You’d like to improve your financial situation by building a more profitable career. So, what steps do you need to take to boost your paycheck? Here’s how to make more money.
Top Strategies to Make More Money
Choose a Higher-Paying Career
It’s a fact. Some professions pay more than others. And although you shouldn’t pick a career based on income alone, you can make informed (and more profitable) job choices. For instance, let’s say you enjoy building things. According to the U.S. Bureau of Labor Statistics, assemblers earn around $34,970 per year, but welders make around $44,190. So, assuming either role appeals to you, the welding position is a better financial decision. For more information on pay rates, visit these popular salary information websites. Also, keep in mind, fast-growing jobs frequently pay higher rates as well.
Expand Your Skill Set and Knowledge
The more skills, knowledge, and experience you have, the more valuable you will be to employers. And that, in turn, equals higher pay. Healthcare jobs are a perfect example. Licensed practical nurses (LPNs), with one to two years of education, average around $48,820 per year. Whereas, Registered nurses (RNs), with a four-year bachelor’s degree, bring in around $75,330. Of course, going back to school isn’t right for everyone. Nevertheless, most careers provide multiple opportunities for additional certifications, on-the-job training, and other professional development.
Negotiate Your Salary
When most people take a job, they’re eager to accept the first offer. However, failing to negotiate your pay rate can significantly decrease your short AND long-term earnings. After all, raises and promotions usually are based on your current salary. So, assume you accepted $50,000 instead of negotiating for $55,000. Then, for the next four years, you receive a 5% raise. After five years, you would have lost not just $25,000 but over $27,600 in income. If you’re not sure HOW to negotiate, check out these salary negotiation tips.
Switch Jobs or Ask for a Raise
In 2021, the average annual pay increase ranged between 3 and 5%. Yet, switching jobs may result in pay increases between 10 and 20%. Therefore, some job-hunting experts recommend changing positions every three to four years. Of course, this is a personal decision. Still, it’s something to think about. If you enjoy your job but could be earning more elsewhere, you probably should ask for a raise.
Take Advantage of Employee Benefits
In addition to a paycheck, many organizations offer valuable benefits. Sometimes, these are non-monetary (but desirable) perks, like flex time. However, other perks such as health insurance and retirement plans can reduce your spending and boost your savings. Top programs to explore include 401(k) matches and Health Saving Accounts (HSAs).
Are You Hoping to Make More Money?
BOS Staffing would be happy to help! We place talented employees with top companies throughout the greater Atlanta area. Our recruiters will match you with high-paying opportunities, coach you through the application process and assist with salary negotiations. Plus, all these services are free for job seekers! Learn more about the benefits of job hunting with BOS today.