Top 10 Ways to Increase Your Earnings Potential
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By Aimee Hosler | Jan 24, 2011
Don't become a statistic. U.S. companies of all types are battling a tough economy, and some have laid off workers, cut salaries, and enacted hiring or raise freezes to keep their books in the black. Fortunately, there are a number of ways you can boost both your bottom line, even in today's economy. These Top 10 ways to increase Your earnings potential can help.
1. Advance Your Education
According to a 2009 report by the U.S. Bureau of Labor Statistics (BLS), salaries increase with education, which makes going back to school is an excellent investment. Online colleges provide a flexibility campus-based schools simply can't, making them ideal for those who want to study around full-time careers.
2. Sharpen Your Skill Set
Can't go back to school just yet? Find other ways to sharpen your job skills. Whether it's seeking some type of certification, attending conferences, or just reading up on the latest trends in your industry, becoming better at what you do makes you a more valuable employee.
3. Ask for a Raise
It seems simple, but many workers just aren't comfortable asking for more money, even in a better economy. Take the time to research local salary data for your position and give your resume an overhaul. Make your case. Even if you don't get an immediate pay increase, you'll be on your boss's radar when things turn around.
4. Make Yourself Indispensable
Good bosses know which employees they simply can't do without and will do what it takes to keep them happy and productive--including salary increases. Doing whatever it takes to become king or queen of your craft can help you take advantage of that.
5. Get a Promotion
Scour your company's job boards for better paying positions and apply for them. If your experience or education is limited, consider continuing your education on the side. Online colleges make it easier than ever to go back to school.
6. Get a New Job
Sometimes the only way to improve your earnings potential is to a new job entirely. Some industries are more profitable and stable, just as some employers are more generous. Go back to school if necessary--the investment is well worth it.
7. Start a Side Business
Put your skills to good use by launching your own business--just be certain you aren't violating any sort of non-compete agreement with your employer.
8. Find a Hobby that Pays
You spend hours editing photos or gardening--why not do it for money? Transforming your hobby into a side job that pays can be a satisfying way to boost your earnings.
9. Work Smarter to Do More
You've probably heard the expression, "work smarter, not harder." In many cases, simple technology upgrades can really improve your productivity. For freelancers or those who work on commission, that means having more time to work or follow more leads.
10. Become Web Savvy
There are a variety of ways to make more money online by launching your own web-based business or selling things through auction or classified listing sites. The advantage of online commerce is that you can do it on your own schedule.