Monday, January 13, 2014

Financial Abundance | Increasing your income

We're continuing our conversation on the creating Financial Abundance Series.  Since last week, I hope you have taken the first step by creating an automatic draft into your savings account.  I took my own advice and set up another draft so my savings can continue grow automatically.  When I first began my financial journey, I was earning under $10.00 an hour.  Since my income was so low, the only way I new to create abundance was to save.  It began with a savings account at my local bank but once I learned of online accounts, it was on.  Back then, interest rates were higher so when I set up an account with an online bank, I earned nearly 5% on my savings.  It was incredible to see them deposit money into my savings account every month without me having to do anything to earn it.  At the end of the year, I was elated to find out that I earned extra money for free!

Although I enjoyed watching my savings grow, I realized that I also needed to increase my personal income.  $9.75 an hour wasn't going to cut it.  At the time, I was working an entry level job in my career of choice.  While I was still in school,  I would look at higher  paying job postings in my field and fantasize about earning that amount one day.  A few reading the book "Write it down, make it happen," I grabbed a note card and wrote down a lofty goal to double my income.


When my supervisor left her position and I immediately stepped out of my comfort zone by taking on more responsibility.  They eventually filled the position but the new supervisor recognized how much work I was doing beyond my scope and immediately gave me a small raise.  I was one step closer to my goal.  Even when my new supervisor was in place, I still took on as much additional work as I could.  My intention was to outgrow my position as quickly as possible.  A year later, an opportunity came up for a manager level position.  At the time, there were two of us who could have filled the role.  The other candidate was a more experienced employee in anther department. who worked for the company much longer than I had.  The difference between us was the goals we had for ourselves.  I was on a mission to double my income.  She, wanted to work in a different department.  I applied for the manager opportunity and got it!  She took an a lateral move by backfilling my position.

The new position didn't double my income like I had hoped.  But, less than a year later, I was promoted again with another raise. Within two years I joined another company who offered me a raise of $12, 000 more than what I was currently making.  Two years later, another job offer and another nice bump in pay.   I've been tracking my salary on paper for the past 7 years and, looking back, this year my salary will be double what I earned in 2007.  I believe my result is due to several factors:

+ I had a clear written income goal.
+I realized that, in the workplace, financial growth is obtained through promotions (or large incentives, or both).  Promotions happen when we outgrow our current role so I am always willing to take on additional responsibility even if I don't get  immediately rewarded for it.  The experience is invaluable.
+I consistently stepped out of my comfort zone to take on bigger roles.
+ I changed companies a couple of times for the intention of adding greater salary increases.  If one stays in the same position at the same company, chances are you are get smaller increases.  It's not worth it to work so hard and only receive a 4% increase at the end of the year.  Not at all.

When I first doubled my income I felt pretty proud of myself.  My goal was accomplished. Then, while at a Personal Development meeting, the speaker challenged me to do it again!  I flinched hard.  My heart rate went up as doubt flooded my mind.  I kept thinking, "there's no way." It was "easy to do" when I was earning an hourly wage, but at my current salary it seemed impossible.  I think my disbelief has slowed down my progress.  Now that I realize what I've been doing, I'm ready to recreate my intention to double my income once again.  Not sure how it's gonna happen.  But I'm ready for the experience. My strategy to make this happen is to work on who I am, as well as what I do.  Can we talk more about this in the next post?

Don't for get to read the first part of this series.

  1. Hi, whats your profession? I am a teacher and I have found that within my field the only way to make a major salary raise is to stop teach and go into ad min, either coordinator or principal direction. But I love to teach and I love kids and that is what I want to fill my Days with.
    Whats your profession?

    ReplyDelete
  2. I think we're all curious as to what you for work. Do you mind sharing?

    ReplyDelete
  3. Hello Nadege-

    Another resource is a movie titled The Secret.
    I plan to practice the principles that are spoken of in this documentary for life.

    ReplyDelete
  4. Hi Nadege,

    You seem to eat 'your profession' for breakfast, lunch AND dinner.
    I hate Corporate America and have no desire to move from job to job or learn more about how to take on more responsibility. I want to create wealth on my own or let wealth come my way by volunteering or helping others. Now what? :)

    ReplyDelete
  5. Hi Anon! I'm so glad you made the comment about creating wealth outside of Corporate America. This is exactly what I'll be writing about on Monday!

    ReplyDelete

 

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