Let’s face it, we could all benefit from making more money. But the harsh reality is, many of us have no idea where to start. We may have tried something in the past and failed, or not even gotten that far. One reason making more money can seem so difficult is the sheer amount of options available to anyone, and the lack of understanding about what would work best in your specific circumstances.
Many people have tried things from the below list – (each of these has been which proven to work for some people):
⦁ Work harder (longer hours)
⦁ Increase your rates, expand your client base, or ask for a raise
⦁ Switch roles within the same company
⦁ Make a move to try to negotiate better pay in a similar role at a new company
⦁ Attend a training, complete a new certification or get another degree
⦁ Begin a second (or third) job on the side to bring in additional income
Some people even consider changing careers all together to a profession that pays more money. However, the short term pain and uncertainty (ie. making less money at first for a potential long term upside) often discourage people from actually going for it.
Many of the above tactics are mutually exclusive, meaning pursuing one option may limit your ability to try another in the future. With so many options and often such high stakes, it’s easy to see why many people turn to coaching for help.
A good coach will tell you that the amount of money you make is a measure of the financial value you add to the company or society. Instead of just choosing a path from the above list of tactics, your coach can help you develop a strategic mindset to increase your value, and with it your income.
Here’s one possible approach your coach make take to help: First, take a step back and ask – what are you good at, or what abilities do you have that other people value? Second, are you using these abilities in your current role, or maximizing the value they provide? Finally, how enthusiastic are you to use these abilities or perform these activities? Once you’ve identified a pathway you’re enthusiastic about, a coach can help you develop an action plan to be able to help you maximize it to increase your income.
Enthusiasm is key, because any work you try that doesn’t excite you can only be a short term fix. You may earn more at first, but in the long term you will likely quit or go back to doing what you were doing before. And if somehow you believe that you have to be miserable in order to make good money, a coach can help you address this mindset, as well as other beliefs that may be hurting your financial life.
Other strategic approaches you and your coach may consider to improve your financial situation include:
⦁ Working more efficiently, accomplishing more in less time
⦁ Figuring out how to make yourself more valuable in your current role (and thus worth more money)
⦁ Creating a new offering, service or solution that complements your current skills or capabilities
But there’s one thing much more important than improving your ability to make money, and this is the first question a good coach will ask: WHY do you really want more money? Getting to the bottom of this, in a deep way, can radically change how you think about money and how you approach making more of it.
Your coach can help you map out an action plan to help you achieve that sum of money, and ensure you stay aligned with your WHY throughout the process. This is a challenge many people face, and a huge number of very successful people are suffering just because they didn’t spend enough time contemplating their journey before starting it.
For instance, imagine a couple that can’t afford to go on expensive vacations together. One of them decides to pursue a more high-paying career like consulting, banking or medicine to reach their financial goals. Suddenly, it’s 10 years later, and they find themselves with lots of money but no time to enjoy it. That same couple could have been much happier overall with a more modest increase in wealth that allowed them enough free time to enjoy the vacations they envisioned.
Your coach can help you plan out what steps to take in the short, medium and long term, and encourage you to look deep within yourself to understand what forces are driving this desire. Making sure that your actions are aligned with your deeper purpose is a recipe for success.
And of course, your coach can help hold you accountable and keep you honest with yourself, and be there to help you to overcome obstacles at any step of the way.
If you want to try these methods, you can do it risk free by starting the 7 day free trial on LiveCoach.
As always, please contact us if you have any questions, and we’ll be happy to help.
The LiveCoach Team