Aug 112015
 

Most Bosses Aren’t Rich

Some workers have a passive outlook on their salaries. They believe their income is based on what their boss can “afford” to pay them. But the irony is that employees have more control over their own salaries than their bosses do. 😉 This becomes apparent when we consider the source of all salaries. Money doesn’t come from our employers. It actually comes from the consumers who buy our goods and services. And the amount of money they pay us is directly proportional to the quality of goods or services that we give them. 🙂 So if we want a raise, we should try to please our customers, not our bosses.

Besides, most bosses aren’t that rich to begin with anyway. A 2013 study found that the average salary a small business entrepreneur makes is $68,000. Let’s say a Japanese restaurant makes $100,000 a year after expenses and employs 20 people. If the restaurant owner gives all his employees a $5,000 annual raise, then his entire profit would be wiped out! It’s a different story in large fortune 500 companies or in professional industries, such as engineering. But 70% of Canadian workers in the private labour force are employed by small businesses with fewer than 100 employees. So for most workers, asking for more money from the boss isn’t going to get them very far.

Wealth in Numbers

So if we want to earn more, we have to set our focus on the consumers. 🙂 Our customer base has an endless supply of money that we can tap into. If that Japanese restaurant mentioned earlier manages to attract just 100 more families to dine there every month then the business can easily earn $100,000 in additional sales every year. Everyone can get a raise and the business remains profitable! 😀 The boss is only one person, but hungry consumers are abundant. There truly is wealth in numbers. Instead of trying to get more money from the employer, we should be thinking about ways to work with the employer to get customers to spend more money. 😉

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But for this to work we must offer something of equal value in return to the paying customers. This means finding ways to make them more satisfied. Create additional value to our product or service. Give consumers a legitimate reason to pay us a premium over a generic competitor. Don’t work to please our boss. Work to please the customer instead. Don’t work for money. Work to solve the customer’s problems. The money will ultimately follow.

If you’ve shown that you can bring a lot of new business to the company then usually the promotion will come to you. 🙂 Talent is hard to find. Your boss knows that if you feel underpaid, you can simply leave and work for a competitor instead.

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Mar 162015
 

Happy St. Patrick’s Day everyone. 🙂

Here on the blog I like to share interesting opportunities to make money without doing a lot of work. That’s why many of my posts are about investing, which produces passive income. But actively working for money can also be very rewarding. 🙂 A few years ago I told my readers about a permanent full-time position that paid $60,000 a year for doing menial clerical duties. I would have applied for that job myself if I wasn’t already working full time.

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Here’s another job posting I found recently for a full time position as a producer for a software company in Toronto. The job pays about $60,000 a year, for 40 hours a week. A university degree is NOT required, which means even I can apply for the job. The listed skills required for the job include working well with others, problem solving, critical thinking, and other subjective qualities. The position is still open so I would apply if I were living in Toronto. If the bar to land a $60,000/year job is set this low then I believe opportunities to make easy money are everywhere as long as we’re willing to go after them.

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Sep 202011
 

“How much income do teachers make?”
“He’s a book keeper? I wonder if his income can support his family.”

Sometimes we assume a person’s income level based on their line of work. But this mindset is dangerous and can limit our earnings potential. Because if we accept the idea that our jobs dictate our incomes, then our motivation to earn more income will be constrained by the limitations of our jobs. However, a job salary is just a piece of the income pie. So instead of getting stuck thinking about how to get a promotion, let’s focus on the bigger picture. How to increase our income, period. Which of course will include how to get that promotion.

Income can appear in many different ways. We can invest and slowly turn our savings into investment income. Or get a part-time job. Income can also come from rent.  If we had any technical skills, (writing, drawing, speaking) we could do freelancing. Or find online micro jobs from sites such as AmazonMechanicalTurk or MicroWorkers to make a few extra bucks.  Even recycling plastic bottles can be a small but stable source of income if we so choose.

So let’s avoid the income/career trap and think outside the box. Think about how we can increase our income from any source possible, rather than just how to increase our income as employeesヽ(´ー`)ノ