Three Methods to Increase Your Earnings from Someone Who Raised Her Salary Significantly

If you wish to save more effectively for a house purchase or early retirement, you might start with cutting discretionary expenses. However, there are only so many small expenses one can realistically eliminate.

According to Rachel Camp, a certified financial planner and proprietor of Camp Wealth, true financial advancement hinges on focusing on significant financial changes or 'needle movers'.

One efficient way to achieve meaningful financial advancement is by increasing your income. Ensuring that lifestyle inflation doesn't accompany every pay raise can lead to enhanced progress towards fulfilling financial aspirations.

This principle is well understood by our subject, a 30-year-old who transformed her salary from $72,000 in 2017 to $186,000 by 2021. Presently, as a senior product manager for the federal government, she earns approximately $190,000, having also been an entrepreneur.

Here are three approaches she recommends for increasing your income.

1. Leverage Your Abilities

Even without a technical background common among product managers, El Amin identified valuable roles within her company. She engaged with individuals in these roles to determine the necessary skills to succeed on their teams.

At the outset of her professional journey, she collaborated on projects across various domains like marketing, legal, and engineering. These interactions allowed her to showcase her potential, which later led to securing a managerial position in product development, boosting her income beyond the six-figure threshold.

She deliberately positioned herself early on for a career path favorable for salary and career advancement.

On social media, El Amin frequently advises utilizing interests and personal skills—like organization or leadership—to transition into more technical, higher-paying roles. For instance, those who enjoyed planning and leading clubs can look for well-compensated roles such as product or program management.

Transitioning to a new career path could begin within your current company, as these roles exist in various sectors. El Amin emphasizes that redirecting your skills is easiest in your current workplace.

2. Step Up or Step Out

Cultivating new skills within your current job might be beneficial, but transitioning to a new employer could facilitate larger salary increases or promotions.

Data indicates that job-switchers often experience faster wage increases compared to those who remain in one position. During the height of the Great Resignation in July 2022, job-changers saw an average annual wage growth of 8.5%, whereas those who stayed saw an increase of 5.9%.

Since 2019, El Amin has changed jobs approximately every 18 to 24 months. This duration is typical among product managers, and it aligns with her goal of either advancing within or exiting a role to keep skills sharp and salary increasing.

Her initial job transition led to a $50,000 increase in total compensation within one year, highlighting the advantages of strategic job changes.

She acknowledges the current job market challenges, noting that some employers are hesitant due to economic uncertainty. Nevertheless, she stresses staying alert to new opportunities as a key strategy, especially if the current role feels limiting.

"Don't remain in a job beyond its usefulness," she advises. "Always explore your options and consider what else might be available."

3. Monetize Expertise Beyond the Regular Job

Other than her two years devoted entirely to Flynanced, El Amin has operated her side business since 2020.

While starting your own business isn't necessary for extra income, El Amin suggests capitalizing on your existing talents to find a lucrative side pursuit.

"Don't underestimate the potential of monetizing skills outside your primary job," she asserts. "Many overlook their innate talents, which can be profitable if you find the right demand."

Although fields like influencing may seem appealing, skills in areas such as accounting, content development, or data analytics can also become profitable side gigs.

"Consider what tasks come to you naturally, where friends or coworkers routinely seek your help," she advises. "These are areas you could potentially start monetizing."