How to earn more: Five key ways to get started

The past couple of weeks, my advice has been simple: spend less than you earn and then all peace of mind shall be added unto you. Sounds so simple and yet requires a lot of discipline. The bottom line is that you can do it and you have to make that decision now.

While last week I shared on how to spend less, I had left the other part of the equation—how to earn more. This week, we will complete the equation. Increasing your earnings gives you more money with which to get rid of your debts, save for your big dreams and build a foundation for whatever future moves you may want to make.

There are countless ways to earn more money, but there are several tactics almost anyone can apply in their life. Here are five key ways to get started increasing your income.

First, don’t waste time at work. The time you spend sitting idle, browsing the web, or chatting on Facebook or Twitter with your buddies is time you’ve effectively lost. Instead, invest that time in something devoted to your career, even if it’s not directly on a work project. There are lots of things you can always be working on. Remember time in one resource that is non-renewable – you lose a minute now, you will never get it again ever!

Second, work on your transferable skills. I’m a big believer in transferable skills – skills that one can utilise in almost any career path. Work on mastering such skills. Jump on any and all opportunities to speak in public. Hammer out an effective time management scheme for you —always prioritise your activities. Get into a routine of organising and filing your paperwork. Brainstorm ideas for things going on in your office. Write clear documentation for the standard procedures of your work. Step up to the plate, take charge of a work project and get the ball moving forward. All of these things push you towards developing skills that are genuinely useful no matter where you’re heading in life.

Third, build strong relationships with as many people as you can in your field. Join professional associations to start networking with people in your career. Send e-mails to people you’ve interacted with a lot in your career and keep up with what they’re doing. If you have an opportunity to connect people that can help each other, do it immediately, without hesitation. Share what you know and be valuable to others.

Fourth, start a side business. Devote serious time and effort to turning a passion you have into a money-making enterprise. Don’t know what that could possibly be? Watch out for subsequent articles on this column for there are more than 50 ideas to get you started.

Finally, step up to the plate at work in little ways. There are lots of simple ways to stand out. Speak up at meetings. Show empathy for the problems that others have. Take on only projects you can handle, but do them well. Get to know the support staff—and treat them well. Don’t burn bridges when you move on—make an extra effort to maintain good relationships when you leave. These little things add up to a huge difference.

Keep that rule in mind: spend less than you earn. Each move you make to maximise the gap between what you earn and what you spend will put you in a better place in your life.