Everyone is looking to earn more money with as little effort as possible right? If a venture isn't highly profitable for it's time investment you're going to waste a large portion of your emotional energy on a small payoff. If you're reading my other posts, you'll find I focus on building passive income. Looking at how much time each passive income method takes, as it's the largest factor in whether or not it truly qualifies as "passive." But in the end there is one method that always will trump all others. And it sounds obvious but it also isn't...
Get a raise.
We all work to pay the bills, and you're going to spend the majority of your life employed. This is time that's already dedicated and it really can't be avoided. And because it's an activity you're doing so often, improving it's profitability will always be the best bang for your buck. And all it takes is some very simply math to prove it. If you are working full time for a year and receive a mere $1 an hour raise. That is a $2000 increase to your salary. And the reason I consider this good passive income is that the amount of money compared to the time it takes is massive. If you know of a class that takes 4 - 4 hour sessions you can do at night after your day job. And that class nets you that $1 increase we discussed. Then you look at the extra $2000 you'll earn in the year following...you're essentially being paid $125 an hour to take that class. Think about your day to day life and about how much of an impact $2000 can make. For most people even in high cost of living locations, thats a minimum of 1 months rent. Believe it or not, half of people didn't receive a raise in 2019. Despite the fact that the cost of everything around them increased.
For a lot of people that is a difficult conversation to start. And it leads to them going years not being paid what they're worth, or could be worth. those years go by quickly, and add up to large net losses if you're not maximizing your earnings. There are a few keys to how to have this conversation.
1) Go into the conversation with ammunition. No employer is giving away money for free. You need to be desirable, and performing well in your current position. It's best to come into the discussion with specific talking points of how your value has increased over time, and if in an industry where possible, have data to back this up. Some form of increased sales or efficiency, or having taken on a teaching or a management role.
Another piece of ammunition you can arm yourself with is another job offer. This has risk involved though as your current employer may merely suggest you take it. And if you go this route you need to keep a look out as it's always possible this could trigger your current employer to match the offer, but start looking for a replacement behind your back.
2) Get extra certifications or education. Sometimes all it will take is some studying in the evenings, or a one day class. Other times these are much more involved methods like a new degree. But these smaller certifications are often extremely profitable. Some people think this merely applies to higher-learning careers only, but it can be used at any level. For example, if you're a construction worker or skilled trade professional, get first aid or some form of machine operators ticket, or take a class in project management.
It can be good, if possible to discuss the certification ahead of time with your employer. If you're already well liked they may pay you to get it, or help you out with some fees or classes. If you can negotiate the raise as being contingent on completion, even better! As you've now guaranteed your payoff.
3) Know the person you're working under. A key to advancement is to tap into your boss. Everyone who manages has learned from someone before them. And over time they've developed specific items they focus on, and some they let slide. You need to know the personality of the person you're working under and talking to. If you know their specific hang-ups and focuses, then you can utilize that to improve their perception of your performance. Sometimes this can result in them seeing you as significantly improved when really all you've done is change how you're highlighting yourself to them when they've got their eye on you.
When reading my other posts you'll see most of my methods and posts aren't directed at every day life like this. And some of those methods are great, and more passive than this. I mean it's a lot easier to spend 2 minutes downloading software and making an account to make an extra $100 a year. But none of them will rake in the amount of cash that earning more money at work will. And for your average person, this will be the most bang for your buck to increase your passive income. It's unfortunate, but true. And the best thing after that is to take that raise and invest it in stock or cryptocurrency and get it working for you!
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