It’s quite common to hear that the current generation is lazy and doesn’t want to work, but there’s more to it than that. Financial guru Vincent Chan explained in a YouTube video that money is the main reason why people don’t want to work anymore.
While a minimum wage was enough to buy a house back in the day, many people who make six-figures still struggle with maintaining their monthly expenses. Student loans, housing, groceries, transportation, subscriptions and other costs all add up.
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Chan also mentioned toxic environments and the disconnect between hard work and productivity as two key reasons why people don’t want to work anymore. Productivity has soared since 1979 despite stagnant wages and people don’t feel inclined to work in toxic environments when their money isn’t enough to keep up with their living expenses.
However, you can be the exception to the rule. There are people who can comfortably manage their expenses and these strategies can put you in that position.
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Demand a Raise
Your job may offer an opportunity to boost your income. While working more hours is an option, it’s better to demand a raise. Chan suggests creating a “Brag Folder” where you take screenshots of compliments you received via email and store them in an online folder. You can then present this folder to your employer during your performance review. This Brag Folder is similar to how businesses gather testimonials from happy customers.
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Pick Up a Side Hustle
Adding a side hustle to your schedule can boost your income, but you might end up earning more with your side hustle than your job. Some people replace their job with a side hustle in a few years, but you can also treat it as purely a side hustle if you like your job.
A side hustle will diversify your income and help you develop new skills. You can also fall back on your side hustle if you get laid off and have to look for another full-time job.
Job Hop
Some companies are more than happy to give you the raise you deserve and do everything they can to keep you. However, other companies take their employees for granted. If you find yourself in this position, you may want to do a job hop.
Job hopping involves looking for higher-paying jobs and applying for them. You can get a higher income boost with this route, as it’s possible to increase your income by 30% to 50% with the right job. Meanwhile, you’re lucky if your current employer gives you a 3% raise each year.
Regularly moving from one job to another can help you climb the corporate ladder much faster than staying in one spot. Knowing that you can move from one job to the next will also give you more confidence and leverage when negotiating a raise.
Save and Invest Your Money
There is a limit to how much money you can save. Chan explains that if you earn $5,000 per month, you cannot save $5,000 per month. However, it’s still important to save and invest your money. If you have good money habits in place, you will know how to build your long-term financial future when your income doubles.
While you shouldn’t rush to use the money that you save and invest, these funds can boost your income. You can put the money in a high-yield savings account to receive guaranteed cash flow or you can put your cash in the stock market to potentially earn higher returns.
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This article originally appeared on GOBankingRates.com: 4 Legit Ways To Boost Your Pay This Year, According to Vincent Chan
