Imagine If You Could Give Yourself a Raise

When's the last time your boss or company gave you a raise or bonus? Perhaps your company did give you a raise but it was so small you hardly noticed the difference in your paycheck. This is no way to live. Why depend on your company to give you more money? Imagine if you could give yourself a raise.

This article explores the following topics:

  • Why Your Boss Won't Give You a Raise and How to Use That Info to Ask for One
  • How the Internet Levels the Playing Field
  • Methods to Use to Give Yourself a Raise
  • How to Make These Methods Work

For the impatient types (like me), you can jump directly to the best passive income learning program available. It will open in a new window so that you can continue reading this article if you feel you want to do so.

Please note - the owner of this website may receive a commission if you click on any of the links on this page and make a purchase. It does not add to your cost in any manner!

Why Your Boss Won't Give You a Raise

There are several reasons why your boss won't give you a raise. Unfortunately, when you learn these reasons, you're not going to like them. They'll make you upset. However, the good news is you can use these reasons against your boss. But, if you don't even want to deal with this, you can bypass it altogether and go right for giving yourself a raise.

The Boss

Your Boss Can't Give You a Raise

The truth is, your boss isn't authorized to give raises to anyone. You could have the best boss in the world, but if she has no authority for dishing out raises, it's not going to happen. She can certainly try to convince her managers why you deserve a raise, but even her managers may not be authorized to give raises. Many companies have too many levels of middle managers whose main purpose is to buffer their managers from the workers who do the work.

Raises Are Given to the Top Brass First

You probably know already that the top brass of your company gets their bonuses and raises first. Then, the many levels of middle managers will get what's left and it's based on the level of the managers on how much they get. After all these levels of middle managers have been taken care of, then the workers get what's left. By the time it gets to the workers, there isn't much left. Often, there isn't any left

Companies can only give raises and bonuses when they earn enough profits to have that money available. 

Raises Go to Top Brass First

However, the top brass often gets increases even if the company has not earned enough. This is one of the main reasons for discontent regarding corporations. Poor performing executives get rewarded.

Your Boss Doesn't Believe You'll Leave

There's a good chance your boss feels you aren't going anywhere, so why bother worrying about whether you need a raise or not? The trouble is with most employees she is correct. Leaving a job is a pain in the you-know-what. Even when you find something, you learn that it's not much different in the new company. As workers get more experience, they are less willing to make a move to a new job because they learn.

Your Boss Needs You More Than You Realize - It Takes Months to Find New Workers

It's as much a hassle for bosses to find new workers as it is for employees to find work elsewhere. Part of the problem is the flood of middle managers that exist in corporations. On top of having no authority to give raises, they have no authority to hire people. They can choose the most qualified candidates, but their managers and their managers' managers need to interview with the candidates before a decision can be made. Have you ever tried to  find time in a manager's schedule? When you have two or three levels of managers that you have to schedule, you can see why this takes time.

But, it doesn't stop there. Even before any manager schedules time, you need to talk to someone from human resources. This can take time for them to commit to schedules, too. Corporations have become just as bloated as government bureaucracies. 

Your Boss Knows that Most Workers Won't Search for New Opportunities Until They're Ready to Make a Move

When you like your job, would you spend time looking to see what else is available? Even if your job isn't great, but it isn't bad, either, you believe that it's good to have a job at least. You only start looking when the job or the manager is unbearable.

However, you should always know the landscape of your industry. What jobs are companies offering? Are the skill sets changing enough for you to retrain yourself? 

Dude searching for a job

If you don't learn new skills that are prevalent to the market, you'll become obsolete. It's tougher to find a job when this happens. Know your market and learn new skills as needed to keep the bargaining chips in your favor.

Your Boss Knows You're Afraid to Ask for a Raise

Afraid of Asking Boss

It's intimidating to ask for a raise. Employees never seem to find the right time or to work up enough courage to hit up their bosses for more money. Although bosses want to try and do all they can to keep good employees, giving raises is low on the list. Again, it stems from lack of authority. If your boss wanted to give you more money, she has to ask her boss who likely has to ask his or her boss, and so on. Depending on the organizational structure, this can keep going on up the chain. You can figure out by now this will take quite some time before an answer is given. Your manager will likely state that it's not in the budget at the current time.

Of course, when you get to the point where you give your manager notice, it's amazing how suddenly money becomes available. Depending how strong an employee you are, you'll get a decent counter offer. 

It's beyond the scope of this article to explore whether you should take the counter offer or not.

It's Kind of Difficult to Fire People These Days

It's not impossible to fire people, but it is certainly difficult. I wouldn't suggest depending on this factor if you decide to bargain for more money. But, deep down, managers know this fact. They don't want you to know it, however. You can bet managers will never suggest this fact to anyone.

Can You Use The Above Information To Get a Raise From Your Boss?

You'll have more ammunition when you learn the above items. But, if your manager has no authority, don't expect to get anywhere with it. Managers like to play the blame game (or good cop/bad cop). Your manager will make it look like her manager said no while your manager's manager will blame his or her manager, and so on. This situation is difficult to argue with as you aren't part of any of those conversations. It's part of the corporate game.

Another problem is if they agreed to give you a raise and other workers find out about it, they'll have to deal with those other workers. Giving one raise opens a can of worms that no manager wants to deal with.

I wrote this post to help you put the power into your hands. I am going to show you ways that you can give yourself a raise. You won't have to worry about begging your company for scraps and having them make you feel as though they did something wonderful for you and you should worship the ground they walk on. If you deserve a raise, they should give you a great raise to keep you happy. That doesn't happen anymore. You need to take control of the situation and create the income you deserve.

Another benefit to learning this is you are in control. When you need money, you take advantage of these techniques and you get that money. If you want a steady side hustle, you have the power to do so.

But, the ultimate gig to develop is one that helps you earn residual income. This is like a raise that keeps giving (see below). Once these residual income streams start earning, you can start to work less. You still need to maintain them, but overall they generate income passively. This means you can earn no matter where you are. Go on vacation. Visit family. Do whatever you like. Your residual income machine is still working for you.

How the Internet Levels the Playing Field

Digital Commerce

The internet is great for finding information, playing games, and connecting with friends. But, it can be used for so much more. At Get Paid Boot Camp, I constantly scan for opportunities that can be perform online. You can use your current skills and turn it into cash by performing tasks or services. You could also sell your items that you have in your home or that you find at places like garage sales, etc. The possibilities are truly endless.

Before the internet, the only real choice for side hustles were part time jobs. You would work your full-time job and when you were done for the day, you hustled over to your part-time job and bust your butt there. By the time you got home from this second (and for many third) jobs, people were exhausted. The money was never that great to fully justify doing it, either.

Today, you have but to reach out to a business and let them know you are available to work for them. There are certainly plenty of jobs that require you to physically go to a location. Uber and Lyft are two such side hustles. But, many can be performed right from your laptop. Depending on your set up, you may be able to do some of this work during your lunch hour at work.

You can also use the internet to develop a full scale business. Further, when that business earns passively, after a while, you won't need to look after it constantly. Residual income programs are perfect opportunities for this concept.

While I am a big fan of residual income businesses, they take time to develop. If you are looking to obtain cash soon, you should start out with something that will let you earn quickly.

Start with a Side Hustle

To give yourself a raise, I am going to suggest starting out with a side hustle or two. Building up residual income streams takes work and usually won't pay any money in the beginning. They more than make up for this deficiency when you start earning and the engine is running on autopilot. But, initially, there isn't any income.

Conversely, you can earn with side hustles, usually immediately. There are so many side hustles to choose from that you are bound to find one that is right for you. Here are some guidelines to help you with your decision:

  • Look for side hustles you'll enjoy. For some ideas, read the following post.
  • If you are keeping your 9-5 job, then you should start small with your side hustles. You don't want to burn yourself out. That defeats the purpose of working side hustles.
  • Find opportunities that are right for you.  It doesn't make sense to take a side hustle that is several miles away from your job and your home as you don't want to waste time traveling. You'll find plenty of online opportunities.
  • It will be easier if you choose side hustles in your current career. You'll have a better chance at getting hired. However, side hustles can be a great way to learn new skills and apply them. 
  •  You don't have to take the first opportunity that comes along. Be selective in what tasks you'll perform and the rate.
  • Don't let your side hustles interfere with your regular job. You don't want to jeopardize your employment. For this, you'll want to choose side hustles that won't require so much work that causes you to miss work.
  • Avoid non-compete clauses. These can prevent you from working in the field you select for your side hustle. If you the side hustle you choose is in your career, you can jeopardize your current employment by signing one. There are plenty of opportunities that don't require signing non-compete clauses. Please note: this should not be misconstrued as legal advice. Talk to an attorney or lawyer for more information.

Passive Income - The Gift that Keeps on Giving

You hear people talking about passive income often. It's talked and written about so much that it's become hyped. The hype has led people to the point where many don't believe it's possible to earn passive income.

It is possible. You just have to cut through all the hype. 

Dollar Sign with Label Income

The definition from Wikipedia describes the concept well:

Passive income income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it.

“Passive Income.” Wikipedia, Wikimedia Foundation, 11 Jan. 2019, en.wikipedia.org/wiki/Passive_income.

The last part of the definitions holds the impact of the concept, minimal to no effort. That is a key ingredient.

Examples of Passive Income

  • Investing in stocks - stocks can be considered a passive income stream depending on the outlook of the investor. If you are an investor who believes holding onto quality companies indefinitely, and only sell when the economics of the company have soured, then your investments could be considered passive. Most people don't view this as passive income because they aren't collecting any income until the investment is sold. However, the income is implied as the company grows.
  • Dividend investing - with dividends, you still invest in stocks. The difference is that you realize income much quicker than the buy-and-hold strategy. If you reinvest your dividends, you create an earnings machine powerhouse. You do need to choose the right companies, though.
  • Subscriptions - if you can convince people to subscribe to your service and pay you a monthly fee, you have a goldmine waiting for you. The dynamics of this passive income stream is even easier to implement with the internet. Of course, convincing people to shell out bucks on a monthly basis and continue to do so can be a challenge. Make sure you offer something of extreme value to keep subscribers.
  • Rental Income - when you find tenants who pay on time and don't complain much, you have another goldmine opportunity with rental income properties. Of course, finding those great tenants can be a challenge and you'll need to handle any issue that arise. The good news is there are property management companies that will handle all the grunt work for you. This option is capital intensive, however.
  • Stock Photography, Music, and Videos - if you create great multimedia assets, there are plenty of stock websites that will allow you to collect a fee from your work. You upload your assets to these websites, and anytime a member of the website uses your assets, you receive a commission for its use. The best part is the website handles all the details for you. Of course, this has gotten quite competitive, so you'll have to make sure your assets are high quality. Also, make sure you truly have the rights to the assets you use. If you create them yourself, for the most part, you should be covered.
  • Paying off debts - while this does not directly give you income in the classic definition of the word, not paying a monthly amount to a creditor means you get to keep it. This concept is known as the opportunity cost of keeping your money tied up with creditors. Even if you don't look at this as a passive income, it's a good idea to pay down your debts.
  • Affiliate Businesses - if you are unfamiliar with an affiliate business, it pays commissions on products and services you sell on your website or social media. The participating vendors assign you an affiliate link that gets encoded in the links and banners they send you. When a visitor to your website clicks on one of your affiliate links and makes a purchase, the vendor knows it came from your website and credits you with a commission on the sale. This takes some work to get the website to the point of earning, but once it does, it can be passive income generation.
  • Affiliate Business with Residual Commissions - the dynamics of this business model are the same as a standard affiliate business. The difference is the affiliate program you are promoting offers a residual commission. This usually entails a subscription model of some sort. As long as the visitor who came to your website maintains his or her subscription, you will receive a commission on that subscription. This is another powerhouse passive income method!

The above list is by no means exhaustive. You can probably find many other examples of passive income streams. However, the key is they are available for you to give yourself a raise. Over time, these passive income streams can amount to more than your salary if you stick with them and put some work into them in the beginning.

Next Steps...

Steps Towards Success

This article shows three ways to get a raise with two of the ways taking control of your own income generation. To recap, the following are the three ways I propose to help you get a raise:

  • With the knowledge you learned in this article, hit your boss up for a raise.
  • Side Hustles
  • Passive Income Streams

The first method of hitting your boss up for raise is the least desirable and most likely to fail. Before the internet, people were stuck with this option. Feel free to skip this item entirely as you don't need it to get a raise. You can be responsible for your own raise.

The passive income streams option is the best method of generating income. However, it takes more work. This is why I suggest starting with side hustles. However, there is nothing to stop you from starting on the passive income streams simultaneously.

While I believe that the information on this page can be used to generate income, I don't want you to come away thinking it's easy to do. This isn't get-rich-quick or even instant income. Most side hustles require you to find work, exchange hours for money, and deal with clients when things go wrong (and they will). Passive income streams require the appropriate legwork. And finally, asking your boss for a raise is a stressful activity without definitive results.

One thing is certain though, if you don't get started on generating income for yourself, it won't happen. Based on this, you have nothing to lose by getting started and committing to start earning what you deserve. While I believe you should start with a side hustle, you should work on getting your passive income streams going. I have found an incredible way for you to learn how to do that which you should sign up for immediately, as it is free. It doesn't require a credit card to join, either.

Wealthy Affiliate offers a residual commission. They teach you how to build your business and start earning the money you deserve. I have been earning with them for several years now and there is no reason why you can't do the same. You owe it to yourself and your family to learn more about this incredible opportunity. What are you waiting for?

-- Sign up to Wealthy Affiliate right now to learn how to earn passive income --

Jim
 

Hi, my name is Jim. I am here to help you learn how to create your own online business. Never before has it been as easy as it is to do so. I will give you access to the necessary training to make it all happen. Just follow the training and perform the tasks as the come up and at the end of the training you will have a fully working framework with which to start earning money from your online business.

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