great question, start by compiling a list of common questions posed to you such as:
- How do I […]?
- Why do you […]?
- When will I […]?
- How often should I […]?
- What’s the best […]?
LinkedIn Articles
Writing articles takes practice and a willingness to evolve with feedback.
Learn More About LinkedIn Features
Sure, putting yourself ‘out there’ is scary but with a little effort on content delivery, you can soon find yourself skyrocketing to levels unthought of in your industry.
The goal is to showcase your knowledge and expertise. Become a behemoth in your industry.
Twitter Fabulous
It is interesting that in today’s world even the local news is citing Tweets. Every effective brand is utilizing this bird chirp to include our Presidential Office and so should you.
Twitter is a great platform to engage with industry leaders and share relevant ideas.
This chirping could help you gain the attention and visibility necessary to open the floodgates to new possibilities.
From what I have witnessed so far, it is easy to gain a decent following in a fairly little amount of time.
The key to success is to post relevant content, stay on-topic and reach out to influencers.
Share and be shared.
Facebook Frenzy
Need to boost a message? Facebook may be for you.
While conversion rates aren’t as high as other platforms, you need to take advantage.
Set up a business page (not personal) that brands you.
- Who are you?
- What are you about?
- What’s the message you want to deliver?
Post relevant items i.e., your resume, job accomplishments, educational achievements, newsletters, speaking engagements, etc.
When posting your resume ensure your address & phone number are removed.
The next step you want to take is to boost these posts with some targeted advertisements…
…yes this may cost you money but a simple $5-$25 could land you that next big assignment.
When targeting, look for specific companies and their HR managers, headhunters, division managers, etc.
The results may surprise you.
Step 7: Take Action Towards Increasing Your Earning Potential
Next, you want to put all the information you learned in this post to work for you! Tomorrow doesn’t cut it! Now is the time to take control of your life. If you want to increase your earning potential you have to start implementing action NOW!
Create an Action Plan
To assist you to create a plan of attack.
- What steps will you take?
- How will you conquer them?
- What deadline will you place on them?
These are the key elements of a good action plan. Take some time to write them down and think through them.
Prioritize each one and get started. You’ll thank me later.
Raises
Keep track of all of your accomplishments. When it comes time for a raise, typically 2 – 4 years, have this portfolio of awesomeness ready.
The more achievements you are armed with, the better your chances to increase that wealth.
New Positions
When hunting new prospects within the company it is ideal that you have a little background in that position.
Utilize the one up – one down methodology discussed in Step 5.
By completing this step you are ensuring that you are gaining as much knowledge as possible to let your employer know that you are truly the person best positioned to take on this new role.
New Employment
Often we get too complacent and comfortable in our current role. This is a career killer.
All too often our careers stall out simply because the company we work for doesn’t have any more promotion potential. If you reach this point or have been passed over for promotion multiple times—guess what—
It’s time to dust off that resume!
Utilize everything you have learned and beef yourself for new employment.
No hard feelings here. You are just trying to reach your full potential.
Volunteer
By seeking volunteer opportunities you get the inside use of special tools and processes that can better stimulate your knowledge. All types of opportunities are available from sales to marketing and from finance to customer service.
Each little skill learned can be put to the test in the real world and give you great resume talking points!
Step 8: Accountability
Find a mentor that will hold you accountable for your career path. It doesn’t have to be a fancy organization or a $30K per year career coach. Just find a friend or family member that will ‘stick it to you’ when you waft from your path.
In my case…this was my wife. She definitely knows how to motivate!
By finding someone that keeps you on track, you are less likely to fall from your direction. On those rough days, a good dose of motivation may be just the thing to keep you on track for those higher paychecks and career fulfillment.
Wrapping it Up
I hope you learned a lot about how to increase your earning potential. We reviewed 8 easy steps to increase your earning potential now. Follow these guidelines and share them with all you know. My desire is that you are now armed with the tools necessary to increase your money-getting skills.