4 Simple Ways To Maximize Your Income

A key focus of my blog is Financial Literacy/Money. In the money world, an important skill is stretching our your dollars and maximizing your earnings. This can be done in any number of ways. The following contributed post is entitled, 4 Simple Ways To Maximize Your Income.

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When it comes to looking at your net worth and gross salary, you may wonder how you do not have as much saved as you should. It can be easy to be reckless with your money if you have some to play with after each paycheck but do not let that happen. If you do, you will never be able to maximize your earnings and save enough for your dream home or goals.

Let’s take a look at how to maximize your income in four simple steps.

Via: Pixabay (https://pixabay.com/photos/calculator-calculation-insurance-385506/)

Invest Your Spare Money

After most monthly paychecks, you will have some spare money that most would spend on clothes or unnecessary foods. Instead, you could put that money aside and invest. There are numerous areas to invest in nowadays from property to cryptocurrency, which is wildly popular now and you can get more help on swyftx.ca.

When it comes to investing, it is important to look at what’s not hot. If you invest your money into something that is already popular, you may not be able to maximize your money. Investing wisely in smaller pots maybe offer you more of a guaranteed income and will minimize risk.

If you want a greater return, you will usually have to take more risks. Don’t put all your eggs in one basket. If you’re saving over the short term, it’s wise not to take too much of a risk.

Negotiate Your Salary

If you have been on the same salary for a while, yet are taking on more work and responsibility, it might be a good time to ask for a salary increase.

Not negotiating is a huge mistake. Many employers who start with a lowball offer never ask for an increase, which they are entitled to if you are working harder and completing more work. Missing out on more annual income makes a huge difference, especially since future raises are typically based on starting salary.

Enhance Your Skills

Education is expensive. But, acquiring credentials and learning new skills can make you more employable and boost your earnings, as long as you pick a practical field.

For example, say you want to take the next step on the ladder in your current job, you may need an extra qualification. Taking that course may be costly and timely, but it will be worth it when you start earning more money.

Even if you don’t want to spend the time or money to go through an entire degree program, find out about training opportunities at work or certifications you could acquire to put you on track toward the promotion and more money.

Pursue A Side Hustle

If you have a passion or hobby that involves making a product or offering a service, there is no harm in turning it into a side hustle. If you have spare time at the weekends to make your favorite candles, you could sell them at a market or online to earn extra cash.

It may even turn into a full-time career, who knows? You will never know until you try.

Why You Should Think Carefully Before Accepting Overtime At Work

The first principle of my blog is Creating Ecosystems of Success, and a key focus is Career Discussions. Not all careers and sectors are the same. Whether earing a salary or a wage, a key consideration to any career is working overtime. Some workplaces offer it, and some don’t, and there are often rules associated with it. The following contributed post is thus entitled, Why You Should Think Carefully Before Accepting Overtime At Work.

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Overtime at work is something of a double-edged sword. Sure, working extra means that you will benefit in more money in your pay packet at the end of the month. However, overtime isn’t always that simple, and there might be some jobs that don’t pay for their employees’ extra hours or won’t let them take any in the first place. So, if you are on the lookout for a job that will come with the option of plenty of overtime, you might need to take this into consideration. That’s not the only thing you will need to bear in mind when contemplating overtime – here are a few extra pointers to remember.

Not Every Job Will Come With Overtime

As I’ve already briefly mentioned, not every job will allow its employees to take overtime. More often than not, jobs that pay their workers in a salary often fall into this category. That’s because employees will receive the same payment each month. They are paid for the whole year, split into twelve payments. This is different to workers on a wage, as they will be paid according to the number of hours done. So, as you can see, it’s easier for an employer to work out overtime for staff who earn a wage, as they just need to add the extra hours to their paycheck.

Unauthorized Overtime Still Has To Be Paid

Most of the time, an employee will have to OK their overtime hours in advance with their manager or supervisor. However, in some cases, an employer can then turn around and try to argue that they never authorized the overtime hours in the first place, and could refuse to pay. This is an example of wage theft and is unacceptable. If this ever happens to you, you should speak to an employment lawyer for advice. In most cases, they will advise you to take your employer to an employment tribunal to sue them and claim these lost wages back along with compensation.

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On A Salary? You Can Still Take Overtime

I may have mentioned that it is unlikely for salaried employees to be offered any overtime, but there are some cases where it could happen. In fact, you need to look at your job responsibilities and current salary to see if you are entitled to extra overtime. Normally, it is offered to workers at the lower end of the payroll. Unfortunately, though, this still depends from company to company, and your employer might not be too keen to offer you extra hours if you are on a salary.

Don’t Overdo Overtime

The prospect of more work to earn more money might be too good to pass up on. However, you need to be careful that you don’t overdo it with the overtime. You need to make sure that you get plenty of rest between shifts or else you could end up exhausted and stressed. And that could have a very detrimental effect on your work!

So, are you ready for overtime?