Most of us want to make more money, right? We all envision what we could do with a little extra cash, whether it’s a one-time windfall or a boost to our monthly paychecks.
While a recent study conducted by the Federal Reserve showed men were less likely to earn big raises after age 45 — “If You Aren’t Rich by 45, Give Up” is how Slate titled their coverage — you don’t have to be under 40 to start increasing your income.
Take your financial future into your own hands, hustle like your hair’s on fire and start increasing your monthly income a little bit at a time. Whether you’re 16 or 60, here’s how to start putting away a little more money each month.
1. Negotiate Your Salary
Perhaps one of the quickest ways to increase your income is to ask for a raise — today! Whether you work part time or full time, in an office or a retail store or anywhere else, you can try to negotiate your wages.
Before you ask for more money, make a plan. It’s important that you have a valid reason for a raise, like you recently completed a major project that made your company a lot of money, you’ve been putting in a lot of extra hours, or you’ve been receiving rave reviews from customers. It’s also ideal if it’s been a while since your last raise; you don’t want to be asking every other month.
Show the value you provide to the company, like how many sales you bring in or feedback from customers you’ve helped. Present your case in a compelling way.
If your boss says no, remember to be professional, thank her for her time, and ask how you might be able to secure a raise in the future. You never know — maybe she’ll recommend asking again after tax time or in the next quarter.
2. Pick Up a Side Gig
A side gig can be any sort of small business you do alongside your regular work or school, whether it’s a recurring role with a client or one-off projects with multiple customers. From picking up a newspaper route or mowing lawns to tutoring students on the weekend, side gigs are a great way to make a little bit of extra cash.
Even though it might feel less official than your full-time job, be professional. Treat it like a real job — because it is one.