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.
A couple of years ago I was working a part time job that paid by the hour. It was impossible for me to work more hours to earn more money because they didn't want to spend more paying an employee who wanted to work more. Extra effort sadly does not always give you extra money.
Posted by: DM | August 16, 2012 at 09:35 PM
@DM: I think it depends on the job. Did you have the option of extending to full-time?
Posted by: Alexandra Levit | August 21, 2012 at 04:33 PM
I am too afraid to get a new job.
i am thinking about starting my own little firm some day. until then i can really use your advice, thank you!
Posted by: Lori | September 11, 2012 at 10:32 AM