Increasing Your Earning Potential

Do you think you deserve to earn a million dollars a year? Well, you’re not alone. While not everyone thinks they actually have the potential to earn a million dollars a year, most think they deserve to earn more than what they are currently making.

Everyone wants to make more money, but the chance of convincing your employer to double your salary is very low. Therefore, in order to increase your earning potential, it may be necessary to take the bull by the horns and do something about it! It does not matter what industry you’re in or where your professional experience lies. The difference between earning a salary that can be described as “status quo” and earning a salary that can be described as “highly satisfactory” is all about taking risks and having an unwavering attitude.

There are several strategies on how to increase your yearly and lifetime earning potential. Each idea will not work for every individual, but there are several suggestions listed below on how to earn more money – and it is highly possible that one of them will encourage you to start earning more money as soon as tomorrow!

Pick a High Paying Profession

Picking a profession that has a high earning potential is a given for how to make a respectable salary. “Doctor” or “lawyer” jobs tend to pay higher starting salaries than other professions, but the truth is that many careers allow workers to earn high incomes. To find specific careers that pay well, check out one of many calculators to determine salary potentials.

    

•    Payscale.com

•    CBSalary.com

•    SalaryExpert.com

Become an Entrepreneur

Before immediately thinking that this idea is crazy, consider who typically earns more money: the boss or the employee? In most cases, the boss earns a higher salary than the employees. If you make yourself the boss, you will earn more than your employees. Depending on the business, you may not need any capital or investments. Start small, and take the time you need to grow your business into something successful and profitable. You can work on starting your business while you are not busy at your regular job – during evenings and on weekends. If you are committed to this idea and you are determined to succeed – you will!

Go Back to School

Are you working in a profession that has a limit to the amount you can earn without a college degree or additional licensures? If so, consider going back to school to earn a higher degree or obtain necessary credentials. You do not have to quit your job in order to attend school. Check out night or distance programs that will fit with your work schedule. Earning a degree or a license can substantially increase your yearly and lifetime earning potential. According to the websites CollegeAtlas.org (http://www.collegeatlas.org/earn-a-college-degree.html), OnlineClasses.net (http://www.onlineclasses.net/graduate-degree), and Scholarships.com (http://www.scholarships.com/resources/college-prep/preparing-for-college/why-go-to-college/), earning a higher degree will allows you to earn a significantly higher income.

Make Sure Your Attitude is Positive

If you are in a job that pays a mediocre salary and you are resigned to the fact that you cannot change your pay rate, you should consider changing your attitude from “it is what it is” to “I can do better.” If you truly believe you have talents and skills and you believe that you deserve to earn more than you do, ask for a raise! Or, look for a new position at a different company that pays more. Believe in yourself and what you are worth to your company!

Take on Extra Work

If you are an experienced professional there should be opportunities for you to take on additional work as a freelancer, a contractor or a consultant. This type of extra work is often flexible and allows you to complete projects when you have time. Working as a freelancer, contractor or consultant does not mean you will become an employee of another company. It simply means that you are allowing yourself to earn extra money for your expertise and services.

Passive Income

If you are busy working in your current job but you know that you want to be paid more money and increase your earning potential, you might consider finding something that will provide you with passive income. Passive income, according to Wikipedia.org (http://en.wikipedia.org/wiki/Passive_income) is “income received on a regular basis, with little effort required to maintain it.” For example, a person who owns a vending machine earns passive income every time a person buys something from the machine, but the only work that must be completed is stocking the machine, collecting money from the machine, and repairing the machine when it needs service.

Take Action!

It is the goal of many employers to get the best possible employees to work for the least amount of money. Therefore, it is up to you to take control of the situation and determine whether you are worth more than you are currently earning. Don’t sit around and wait for your employer to give you the raise you deserve – take action and make it happen! Increasing your yearly and lifetime earning potential takes a positive attitude, fortitude, and a true desire to succeed!

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Written by Melanie Fischer, Career & Job Expert who has been writing professionally for over 10 years.