GeekMBA360

Career and Money Advice At The Intersection Of Business And Technology

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Give yourself a big raise

May 20th, 2010 · No Comments

It’s pathetic.

One friend hasn’t gotten any pay raise for three years. He works for a Fortune 500 company and he had no performance issues.

Most people I knew got 2-5%  annual pay increase in the past couple of years.

Even if you switch jobs, the pay raise is no longer the 10-25% you can normally expect.

My suggestion to you: do NOT bet on salary increase by your employer. It really does not matter. Let’s say you get a 5% increase. How much more money will you get per year? Per month? It’s a pretty small amount.

You need to figure out a way to generate side income — you can give yourselves a much bigger raise, and you’ll diversify your income, which will make you more layoff proof.

I believe everyone should be working on side projects.

Let me tell you: the income I generated from this blog in the past year is more than the raise I got from my previous employer. Plus, this blog itself worth something — if I sell this blog, I can also make some money back. This is the difference between creating asset vs. working for someone.

There are many ways for you to take on side projects to generate second, third, or even fourth stream of income:

  • Take on consulting projects in your area of expertise. Nowadays a lot of startups are taking a "lean and mean" approach in building their business. If you have the right skills and experience, they’re willing to pay you for part-time consulting work.
  • Teach one or several classes online. There are people who teach several classes online, and make 6-figure annual income. The trick is to teach the same class at several online universities so that you can reuse your course materials, and make yourself more scalable.  If you’re interested in teaching online, you should read Make Money Teaching Online: How to Land Your First Academic Job, Build Credibility, and Earn a Six-Figure Salary
  • Start an affiliate marketing business. I worked for one of the largest Affiliate programs in the world, and got to know a few super affiliates. Let me tell you: there are serious money to be made in the affiliate space.  To get started, you might want to check out Super Affiliate Handbook.
  • Purchase a franchise. This will cost some money, and you need help from family and friends to help since you still have a full-time job. But, I’ve known people who successfully did this — they held their full time job, and own retail stores through franchise. This could be a cash cow if you pick the right franchise. 
  • Become a tutor to help people prepare for SAT/GRE/GMAT/LSAT/other exams. 
  • Become a part time MBA admission consultant. A well-known business school admission consultant charges as high as $3,000+ for one school’s application. 
  • Start an online retail business on eBay and/or amazon.com Marketplace.
  • Write and sell eBooks. If you can pick the right niche and you can provide content that readers cannot find else where, you can make serious money from selling eBooks.

  • Take actions now and give yourself a big raise this year.

Tags: Multiple Income Stream · Personal Finance

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