Tuesday, July 14, 2020

How to Boost Your Income as a Millennial.

August 22, 2019 by  
Filed under Business, Education, Money, Opinion, Weekly Columns

Like Love Haha Wow Sad Angry

(ThyBlackMan.com) Are you struggling to survive on your wage, or want a little bit of extra income to make life easier? As a millennial, it can be incredibly hard to get the salary that you desire, whether that be due to an education barrier within your firm, or the inability to find highly paid and skilled jobs in your local area. However, with this guide, you will soon be able to find the best job opportunities and pay rises for you, from starting your own business to getting the experience that you need for a promotion.

Go Back into Education

If you have the time and commitment necessary, one of the best ways to secure a higher income is to go back into education and take a Bachelor or Masters degree in a subject related to your career. One of the reasons that employees do not get promoted is due to education barriers, and so getting a new qualification can help you to stand out from your colleagues and show that you are continually learning and being proactive towards your goals. Not only this but going back into education can help you to change careers entirely to a more profitable job, as you will be able to gain the skills and knowledge that you need for a different career path. If you are concerned about affording a degree, ask your manager or boss about any qualification schemes that they provide, as many businesses will be happy to invest in college courses if you are able to reinvest these skills back into their business.

However, many people believe that they are unable to take a degree around their current job, but this is wholly untrue. Universities like Florida State allow you to take an online MSW from any of the 50 US states. This means that you can gain the skills and real-world experience that you need without concerns about losing your job or being unable to work around your new commitment.

Work Towards a Promotion

Rather than worry about finding a new job or switching careers, if you are looking for stability, one of the best ways that you can boost your income is to work towards a promotion. One of the best ways that you can do this is by utilizing your appraisal time by asking your manager in this one-to-one setting whether you would be suited to a promotion. Letting your manager know that you are interested is key to being considered for available positions. This also allows you to ask what skills you need to improve upon to be given a promotion and to set targets with your manager to improve upon these skills.

You can also work towards promotion by asking to shadow your colleagues or go on an employee exchange program, where you would be allowed to gain experience of another employee’s job in a different department for a limited period of time. This will enable you to see first-hand the responsibilities and duties of different roles to see if they are right for you. Additionally, you will have the opportunity to gain the experience and skills that you need to get promoted within your specific company.

Start a Business

Whether you decide to start a business as a secondary income or to quit your job in favor of working on this business, starting a business is one of the key ways in which you can increase your revenue. When you own your own business, you will have control of all of the profits that you will be making, and will be able to assign your own salary each month. To start a business, you need to make a developed business plan which discusses your idea, your annual budget, and the costs of your business. You should also make sure that you create targets for your business in this plan. You will also need to find funding for this business, with many start-ups opting to secure a bank loan, find a mentor through networking, or use their own personal savings to do this.

Look for a New Position

If none of these ideas boost your salary, then it may be time to start looking for a new position or a more profitable career path. With 70% of jobs not even listed on job posting websites, the best way that you can do this is through attending networking events and industry shows. These will give you the opportunity to converse with other entrepreneurs, businesses, and career-minded people who may know of a job opportunity, as well as enable you to find a mentor who may be able to guide you through the next stages of your career.

Staff Writer; Roy Short

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!