Abundance vs. Scarcity Mindset

There is money to be made everywhere. Too often in the personal finance community there is a focus on what to cut. You can’t have that latte everyday because you need to save for your retirement. I’m sorry, but you are not gonna get where you want to go by cutting out a $5 a day treat. But you will make yourself miserable in the process (I advocate for values based spending – link to blog post).

I think we limit ourselves with this mindset. We all have marketable skills that can be utilized to generate income- whether that be through job hopping or your own side hustle. Did you know that women who negotiate their salaries earn, on average, over $1 million dollars more in their lifetime? 

Think about your current 9-5, are you being paid what you’re worth? Periodically conduct research on average salary ranges for your industry and experience level with similar skills (payscale and salary.com are good resources for this). Armed with this information, ask your manager for a sit down to discuss your growth and development. 

The second piece of the equation is the value add you’re bringing to the company. What sort of projects did you spearhead? Who are you managing (either officially or unofficially)? How are you going above and beyond your job description right now? How do you embody the company’s values and what is your contribution to the company culture? Remind them how valuable you are so they know they can’t afford to lose you. 

Now, negotiation will not always go your way. Sometimes there are real budget constraints or other factors that are beyond your control. That does not equate with your worth. However, you might want to consider, after doing this salary deep dive and information gathering on your value to the organization, looking at opportunities outside of your current job. At the very least you can start interviewing and testing the waters.

Another option would be to look at a side hustle. If you need income immediately, there are options through the gig economy like Uber or DoorDash, or even offering services in your neighborhood like dog walking or childcare. Organize a garage sale to raise some short-term cash or sell items on Facebook marketplace. I can guarantee you have skills right now where you could make some extra income, what you need to do is think about problems that people have right now and how you can help solve them. Are you really good at graphic design? I can guarantee you there are small business owners in your circle that could use your skills. The point is there are many ways to make extra money if you have the mindset that there’s an abundance of it out there and enough room for everyone to make money!