How To Double Your Salary

Salary

Making ends meet can be difficult at times especially if you depend on a single income. Doubling your income definitely sounds attractive at this point especially with a very volatile economy and market. But, how do you get started?

Here are 3 recommended steps to help boost your career and provide you that beefed up paycheck in no time:

  • Identify your financial goals and timeline. It all starts with setting goals and making sure that you stick to it. If you want to double your salary, then write that down. Post it where you can see it most in waking times to keep you motivated. You have to keep yourself accountable to your dream or goals so you will hustle and work on that each day. So, for instance, if your salary is set at $40,000, and you want to make that $80,000 in a matter of five years then you should be looking at a promotion in five years too or maybe negotiating your pay with a client. You should also conduct a research on how much your salary should be in the industry you are in as far as competition companies are concerned or for other levels above you. This will help you make out a clear picture of where you want to go in your career. You have to determine the career path and pay that works for you – then chase it.
  • Prove that you are in fact a good investment. Many employees are driven by competition and hunger for appraisal or promotion. They are motivated to do everything to get the job done and bag that much-coveted promotion and higher salary grade. You have to impress your boss to get that promotion and the first thing that you need to do is to make sure that you act in alignment with the company goals. Remember that no one is indispensable and you have to learn how to diversify and upgrade your skills so your boss will see you as a tangible investment in the company. Know how to manage your time and delegate. You have to show up and provide your company the results they need. Once you make a direct financial impact to your company – that is when you become indispensable in the organization. Do not get distracted by side projects and focus on the major ones that matter.
  • Continue learning. You don’t need to finish a Master’s degree to prove that you can do the job better than others. Signing up for a short-term course or even obtaining a professional certification can help you snag that promotion. On-the-job trainings also help. You can work with a mentor and do volunteer work to gain experience and skills on the job.

Discuss the promotion or a salary raise with your boss. Knowing that you have aligned yourself with the company goals and have proven your mettle then it’s time to discuss your terms. Ideally, your boss will give you the raise and promotion you deserve but in case that doesn’t happen,  then you should re-evaluate or start mapping out plan B. Doubling your salary is possible when you are open to negotiating your pay rate with your employer. Know what you are worth and prepare to walk away when you are being shortchanged.