5 Brilliant Ideas to Double Your Salary Fast
Side hustling can be a fun and lucrative way to make extra money, but if that’s not an option, the next best thing is to increase your salary at your current job. Read on to find out how you can double your salary fast!
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About 10 years ago I found myself a new single mom without a job. Times were tough back then and money was extremely tight.
I had just graduated from a 4 year university. I had an accounting degree, but nobody would hire me because I had no experience in the field. Throughout my career, I had always worked administrative jobs.
I was extremely frustrated and had the immense pressure on my shoulders to provide for my son. I almost gave up on the job search, but then, a door opened.
Namely, I went door to door to every CPA and bookkeeping firm in the area. I offered my services until someone said yes!
I worked as a bookkeeper on a part-time basis for about six months. Once I had this experience, I found work with a small company as an Accounting Clerk – the lowest spot on the totem pole so to speak.
The pay wasn’t great. In fact, it was less than what I was making as an Administrative Assistant, but I took it because of what it represented: An opportunity.
It truly paid off. Within 4 years, I had more than doubled my salary!
If you want to learn more about my journey to financial freedom and the budget method that helped me get there, download my Free Guide to Budgeting here!
Having a higher income definitely provided more wiggle room for me to start investing and build up my savings faster.
Although side hustling is a legit way to make money on the side, there’s also simple things you can implement today, to increase your salary at your regular job, fast!
Most companies will dole out a small percentage raise each year, but you can aim to get higher raises and a promotion or two by standing out. Here’s how.
Go the Extra Mile
Standing out in a crowded company is easier than you think. Nowadays, most people just do the bare minimum to get by.
Giving even a little bit extra of yourself can go a long way.
Don’t be a Clock Watcher
While I don’t advocate spending hours on end at work, supervisors do notice how you generally manage your time. Do you stay a little bit later to help out when there’s a tight deadline coming up? Do you normally arrive on time?
As much as I can, I try to arrive a bit early and leave a bit late. If I have to leave to pick up my son, I would sometimes log in from home to finish a quick report or catch up on emails.
Boundaries are important, so I strongly discourage being consumed by work, but putting in a little bit of extra time here and there can place you in the forefront of your manager’s mind when the annual review comes around.
Make It Your Job
One simple way to stand out is to say yes more often. There’s nothing more discouraging than to ask someone for help and to hear “It’s not my job”. Sadly, these words are said daily in offices everywhere.
Job descriptions are guidelines, not rules to live by. If you truly can’t help someone out due to other commitments or simply because you’re not the right person for the job, at least direct them to someone who could help.
If your company has an “employee spotlight” section in their newsletter or other company publication, read it and figure out what others are being showcased for. More often than not, you’ll see that it’s because they’ve gone beyond their assigned duties to help someone else.
Anticipate Others’ Needs
Another way to stand out quickly is to think ahead to what others will need from you. How could you be of benefit to those around you?
Helping others is a funny thing. You think you’re doing something for someone else, but truly, all that goodness just comes back to you at some point, in one way or another.
At the very least, if you get absolutely nothing in return, it will give you purpose and help you feel useful and fulfilled.
Listen
So how can you anticipate others’ needs? You listen. Normally, when I attend a meeting, I write down what I hear executives and co-workers complain about, and I listen for opportunities to help.
If they’re saying how much they wish they could document a process, I volunteer to do it. If there’s a report that can be easily made more user friendly, I present my vision on how to rework it, and I do it if they are in agreement.
As a word of caution, don’t just assume that everyone will love all your ideas. We once had an intern modify all our reports within his first month with the company, wiping out MONTHS of work in the process because he didn’t understand the files enough.
It’s important that you don’t stretch yourself too thin. If there’s simple ways in which you can help and add value to others, do it!
Invest in Yourself
It sounds counterproductive, but to help others, sometimes you have to invest in yourself.
Is there something that seems important at your company but you don’t know enough about? Invest some of your time to research it. The knowledge you acquire will always stay with you, even after you leave that company.
There was little training provided for a specific task at a job I had recently. The way I saw it, I had two options: I could complain about it, or I could do something about it.
I chose the latter. It took Google, YouTube videos, books and other resources, but I was able to figure out what I needed to do to complete the task.
This also helped me become a resource for others to learn as well.
Related Posts:
How to Rock a Side Hustle When You Have a Full Time Job
3 Quick Strategies to Reach Your Financial Goals
How to Land the Perfect Job Every Single Time
Be Visible
Many times, anonymity is comfortable. When you just do your job day in and day out, it feels safe. However, safe will not get you far. Challenge yourself to step out of your comfort zone!
Are you afraid to speak in public? Practice in a safe environment with friends or family, and then make a conscious decision to speak in public at the office. You don’t have to start by giving a conference.
Start small, maybe in meetings with a few individuals, and work your way up from there.
Other ways to be more visible include:
Volunteering for assignments
Working in group projects
Connecting with others, both in and outside of your department
The more you step out, the more you expand your sphere of influence.
I’ve worked for several companies where managers will meet with each other and discuss candidates for promotion. In case this also happens in your company, you want several managers other than your own to have a good point of reference of who you are.
Take Risks
Closely related to the last point, is taking risks. Applying for a position you feel underqualified for, or signing up for assignments slightly above your current level takes courage, but these are the very things that will help you rapidly increase your salary.
Additionally, don’t be afraid to seek out new opportunities with other companies if you feel you’ve “capped out” your growth potential with your current employer.
Sadly, loyalty doesn’t pay well these days. According to Forbes, “employees who stay in companies longer than two years get paid 50% less” over their lifetime than those who move on.
Look for opportunities that will give you a well-rounded experience and expose you to new systems and tasks. If that’s not available at your current company, be prepared to search for them somewhere else.
Smile
When I’ve participated in meetings to choose someone for a promotion, the person with the best attitude always wins over the person who is more qualified.
In a world full of negativity, the easiest way to stand out is to have a positive attitude.
I make it a point to smile often and at everyone, from the CEO to the janitor.
Why?
First, it can make that person’s day (we never know what other people are going through!).
Second, it puts me in a good mood.
Third, I don’t know who will be that one person who will be in a position to help me later on.
Chances are, that one smile can make all the difference!
In closing, although budgeting and keeping your expenses down are important, increasing your income is a fast and simple way to get to your financial goals faster.
By using the strategies I’ve outlined here, I was able to more than double my salary within a little over four years.
This allowed me more freedom, and it can do the same for you!
What is one thing that has helped you get ahead in your company? Share it in the comments below!
