I’ve distilled this down into 6 steps on how to make more money today and in the future. Most people just make the decision right in front of them with little thought on the impact it’s going to have on their lives in the future.
But the people who make the big bucks are often intentional, strategic, and have a plan. Here are the steps you can take, to make an extra $100,000 per year (or more!)
- Get A Raise
- Build In-demand Skills
- Start A Side Hustle
- Analyze Prices
- Launch Your Own Company
- Reach More People
1. Get A Raise, Bonus, or Find A Higher Salary
The fastest and easiest way to make more money is to get paid more doing what you are already doing. Period. When it comes to money, always try to optimize what’s in front of you.
Talent is in high demand and you have the leverage. Pretty much no matter what industry you work in, it’s really hard, and getting harder, for employers to find good talent.
The power dynamic has shifted so employees have more negotiating leverage. We are in a talent drought. The competition to recruit, hire, and keep you happy has never been higher. You can use this to your advantage.
Can You Make More Money At Your Current Job?
Did you know that it costs most employers $20,000+ to just replace one employee, so they will likely pay you $10K+ more per year just to keep you? And if they won’t and you want to leave, there are companies that will pay to get you. Don’t sell yourself short.
There has never been more salary transparency and it’s so easy to figure out what other people in your role at other companies are getting paid. It’s also easy to use salary data to scope out career trajectories. Don’t like what you are doing today and want to make more money? Figure out what skills are needed for the job you want and start building them.
In the digital economy, the money is there, but most people leave it to chance and think their bosses are going to see their hard work and reward them. I hate to break it to you, but you are on your own. Be your own advocate — ask for what you want, back it up with data, and come up with a clear game plan for where you are trying to go.
Check out my detailed post on how to get a raise. I get emails all the time from readers who’ve used the strategies in that post to get $10,000+ raises. One woman used it to get a $30,000 raise. It’s worth having a look.
2. Build In-Demand Skills (Future-Proof Yourself)
Skills are future currency. The more in-demand skills you have, the more money you will be able to make, the more control you will have over your income opportunities and the ability to diversify them.
You can use your new skills in a full-time 9 to 5 job, to side hustle, or use those skills to launch your own business and become an entrepreneur.
It’s actually never been easier to change careers, so building in-demand skills is a quick way to make more money — because you can switch jobs much quicker once you have a skill that’s in demand.
3. Learn New Skills & Increase Your Worth
Thankfully it’s never been easier to build new skills for free or inexpensively. It used to take decades working at a job to learn the ins and outs of how the company and position worked.
In the old model, an employee would start in an entry level position, learn the ropes, and get a promotion every 2 years with a 5% salary increase into the next role managing the people who did the tasks below them.
You spent your time managing people and learning new skills. If you stayed long enough with the company then you might work 10+ years to reach the level of senior management.
Your experience was aligned with compensation and later promotions depended on less on your value and more on the position opening up from someone up above moving out. This was the old school model.
Now with YouTube, online courses, and mentorship, you can learn new skills rapidly and have an immediate impact on your company’s or your own bottom line.
4. Analyzing Your Circumstances To Improve Pricing
If you really want to make more money than it’s essential to learn to analyze your sales or business opportunity at a deeper level. I really learned how to analyze people while playing poker in college. What does the customer really want?
What does your boss really want? Don’t just think about what they are asking — think deeper about what’s motivating them. In a lot of business situations, your boss or potential client want to look good/make more money/be successful.
So if you can help them do all three of those, you are golden. I spend a lot of time writing emails for my clients that they can forward on to their bosses to showcase the impact they are making. The next time you are delivering or trying to sell a project, think about what you can add to make your client more successful. Then price for it!
5. Launch Your Own Company
It’s never been easier to launch your own business. You can build a website now in 20 minutes and be selling products or offering services in a matter of days. If you are going to launch a company, I definitely recommend you start an LLC, the easiest type of company to set up, so you can separate your business and personal assets.
There are many advantages to launching your own company and managing your life like a company. You can take tax deductions for business expenses, you get certain legal protections, and you can use a small business credit card to rack up extra miles for traveling for free.
6. Be Your Own Boss & Pay Yourself More
Working for yourself either full-time or on the side has never been easier and it’s the clearest path to wealth. All of your investments — your time, networks, skills, and, of course, money will compound over time — resulting in new income streams and opportunities. It’s important to invest your time building the habits, skills, and networks that will set you up for life.
If you love writing about something start blogging about it. It may took you a year to start to build an audience and make money on advertising ($100-$2,000/month), then earn commissions by recommending products/services through affiliate marketing ($1,000 — $10,000/ month). Here’s a list of the best affiliate programs.
Once your audience is large enough, I started a premium course for readers who want to go deeper. Given the initial success of the Millennial Money Course, I am currently working on a few new courses — one on SEO and side hustling.
Making money at anything takes time – it’s not just going to magically appear, but it has never been easier to build an audience and sell your expertise. Start building the foundation.
To go deeper, here’s how to actually make money online.
6. Reach More People with Your Product or Message
I have built my career targeting people online. I’ve been fortunate to work with over 200 different clients, including many of the top universities in the world to help them target and sell their products.
Today, you can target almost anyone on earth with a message personalized for them through digital marketing on the platforms that they use every day.
In fact, when my wife was in Africa, I built a Facebook ad campaign with a small targeting audience just so she could see an ad that said: “I miss you!”
How To Earn More Through Digital Marketing
You might be thinking — well how can I do this? The good news is that anyone can learn how to market products online.
There are many high-quality free resources where you can learn about digital marketing and most platforms (like Google & Facebook) have extensive videos where you can learn the platform.
To learn the basics for free, check out the learning centers for Google Adwords and Facebook. There are also low-cost courses you can take, but if you are motivated, you can learn everything you need to know about digital marketing for free.
Once you’ve learned the fundamentals, then it’s time to learn from experience.
It’s important to note that just because it’s never been easy to reach people with your product or message, it also means that more people are doing it. The marketplace has become both more competitive and difficult to get someone’s attention. Just because it’s easy to target, doesn’t mean that the people you target will care, respond, or buy.
In order to get them to actually pay attention, it’s important to clearly communicate the unique value of what you are offering. You will always have competitors, so it’s important to highlight what makes you or your product unique and why someone should hire you or buy your product.
What makes your offer different? Why are you better or faster or more reliable? If you can get this message to the right people at the right time, you can unlock incredible money-making and selling opportunities.