There are two ways to reach your financial goals, no matter what they might be. Do you want a solid emergency fund? Max out your retirement accounts? Invest any disposable income of yours?
Any financial goals you have can be reached by either minimizing your expenses or raising your income. For quicker and even more impactful results, combining both is the golden ticket.
Turning 30 a few years back had me reevaluate my career choices. Including where I had thought I’d be regarding salary at that point. To say I was a bit disappointed would be an understatement.
I could have buried my head in the sand and made excuses. Instead, I made a plan to double my income in five years time. A goal I’ve accomplished in four years and will now share to inspire you to make your own plans.
Here is how I doubled my income in four years!
I used to work in the finance group of a local not-for-profit. The work was great, my team and boss awesome, and the mission of the organization admirable. But, I didn’t make good money.
Not-for-profits are known to pay less than for-profit companies. So my first career change was to step into the for-profit, corporate world. Yes, this change required leaving my team and learning a new job. But it was well worth it.
This seemingly small change bumped my income up by 20%.
My accounting degree got me this far. But to accomplish my rather ambitious goal, I had to take it a step further. Given my finance career track, becoming a CPA was a great option. Great, but not easy.
For the next year, I spent day in and day out studying for the four CPA exams. The time investment was tremendous. The monetary investment was significant as well. But the $5k spent once was recouped multiple times over in the end.
My boss not only recognized my newly acquired license but was very likely worried I would take my new skill set to another company. I was promoted and given a raise as well.
Studying hard and investing the time increased my income by another 15%.
A few weeks ago I took my third and final step to reach my goal. By finding another, better paying job. This seems to be simple but is all but. Many of us get comfortable at their companies. And with that sometimes lose out on opportunities.
Moving on to another company has provided me with another promotion, higher pay, and with that, an easier time maxing out my retirement accounts. That doesn’t mean jumping ship is easy though.
You might like your responsibilities. Might have been with your company for many years. Might like your team members. But does that mean you should lose on on opportunities such as promotions and raises? And what more money can afford you and your family?
Willingness to jump ship increased my pay by 17%.
How about you? Will you look into opportunities to increase your income? Will you take a chance?
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