Everyone wants to be rich, right? I’m not sure if that statement is entirely true, but I know I want to be rich. Rich and nourished in life, friendship, family and yes of course, financially.
I haven’t come from money. My husband and I were never taught how to manage personal finances. We’ve had our own struggles with money. We fumbled our way through many years together, thinking we were focused on the right things when we weren’t. Thinking we were prepared for emergencies or hardship when we weren’t. Thinking we knew enough to build the kind of life we wanted when we really knew very little.
There came a time that I became so fed up with the distance between my desire to be wealthy and the actual feeling of wealth and abundance that I was living, so I started to learn.
After many years of studying the topic and applying my own trial and error I feel more secure and smarter than ever before when it comes to my finances. The reason is that I learned. I wanted to learn more about a particular topic… so I did. I wanted to become better with my money… so I tried. This is the funny thing about the Universe. All you need to do is want something, believe you can achieve it, and make some effort to get it.
One of the most interesting things that I’ve learned over the years is what my most powerful wealth building tool is.
Yes, there are investments, stocks, hedge funds (I honestly don’t even know what a hedge fund is), real estate, inheritance and all those other fancy things you may think are the keys to building massive wealth, but I’m here to tell you that while those things may be an important part of wealth building and many people may attribute their fortunes to one, or a combination of those things, there is something even more important than any of the things I just mentioned. Something more powerful that will aide in your wealth building journey.
It sounds so simple, but it’s shocking to me how many people do not realize how important earning a healthy income is. After all, how many of those things that I just listed can you do without money? How many investments can you have, how many rental properties can you own if you’re not maxing out your income potential. Sadly, not many.
I know it may seem obvious that making more money will make you more wealthy, but are you doing anything about it?
Many people are coasting along not maximizing their income potential year after year. And as a result they are missing an opportunity to become wealthy over and over again.
Your career is more than just a job. It’s your ticket to wealth. Whether that’s climbing the corporate ladder, running your own business, creating a product or service to sell, picking up side work or better yet a combination of several of these! Earning a fabulous income is the easiest way to get the ball rolling and to start reaching your financial goals.
Here are a few of the simple ways I see people missing out on money:
1 - Not negotiating or asking for a raise
It’s your livelihood we are talking about here! You have every right to ask for the amount of money you think you deserve and to confidently negotiate a raise when you know one is due. If you don’t do this, you run the risk of become underpaid very quickly.
If you want some very helpful advice on how to ask for a raise, check out this article, click here.
2 - Staying in one job for too long
Gone are the days of graduating college, getting hired for a company you admire and working there until you receive the gold watch and retirement party. People move around in their careers now more than ever and it’s a fabulous way to majorly increase your salary. Whether that means seeking out a new company to work for or just taking on new opportunities within your current employer.
Switching up the positions you hold will allow you to take bigger leaps in pay with each move. Don’t get stuck for too long in one place or doing one thing, this could very well prevent you from earning more money.
3 - Not pursuing side hustles or part time work
I get it, running a side business while also navigating a full time career is not for everyone, but you should consider it. Here’s why…
There are infinite things you can do on the side that can add major money to your bank account and many of them could be very low commitment in time and energy.
My husband has been selling stuff on eBay for several years now, he goes to garage sales or estate sales, picks up a few items he thinks are interesting at a super affordable price, then lists them on eBay and makes a couple hundred dollars a week. And he thinks it’s fun!
I have friends and clients that design t-shirts, make hand painted signs, sell pottery, do website design, among many, many other things… all on the side.
Pursuing a side venture is a great for many different reasons. It can be an amazing way to share a gift or skill that you have! People need and want what you have, sharing your talents is a win-win for you and us. It can be a way to have fun doing something that interests you. And, of course, the big reason is the money! (Are you considering starting a side hustle? Download this helpful freebie to learn how.)
Imagine you earn just $100 a week in your side business or part time job, invest that for 20 years at an average rate of return and you will have $238,000 at the end of that 20 years! Wouldn’t it be nice to have an extra quarter of a million dollars to retire with?
And by the way, this is assuming your side business only makes you $400 a month. What if it makes you $4,000? (I did the math for you - that would be 2.4 million in 20 years) Think of the possibilities!
Whether you’re settling in a crappy job, underpaid and not asking for what you need or want, or hesitating to get involved in a side hustle or part time gig, I want you to consider what life would be like if you changed this. What the possibilities would look like if you focused on your career and your income. You deserve a career and life that you love. You deserve to make great money and feel financial bliss. This is the single most important factor when determining if you are going to become and stay wealthy.
And call me a forever optimist, but I think there’s enough to go around for each and everyone of us and that you can have it if you want it!
Thanks for reading!