- A higher paycheck could be your ticket to financial security.
- Making yourself more valuable at your job could lead your employer to give you a raise.
Take this advice to heart if you want to see your earnings grow.
Most of us would rather earn more money than less -- that's a given. But a higher paycheck could actually do a lot for you.
For one thing, it could give you the breathing room to cover your bills without stress -- an especially important thing given the way inflation has been soaring since last summer. It could also be your ticket to meeting financial goals, like paying off credit cards or building a solid retirement nest egg.
Some people grow their earnings by jumping around from company to company. And you can take that approach if you don't mind the lack of stability. (Thankfully, job hopping doesn't have the same stigma it did years ago, so you have more leeway in that regard.) But if you want an even easier way to grow your paycheck, be sure to take this key piece of advice from financial expert Suze Orman.
If you want to see your earnings pick up, Orman says that one tried and true tactic is to make your employer dependent on you. That could mean growing skills no one else at your company has, or learning so much about the business that you render yourself virtually irreplaceable. Or, prove how trustworthy you are -- it's a quality that could go a long way.
If you go that route, your employer might have a tough time not giving you a raise when you ask for one for a couple of reasons. First, they'll know it's justified. Second, they'll be afraid to lose you. It's really a win-win.
Know your worth
Making your employer dependent on you is a great way to grow your income. But it's also important to keep tabs on what salary you're worth. To the end, continually research salary data online, talk to recruiters and industry experts, and, if you're comfortable, engage your colleagues in financial conversations so you can arm yourself with knowledge.
A big reason some people get lowballed on salary is that they don't realize they can -- and should -- command more money for their work. Don't let yourself be one of those people. Orman insists that you shouldn't accept a wage that's lower than what you deserve. But you need to do some research to know what that number looks like.
What could more money do for you?
Talking salary can be uncomfortable. But if you believe you're worth more than what your employer is paying you, speak up about it. You should especially feel comfortable going that route in today's labor market since unemployment levels are low on a national level, and job openings are way up.
A higher paycheck could have a huge impact on your life. It could help you shore up your savings (or build some in the first place) and meet the goals you set for yourself. So that higher paycheck is something you shouldn't hesitate to go after, no matter what stage of your career you're at.
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