The majority of content that is on personal finance blogs is about the frugality portion of personal finances. The reality is, there are two major factors when it comes to your net worth. The main tenant we all should be concerned about is if we’re spending less than we’re making. Money comes in, money goes out, so as long as you’re spending less than you are making, your net worth will start to grow, and your finance security will stabilize.
Now the reason most personal finance content is about frugality is because there are thousands of things that you can do to spend less money, and spend it more wisely. However, there are very few things that you can do in order to increase your money. In terms of income from your job, you can work more hours, get a second job, get a raise at your current job, or you can get a new job. That’s it.
Working more hours or getting a second job are great options for bringing in more money. Its what most people do when they are tight for cash because they feel it is their only option. However, working more than 40 hours a week is often unhealthy and usually not sustainable. The better option is to make those 40 hours work harder for you by bringing in a larger amount per hour.
Increase Your Earnings
So what is your next career move? Are you in a job that pays a comfortable amount, or are you struggling? Are there frugal tasks that you are required to do that you wish you could ignore? There’s two paths you can take when you are considering your next career move. You can either aim for a raise within your current role and with your current employer, or you can get a new job. The new job could be the same role with a different employer, or you could get a whole new role. If you’re happy with your current role then it is best to stay happy. If your employer can’t give you a sufficient raise, it would be worth looking into other options where you can continue to do the same role but for a new employer that pays you more.
Other factors to consider would include whether there is even going to be room for advancement within your company, benefits that you might gain or lose from switching employers, commuting costs, and your own personal happiness. It can be stressful to start a new job with a new employer, so make sure the rest of your lifestyle can handle the additional stress that comes with a new position and new responsibiltiies.
So what’s your next career move? How are you going to increase your income?