Whether you’re an employee or self-employed, getting an income increase is part of the natural progression of your career, and it is one way good managers treat good employees. If your company is successful, your boss expects to increase your pay, especially if you’ve been employed for a period of time and been loyal to the mission. However, you must take the initiative to start the process which begins with you. The good news is that this is not as scary as some make it out to be.
We want to tell you about four ways you can leverage your greatest asset—you—to bring in a raise in income by implementing core principles that set you on a path to maximize your value and income.
You can do this by knowing where you stand, even if it’s not where you want to ultimately be. Take stock of the things you are good at and how they contribute to your work. Now you’re ready to set goals and take concrete actions that improve your competence, your self-image, and confidence. Make sure you set realistic goals, think positive thoughts, and stop comparing yourself to those around you. You are not those people; you have your own value to bring to the table.
Fill your brain daily with food that will constantly improve you. Education is the investment in self that provides continuous and profitable returns. It’s hard to be confident in yourself if you don’t think you’ll do well at something. Beat that feeling by preparing yourself as much as possible. Think about taking an exam: if you haven’t studied, you won’t have much confidence in your abilities to do well on the exam. But if you studied your butt off, you’re prepared, and you’ll be much more confident. Now think of life as your exam, and prepare yourself.
Using knowledge to empower yourself, in general, is one of the best strategies for building self-confidence. This is along the same vein as building competence and getting prepared … by becoming more knowledgeable, you’ll be more confident … and you become more knowledgeable by doing research and studying. The Internet is a great tool, of course, but so are the people around you, people who have done what you want, books, magazines, and educational institutions.
There is a saying that “Money Follows Value.” If you want more money, you create more value. Value is determined by the person who pays you—not by you. Focus your mind on the question “how can I be more valuable?” Look for gaps you can fill, inefficiencies you can improve, wasted expenditures you can point out, technology you can use to improve the speed of the process and overall costs, better management, and motivation strategies as well as team building techniques. When you’ve taken an active role in changing and improving the things you can control, you are creating value. More often than not, it’s a numbers game. If you are able to drastically increase the amount of profit you bring to an organization, you drastically increase your value to that organization. If you do not increase revenue or profit for a business, it’s hard to justify above average raises in compensation.
Sometimes it’s harder to receive than give. First, get absolutely clear about what you want and then ask for it. You’ve done your homework and know your job, the company, and what you should be making. Now you just need to state your case and tell your boss what you want, what you really, really want. An excellent time to do that is the opportunity of your annual review or a scheduled meeting with your superior at work. Boldly state your case that you are worth more than what you are currently getting paid. You are worthy of respect, and you are someone who can pursue what you want. Keep that frame of mind and remember that you are not asking for a handout, but a well-deserved increase in compensation in return for your dedication, loyalty, and sacrifice to the company.
Preparation, education, and improving self-confidence put you in a position to make a positive impact on your income; even if you make small strides over time. Overall, remember to take time to congratulate yourself for all you’ve accomplished up to this point.
Any increase in income is an opportunity to review your whole financial strategy. We want to show you more ways to grow your wealth, access income, and leaving a financial legacy. That’s why we offer free financial education. In that vein, we want to share this model with you called Infinite Banking, and we are excited to invite you to take 2 minutes to sign up for a FREE, extensive eCourse called Infinite 101®. You’ll receive access to video tutorials, articles, and podcasts. It literally costs you nothing to become educated on this ideal financial strategy and start changing your wealth paradigm!
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Q: What are the four ways discussed in the article to boost the value of a life insurance policy?
A: The article suggests increasing premiums, utilizing paid-up additions, considering dividends as paid-up additions, and using policy loans strategically to enhance the policy’s cash value and benefits.
Q: How can increasing premiums contribute to boosting the value of a life insurance policy?
A: Increasing premiums accelerates the growth of the policy’s cash value, potentially leading to higher benefits and greater financial security.
Q: What role do paid-up additions play in enhancing policy value?
A: Paid-up additions, purchased with dividends, increase the policy’s death benefit and cash value, providing added value to the policyholder.
Q: How can policy loans be used strategically to boost policy value?
A: Policy loans offer policyholders the ability to access cash value without incurring taxes or penalties, serving as a valuable source of funds while preserving the policy’s growth potential.