HOW TO 2X YOUR INCOME IN THE NEXT 2 MONTHS
Imagine your next paycheck being twice as big as it was last week?
What would you do with that extra money?
Get out of debt? Buy a new TV? A car? Go on vacation?
What would that do to your confidence?
There's a simple method that you can use right now to double your income. It comes in two phases.
1 - Skill discovery and analysis 2 - Job discovery 3 - Resume perfection 4 - The perfect position for a raise
1 - Applications to new jobs 2 - Meeting with current employer
This method takes a two-sided approach. It puts you in the best possible position to get a raise or to find a higher-paying job.
Month 1: Preparing to 2x your income
1 - Skill Discovery and Analysis
What skills do you have right now that you can get paid to do?
Let’s figure that out.
Begin with a list of everything that you know how to do or that you do well.
I'm not just talking about technical skills. The ones that you have acquired through work or hobbies.
But also the underlying mental skills and knowledge that you have developed.
Here is an example:
Let's say you have worked in a warehouse. You would have developed some technical skills and knowledge like:
Using different pieces of shipment software, using heavy machinery, assembling and packing shipments.
But, you would have also developed underlying mental skills and knowledge such as:
Prioritizing shipments based off of customers and carriers.
Understanding how each different carrier functions and how pricing works.
Organizing inbound and outbound shipments. Hitting deadlines.
In this step, you are dissecting every aspect of the job to find out all that you know.
If you are struggling with this list then here is a tool to help the process.
Imagine that you have to train someone who has never done your job before.
What do they need to learn? What would they do poorly compared to you?
Do this for your current job and your past jobs. Also, include your personal hobbies and clubs or other organizations that you may be a part of.
2 - Job Discovery
How do you find jobs that use those skills?
At first, you are going to hit up all the major job sites.
One by one, throw in the keywords that you identified from your list into the search bar.
From the warehouse example, a few of the keywords may be: Prioritization, organization, hitting deadlines and motivation.
All you are looking to do identify what kinds of jobs use those skills.
Remember that you don’t have to limit yourself to the industry that you are currently working in.
Anything and everything is fair game here.
Next, you will compile a different list. This time you want to find who could use the knowledge or technical skills that you have.
Continuing the example you would search for a few more things.
Shipping knowledge, pricing knowledge, software knowledge, and heavy machinery skills.
Now you have a huge list of jobs to choose from.
In the case of our example, you can now look at management jobs, coordinator jobs, secretarial jobs, administrative jobs, or construction jobs. And the list goes on.
Take your time with this step.
You will not only increase your options but you will get an idea of which jobs are in the most demand. And which jobs have the best pay.
3 - Resume Perfection
How do you develop the perfect resume?
You start by speaking with a some of the companies you listed. You are going to gather information so you can rework your resume.
Talk to the HR director or whomever is doing the hiring for the position.
What are the most important skills or attributes? What are the requirements?
This will provide you with all the information that you need to tailor your resume.
It will also show you just how qualified you are for the job.
Not only is it an advantage to your resume, but also help you nail your interviews.
4 - The Perfect Position for a Raise
Why would you want to go in and negotiate a raise?
You never know what a company's plans are. You never know what position may be available.
And maybe you enjoy your job enough that you would prefer to stay. Just make more money.
You have already listed the skills and qualities that you contribute to the company. You can see your value.
But you need to make your value visible.
Of course, there is one condition before you can make any proposal for a raise.
You must be one of the top performers in your position.
You have no argument to make if others are doing better work.
Especially if they are making the same amount or less money.
So we will assume that your top performer.
Start by making a list of all the things that you do that make a big difference.
Why do you need to make a list and write it all down?
Employers aren't watching you all day every day.
They are busy with other work. They are worried about other things.
They can't always see how you make a big difference. So the burden falls on you.
So start off by asking yourself a few questions.
How have you gone above and beyond?
Where have you saved the company money?
Where have you prevented a big mistake?
What have you done to improve your job or accomplish more work faster?
How much more work do you get done compared to your co-workers?
These need to be very detailed.
The bigger the list the better.
Next, you will want to do some research into your position. You can use Glass Door or the Bureau of Labor Statistics.
What is competitive pay for your job?
Where do you feel you fit in the salary range?
This may be the determining factor in whether a raise is likely or not.
Month 2: Double your Income
1 - Applications to New Jobs
Now begins the process of applying for as many jobs as possible.
There are two reasons for this.
Number one, it is very unlikely to double your income by getting a raise from your current job.
So if you want to go for the big bucks you're going to have to find something new.
The second reason is that having other job offers gives you leverage.
If they want to keep you they need to have more competitive pay and benefits.
Now we know that online sources aren’t the best method for finding work.
But there's more than one benefit to applying to public listings.
First of all, you may get lucky. It's easy enough to apply so why not.
But second, you can get some good interview experience before finding the job you really want.
It's the practice before the big game.
Networking is going to be the primary avenue to find the work you are looking for.
That's where most of the job market is and that is the easiest way to get interviews.
So set a goal. Try talking to 5-10 people each day about your employment pursuit.
Keep going until you have the offers you are looking for.
The speed at which you find something new depends directly on the amount of work that you put into the search.
It may take 2 weeks. It may take 6 months. That’s up to you.
2 - Asking for a raise
If you want to continue work with your current employer, but get a raise then keep going with this step.
If not, then move to the end of the list.
Once you have another job offer you can schedule a time to speak with your employer.
Let them know that you're happy with the company and working there.
Be open. Express your desire to advance in the company and in compensation.
Ask them if that is a possibility and what those opportunities would look like.
Then kindly inform them that other companies are interested in your skills. And they have presented tempting offers.
But, let them know that you would like to stay if the opportunities are there.
A word of caution. Be careful about making a decision based on future promises.
You don’t want to give up an opportunity to improve your career and pay.
Your employer may try and make a promise of a raise or promotion in the future. Maybe a few months down the road.
And then nothing ever happens.
That’s a big risk.
If a promise is real, and they can deliver, it will be immediate. They will, as the old saying goes, “put their money where their mouth is”.
Most people treat finding a job and getting a raise it's very casual experiences.
They feel that it is an infrequent event. They don't need to put much time or work into preparing for it.
But if you are serious about doubling your income that isn't going to work.
It doesn't happen easily, but it can happen fast.