Sometimes the easiest way to earn more isn’t by jumping ship to a new job but by making the most of the one you already have. But knowing where to start can feel tricky. Do you ask for a raise? Take on extra projects? Negotiate perks that put more money back in your pocket?
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To get clear, GOBankingRates spoke with Julia Simkus, career coach at Wanderlust Careers, to discuss some practical, real-world advice on how to boost your income without overhauling your career. Here’s what she had to say.
Also see eight ways to boost income and cut costs without a side gig.
Negotiate a Raise or Promotion
According to Simkus, one of the most direct ways to increase your income is by negotiating a raise or seeking a promotion within your current organization.
Before approaching your manager, she recommended making sure to research industry salary standards for your role and document your achievements and contributions to the company.
“When you’re ready, schedule a meeting with your manager to discuss your performance, highlight your accomplishments and make a case for why your compensation should reflect your value,” she said.
Check Out: 12 Totally Free Ways To Make Enough Passive Income To Quit Your Job
Upskill With Skills and Certifications
Simkus also advised investing in professional development as a way to open doors to higher-paying opportunities.
Start by identifying in-demand skills in your industry and enrolling in relevant courses or certifications (check out Coursera, Udemy or Linkedin Learning). Once you acquire new skills, you can then apply them to your current role to demonstrate increased value.
“Consider discussing your growth plan with your manager to align your development with organizational needs, showing that your advancement benefits both you and the company,” she said.
Start a Side Business or Freelance
“Utilizing your skills outside of your main job can provide an additional boost to your income,” Simkus explained.
For example, identify services you can offer based on your expertise, such as writing, graphic design, tutoring or consulting.
You can build a portfolio or online presence to showcase your work and set aside dedicated time outside of your primary job to pursue these side projects.
“Consistently delivering quality work can turn these side gigs into a steady supplementary income stream,” she said.
Optimize Employee Benefits
Simkus also noted that many employers offer benefits that indirectly increase your income by reducing expenses.
She advised reviewing your company’s benefits package carefully and making full use of tax-advantaged accounts like flexible spending accounts and health savings accounts.
“Take advantage of employer-sponsored retirement contributions, travel stipends or other perks that can reduce your personal costs, effectively boosting your take-home pay without increasing your salary,” she said.
Develop Passive Income Streams
Creating income sources that require minimal ongoing effort can supplement your earnings over time, according to Simkus.
Consider investing in assets that generate rental income, opening a high-yield savings account, or monetizing a blog or social media account through advertising or affiliate marketing.
“Even small passive income streams can add up over time,” she said.
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This article originally appeared on GOBankingRates.com: I Asked a Career Coach How To Boost My Income Without Changing Jobs
