Do You Want to Earn More Money?

by Krantcents · 25 comments

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Do you have to work more to earn more money?  Many financial experts suggest starting a business, getting a second job, or a side hustle.  Is this really the solution?  Is the alternative to just spend less?  Have you thought about how to earn more money without leaving your day job?  Do you need more money to pay down debt or is it just a sign of success?  What is your plan?

Skills

Do you have the skills and experience to maximize your earnings?  You just graduated college with a degree in electrical engineering with a starting salary of $55K.  You have student loan debt and you are moving out of your parent’s home.  Welcome to the real world.  A college degree pays handsomely, but you are not rich!  You do not start out with a brand new Porsche, penthouse and a lot of discretionary income.  Yes, it is better than a student part time job, but you need to control your expenses.

Engineers are in the driver’s seat right now because there is a shortage, but you do not want to be an engineer for forty (40) years.  What skills and experience will ready you for the next position or promotion?  Do you have a plan?  What are you doing every day to make yourself ready for the future?  Marketing your skills, experience and talent is not easy, but you can start with your plan.  I recently wrote an article called “Do Your Resume Backwards!” which discusses planning your future and acquiring the skills and experience for that next step.

Plan

If your plan is to become Vice President of Manufacturing, you need certain skills, experience and training.  Do you need a MBA or a Professional Engineer certificate?  In your first year of work in your career, you should learn what you want and develop a plan.  Your plan should include getting the skills and experience for the career goal you want.  You should talk to the people who perform the job or career you are interested in, study how they are successful and find out what it takes to be a successful Vice President of Manufacturing.  What is your plan?

What should you do if you are interested in starting a business?  Every business requires skills, experience and talent.  There are things you can learn in your current position that will help you reach our goal.  Your plan will include those skills and experience, but it must include what you need in your new goal too.  Start with an informational interview with the business owners that perform a similar business.  It is called networking!  Find out what you need to achieve success in your new career.

Financial Plan

Yes, you need a financial plan!  Even if you are earning $55K as a electrical engineer, you need to save money for retirement and your future.  Whether you are starting a business in ten (10) years, buying a home, saving for that Porsche,  or investing, you need a budget.   A budget is a structure or a financial plan to help you achieve your goals.  You want to control your expenses and pay off your debt.  Until you make it big in your profession or your own business, you prepare for it.  It is all part of planning.

Failed Plan?

What do you do, if it is not working?  Have you ever faced failure?  Most people learn more when things do not go well than when things do.  Your boss hates you or business is down or there is no clear career path, what can you do?  You should have a plan B to put into place for that second effort.  You may end up leaving, you want to show you did everything you could to overcome the obstacles.  It shows your true character or are you just a complainer?  Problem solvers succeed and complainers do not!  Remember, it is your record or effort that you will market in your resume.

Final Thoughts

You are in control of your life, if you take the time to plan.  Planning your future means you have to involve every aspect of your life in your plan.  This includes your career, future business, personal finances and retirement.  Without a plan, you will not reach your goal.  If you really want to earn more money, you have to commit to your career.  If you do not like your career choice, change it!  Don’t run away from problems or difficulties because it is part of your history.  It appears on your resume.  If you want to earn more money, do something!

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{ 24 comments }

DebtsnTaxes May 2, 2012 at 8:05 am

Totally agree with everything you wrote in this post. Complaining will get you nowhere, a plan and taking action is the only thing that will help you succeed.

Krantcents May 2, 2012 at 11:40 am

Too often, we set various goals missing the big one, your career. A goal is just a wish without a plan. Start planning so you can succeed!

Invest It Wisely May 2, 2012 at 9:39 am

Managing your own state of mind is so important. You can have the best plan in the world, but you need to be able to see your way through it.

Krantcents May 2, 2012 at 11:43 am

Part of every plan is a way to monitor your progress. I try to do that weekly and change my efforts to achieve the milestone and eventual goal.

Zach @ Dividend Stocks Online May 3, 2012 at 7:08 am

Having a plan is key and I like your idea to write your resume backwards. I think plans can change as you gain experience in your field. It’s important to revise your goals as you go. For example I found that I did not want to be a CIO after being in IT consulting for 10 years.

Krantcents May 3, 2012 at 7:24 am

Most of us enter careers with certain goals in mind and then they change. This is why we need to continually acquire new skills and experience to be prepared for that nest opportunity.

Roshawn @ Watson Inc May 3, 2012 at 8:22 am

I do agree that we should take inventory of what we have to offer and devise a plan to leverage that into meaningful income.

Also, the thought of just how many people proceed without a financial plan is very disheartening, yet it is an uncomfortable reality.

Good post, and the points are insightful.

Krantcents May 3, 2012 at 3:01 pm

Too many people have no plan for anything. The only way to achieve a goal is to have a plan, the more detailed the better.

Christa May 3, 2012 at 9:26 am

I wish I’d had a better plan prior to getting my degree. It would have saved me a lot of soul searching had I double majored in my interest (English) and in something practical (like Business). I definitely recommend that college students and grads spend a little time planning out life.

Krantcents May 3, 2012 at 3:04 pm

My boss (president) was an English major, he went into marketing. Liberal arts majors will have to enter a training program to make them more marketable.

Brilliant Finances May 3, 2012 at 1:56 pm

I agree especially with having a financial plan and a plan B. “He who fails to plan, plans to fail” (unknown)

Krantcents May 3, 2012 at 3:06 pm

A goal without a plan is just a wish.

Barbara Friedberg May 3, 2012 at 8:20 pm

Clever idea to write your resume backwards. Very unique, too bad it’s too late for me…..

Krantcents May 4, 2012 at 6:38 am

It is never too late! :) What experience or skill do you need for the next goal?

Buck Inspire May 4, 2012 at 11:56 am

Great post. Plan, plan, and more planning? I see the theme. Plus, have we ever heard about anyone successful who didn’t plan? Thanks!

Krantcents May 4, 2012 at 3:01 pm

Idon’t think we ever ask them, we just look at the success.

Careful Cents May 4, 2012 at 5:16 pm

I’m a huge believer in having a plan and a purpose for life. If you don’t know where you’re going, you’ll end up somewhere you didn’t want to be. I like your idea of having a failure plan too, like a back up in case your plans fall through. I always try to think of plan A, B and C just to make sure I stay on track. Great advice!

Krantcents May 5, 2012 at 7:12 am

Usually I only have a plan A & B. Do you need a Plan C? Part of my plan is to monitor my efforts every day/week/month and change my effort to meet the milestones. Sometimes, you need to step back and reevaluate, perhaps a Plan c comes in at that point.

Paul @ The Frugal Toad May 6, 2012 at 7:34 pm

Great idea to write your resume backwards KC! It’s always a good idea to learn new skills and keep up with the latest trends in your field.

Krantcents May 7, 2012 at 6:30 am

Thanks, I call it planning!

TM @ Young and Thrifty May 6, 2012 at 8:35 pm

I really like the idea of building a resume backwards KC. I have thought about a future in upper administration or politics, and for that reason I keep my online identity anonymous. Another offshoot of this long-term planning is making sure to intentionally build a network of contacts and friends, and an internal record of these peoples’ strengths so that you know where to turn for specific challenges and scenarios. I would argue this is often more important than technical qualifications (the classic who you know vs what you know).

Krantcents May 7, 2012 at 6:32 am

It is always who you know! The presumption is that you have the skills and experience.

Marissa @ Thirtysixmonths May 7, 2012 at 7:31 pm

I hate complainers. And I love the idea of having a mentor.

Krantcents May 8, 2012 at 6:35 am

Complainers are very negative! I try to stay away from negative people, it brings me down. Always seek out a mentor or someone who can help you achieve your best.

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