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In 2015, the average American earned about $56,516. That number has already grown by now due to inflation. In any case, earning that much might not be attainable, especially if you have just graduated from college.
You still have student debt and rent to pay off, not to mention daily expenses such as food and transportation. The good thing is that it’s possible to become a top earner in your field. You only need to apply the right strategies as you start building your career. Here are a few tips to help you grow your earnings:
1. Improve your relationships
You won’t get far if you can’t develop valuable relationships. Your success will depend a great deal on how effective you are at networking, and the friends you make along the way could help you secure high-paying positions later on.
If you think that you are better off alone, then you will need to change this mindset. The reality is that you need to connect, especially with leaders and veterans in your field.
All it takes is effort and confidence. Become more open to other people, especially those who know more than you. Share insights with them and pitch ideas that are worth exploring. Doing these demonstrates your desire to develop valuable relationships.
You will also need to be among people who can function as mentors. From knowing the ways to get rich to managing a side job, there’s a lot you can learn about financial success from experienced workers in your field. Building a network ensures your survival and provides you with opportunities for demonstrating your value.
2. Start upskilling
College may have equipped you with everything you need to work in your field, but your education doesn’t stop with an undergraduate degree. The job market is constantly changing as technological disruptions occur. Today’s workforce will need to be flexible in adapting to the latest trends. Instead of relying on your current skill sets, make the effort of learning new ones.You won't get far if you can't develop valuable relationships. Your success will depend a great deal on how effective you are at networking, and the friends you make along the way could help you secure high-paying positions later on.Click To Tweet
For instance, if you are starting a career in teaching, you can learn about app development so you can create custom learning platforms. If you are planning to work in the financial industry, consider learning skills in data management and data forensics.
Through upskilling, your career options widen and companies won’t hesitate to provide proper compensation for the number of skills you have. Take online courses or feed your curiosity about the latest approaches and tools in your industry. You can also develop your abilities by taking part in seminars and training programs. If there’s an opportunity for you to enhance your value as a professional, don’t let it pass you by.
3. Show your capacity for leadership
Becoming a leader requires hard work, but this is not entirely the case. Hard work does pay off in the long run, but becoming a leader involves more than just breaking a sweat. As you climb your way towards a high-paying leadership position, the rewards become greater.
You need to show your capacity for handling greater responsibilities. Even if it’s your first job, make yourself stand out by becoming an example to your colleagues. If you are asked to do something you think is beyond your skill sets, take it. You will learn how to do a good job at it eventually.
A good leader participates in the decision-making process. If you think you have an idea for an effective solution, share it with everyone else. Be critical of what’s going on and provide insights that can push the organization forward.
You don’t need a Master’s degree just to show how worthy you are of being a leader. You need to be proactive and creative in every task you do, and you need valuable skills for developing rapport. Don’t build walls just to compete for a position. Instead, focus on building trust. Adopting the mindset of a leader will accelerate your career growth and increase your earnings.
4. Know your worth
If you are just starting out, you might be thinking that any salary offer is good enough. With this mindset, however, you will risk undervaluing your actual worth as a professional. For this reason, you will need to negotiate for a fair and just salary.
Not all companies play fair when it comes to accepting applicants. They can mention commissions, incentives, and other benefits, but will you be receiving all these once you are onboarded?
Employers can say all kinds of things just to hire the right people, but they might not pay you based on your level of experience and achievements. If you are offered a salary that’s lower than the average salary for employees in the same position and industry, then you might want to consider walking away.
On the other hand, there’s a chance for an employer to negotiate. Make the most of this opportunity by setting a realistic figure as your expected salary. Provide a justification for that number and tell the employer you wouldn’t go any lower. The negotiation may end in a compromise, but as long as the final amount matches your expectations, then you might as well accept it. Negotiating your initial salary might not cause your wealth to grow quickly, but it allows you to get better pay as you climb the ladder of success.
The economy is always in a state of flux, so it’s important that you earn more just to get by. When you are just starting your career, keep these tips in mind and get paid fairly.