How to Grow Your Income

How to Grow Your Income More money. We all want it, dont we? Sometimes, it can feel like our income isnt in our control but nothing could be further from the truth. There are two big levers to creating wealth income and expenses. Taking ownership to increase the money we earn covers half the equationIncome growth is particularly important for women, as we generally face awage gaprelative to men. Were also more likely than men to take timeout of the workforce often to serve in highly valuable but non-paying caretaker roles for children or parents.Here are three ways to grow your income and accelerate your path to wealth.Get more from your current job.A pay increase in your current job is a logical distributionspolitik to start, and technology is your friend in this effort. Just a few years ago, we had to rely on general industry studies,governmentdata, or asking colleagues (yikes) to benchmark our salaries. Today, pay data is increasingly accessible. TheFairygodboss salary databaseg ives you much more precise data on what your role is worth.If youre gunning for a pay increase, you need to document the heck out of the business value you deliver to your employer. Decide the exact amount youre worth, and then increase it by at least 10%, becausewomen dont ask for enough.Prepare at least three other non-salary items (like more PTO or a better expense account) that you will negotiate for if you dont get the full increase youre requesting. Practice by negotiating with a savvy friend who can role-play your boss reaction.Dont wait for the next review cycle. When your case is ready and youve practiced your pitch, confidently approach your boss with the business case for why you have earned a raise.Create a side hustle.Sites likeEtsy,TaskRabbit, andCare.commake it easier to tischset up aside hustle. A hustle allows you to create an additional income stream from applying your skills to the hours in which youre currently not working. Youll want to carefully consider any as sociated costs to ensure your side hustle actually brings you income, and doesnt deliver a costly headache.Unsure where to get started? This post lists99 ideasfor your consideration. Ask neighbors and friends if they have small tasks theyd like help with, for a fair hourly rate. Most importantly, save the money from your side hustle (or put it towards debt) to get the maximum return from your extra effort.Pursue a job or career change.Your position today might not be ripe for income growth, or youre ready to move on. Whatever the case may be, changing jobs can result inhigher income increasesthan sticking with your current employer. Explore careers that are recognized for higher-than-average pay, and identify which companies receivehigh ratings from female employees.Next, startnetworking. Ask friends, neighbors, and former classmates whether they have contacts in the industry or company youre looking to move into, and offer your support to them in return. Consider investing in a gro up likeEllevate Network, a global network of women supporting other women to advance in the workplace, or joining aLean In Circle.Think about the last time someone asked you for career help. I bet you were happy to offer your support The vast majority of those you reach out to will feel the same, and networking will increase your odds of landing a new, higher-paying gig.Each idea to grow income will take time and planning. Start by deciding which is right for you. So - which are you going to prioritize to grow your income over time? Or, is there another approach youre going to focus on? Im curious to hear--The Feminist Financieris on a mission to help women build wealth and own their financial independence, by improving financial literacy and taking the mystery out of money. Ms. Financier is also a shoe addict, travel fanatic, and wine enthusiast.Fairygodboss is committed to improving the workplace and lives of women.Join us by reviewing your employer