When you’re underpaid or not earning enough money for some other reason, a common solution is to find a new job. Yet, this still isn’t totally practical given the job market’s slow recovery. Until things improve significantly, you may well be stuck where you are.
However, this does not mean you’re helpless. I asked Laura Vanderkam, author of the new book All the Money in the World: What the Happiest People Know About Getting and Spending, how one should go about increasing income without making a drastic career change.
Laura's first suggestion is to bump up yours hours. If you’re paid by the hour, this will obviously increase your income. Also, if you work part-time, transitioning to full-time will also help your finances a lot. But even if you’re salaried, putting in just a few extra hours per week of focused work will often, over time, pay off in quicker advancement. These don’t necessarily need to be face-time hours. If you normally watch TV at night after dinner or after your kids go to bed, try spending two nights a week thinking through your organization’s problems instead.
For more of Laura's tips, head on over to the Fast Track blog.