Wealth Pillar Seven: Increase your earning ability

Increasing your earning ability is one of the most important pillars, as it can dramatically boost your results in all the others. 

While everyone focuses on passive income as a goal, if you can increase your ability to earn you will progress a lot faster.

Usually you can receive a little more by giving a little more.

How you can increase your earning ability

If you want to increase your ability to earn, there are a number of things you can do. 

While asking for a pay raise might be one of them, you have a far better chance to earn if you give more of yourself or if you have more value to contribute.

The following points are ways to potentially increase your income (both short term and long term):

  • Work overtime.
  • Work on public holidays.
  • Volunteer to take on extra responsibility or education.
  • Go to university, TAFE, junior college or college and get qualified.
  • Find ways to make the company earn more (or spend less).
  • Do more than you are paid to do.
  • Go for a promotion.
  • Develop skills in new aspects of the business.
  • Provide solutions to problems
  • Develop material/products/services/ideas that are beneficial to the company.
There are many others, including working for yourself. The main thing is to find out what will work in your particular situation to increase your earning ability, and then to focus on doing that.

What are the benefits of an increased earning ability?

There are many benefits, some contrary to the perception in society. A few of the benefits are listed as follows:
  1. Helps you to build your savings faster.
  2. Have more income to spend.
  3. Less competition for your services in a higher position.
  4. You become more valuable to the company.
  5. More satisfying work.
  6. More chance for seeing and being spotted by other opportunities.
  7. More chances to learn.
What have you done, are you doing or can you do to increase your ability to earn?

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