00:00I'm going to share three tips for how you can try to increase your own income.
00:04In my view, the number one thing is to focus on building your skills and increasing your value
00:09on the job market, either to be able to negotiate a higher salary or to be able to find a higher
00:14paying job. For example, if you're currently a waiter in a restaurant and you manage to save up
00:19$500 and you take that money and you pay for a sales course, which enables you to get a sales
00:24job paying you more money. If you're then able to add the ability to do marketing on top while
00:30you're doing your sales job, then you're now able to run an ad campaign, get customer leads in and
00:36close sales. Your earning potential has just gone up tenfold compared to the pay you were getting as
00:40a waiter. The second point is to understand your market worth and to arm yourself with that
00:45information before you go into any discussions on paying compensation with your employer or
00:50potential employer. There are lots of tools out there which can help you do this research such
00:55as websites like Glassdoor or you can look at job adverts on platforms such as LinkedIn where you can
01:00see indicative pay ranges for the type of work that you do. I think probably the best way is to connect
01:06with recruiters to understand opportunities for a similar job at another company and what the pay
01:11would be like. The key is to get robust data which is comparable to your current job or the job that
01:17you're going for. For example, it's in the same industry, the same location and at the same job
01:22grade. By doing this and arming myself with the right information, it's one of the things that's
01:27helped me to double my income over the last 12 months and I think if you can get in the habit of
01:32periodically doing this, it will put you in a much stronger position to be able to negotiate your pay
01:37and get your true market worth. And the third potential way to increase your income is to start a
01:42side hustle business. There are lots of videos on YouTube and online giving ideas on what you can
01:48start from scratch and many of these you don't need to have lots of startup money to get going with
01:53yourself. For example, it could be teaching a short course online on how to edit photos which you can do
01:59on platforms such as Udemy. Joe Parry is a good example of this. He's earned over half a million
02:05dollars since 2015 selling courses on Udemy on everything from business planning to social media
02:11marketing and computer software. This is just an example to help get you thinking there are lots
02:17of different types of side hustles that you can start. Have a think about what strengths and skills
02:21you already have that could earn you some additional money on the side. The final point I'll finish this
02:27video on is that by having a high earned income doesn't necessarily mean that you're rich. An individual
02:32could be in the top 5% or even in the top 1% of earners but if they have a high cost of living and
02:38lifestyle to maintain, the amount of money that they're able to save and invest could actually
02:42be quite small. For example, although you might live and work in New York City or LA and have an
02:48above average salary, the high cost of living means that your disposable income could be lower than
02:54someone doing a similar job earning less per month outside of these cities.
02:58And so, let's get started in the in-game communities.
03:10So, let's get started here.
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