How to Make More Money: 1 Simple Strategy

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How to make more money is a question that has come up a lot with inflation running rampant in 2022. When wages have stagnated since the 1970s. The price of health care and college have risen exponentially.

I started to see memes stating that a boomer could afford to buy a home, a car and go to college on minimum wage. While I am not 100% sold on that, I am sold that the average Gen Z / Millennial worker is unable to afford a home, and college costs too much for what it delivers for most people.

I was watching a video about mortgage rates from September 2022, and in my hometown of Denver, CO the YouTuber showed a graph that you needed to make $149k in Denver to afford a home assuming no more than 30% of your gross (before taxes) went to the cost of mortgage and property taxes. That would also assume you had a 20% down payment to avoid hundreds of dollars of mortgage insurance.

It is just near impossible for the median American who if single is making around 49k and 78k as a family to afford a home, cars, food, and other expenses with out going into debt.

So what can you do if you need to actually make more money?

This won’t be an article about saving more or cutting expenses – if you want that see my article for some practical tips on how to save $3,000 in 3 months.

This post may contain affiliate links which means that I may receive compensation at no extra cost to you if you make a purchase from a link found on my site. Please review my privacy policy for further details.

These ideas are based on my personal experience and opinion and should not be considered professional financial investment advice. Furthermore, the ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

This article is for those that want to stay in their career or start a career.

What Making More Money Can Mean For You

There are many ways to make money. They aren’t passive income as frankly the only way to have truly passive income is to invest a lot of money. Without going into depth you should know that there are three types of income: active (trading your time for dollars, i.e. you don’t work you don’t get paid), passive (you get paid for doing nothing after the initial step), and what I call passive-ish (trading your time to create / solve a problem and then sell it multiple times).

If you want more info on this read my article on the different types of income millionaires utilize to generate lots of money and generational wealth.

The strategy I am going to be talking about today will involve learning more skills both inside your job and even if you don’t have a job.

How Can You Succeed Financially?

There is a clear path toward financial success and security.

It isn’t just being a worker for 45 years. Although for some it may involve that.

If you want to know what practical steps are needed to achieve financial freedom read my article on how to achieve financial freedom.

Get A Higher Paying Job

If you are in a highly skilled industry like information technology, which is what I know the most as I have been doing IT since I was 16 years old. My industry is normally always hiring somewhere.

But before you dismiss this as something only people can do in IT, ask yourself a question, “Am I in a field that has high earning potential?” If the answer is yes, do you have the skills to take advantage of that? If so, then looking for a higher-paying job isn’t a bad idea. Typically, those that stay in a company for 4 years or more are making less than their counterparts.

I had a friend tell me that she had a co-worker that worked at a place for 23 years only to find out that the people with the same amount of education right out of college were making more than she was. What a way to reward 20 years of service!

Remember an employer will pay you the lowest amount of pay you will accept 98% of the time. That is why many try to make illegal policies about talking about your salaries. I hope more states create laws like Colorado has. Colorado mandated that all salary ranges are publicly advertised in the job posting so you know the pay range.

What If I Have A Good Paying Job But Nowhere To Go Up

If you have a good company that pays for training look for the next job you want to do. When I worked for a major company they would pay for up to $5,000 a year in training I looked at the next place to move up (both in or outside of the company). So I took Lean IT, Six Sigma Green Belt, Stephen Covey Courses, Agile, and Scrum Master training and certifications that helped me land my next job.

You don’t have to leave your current company if you don’t want to but it will be easier to get a pay raise if you do in my experience. I am not a fan of finding a different job and then leveraging that new job offer with to get a raise at your current company. I have seen that this move is a short-term win but those are the first people to be let go.

What If I Don’t Have Skills And am In A Dead End Job

If you don’t have any skills you are lucky you live in this day and age. In the 1990s when I graduated high school you would be out of luck unless you found someone to train you. But you live in the age of Google and YouTube. I have learned how to fix basic plumbing / car / electrical issues on YouTube.

So learn a skill like video and audio editing where you can get into some tools like OBS to record video and audio and editing software for as low as $13 a month. I use Vegas Video Editing and there are a lot of YouTube videos to teach you about this.

Then go to a site like Fiverr or Upwork to sell your skills to YouTubers for $5 – 20 a video to start. You are looking for YouTubers that have 10k or more subs as they are starting to get ad money and might be able to afford you to help them edit the videos.

This is just one example of how you could do that yourself.

Think about how you could learn. Not what is stopping you from learning. If you want to know or work on having the mindset of the rich read my article below.

Fix Your Mindset

The reason that most people have built wealth in life is that they have fixed their mindset.

Less than 20% of millionaires were born rich. That means that you could create that level of wealth in your life, but you need to start with the best asset you have: Your Mind.

Click here to read What is a rich mindset and how to get it.

Bonus Idea

Some of you may be making enough money where you are but would like to figure out a way to make more money in a passive-ish way. Remember that is where you work hard for a while and then can let the things you create make you money without having to be present. I can’t tell you how good it feels to sell something in your sleep.

If you are determined and have the drive to start your own online business I encourage you to watch this video to learn how you could create a profitable business from a friend of mine – click here.

Are you living your best life or are you stressed about paying the bills?

In this quick 2-page PDF, I cover 5 ways you can get your financial life back on track.

I used to live paycheck to paycheck and after years of paying off debt and maximizing my investments I am now able to save and invest more than 45% of my wife and I’s gross pay.

This allows me to live comfortably (not a crazy rich person) and sleep better at night. If you want this let me know where I can send it to you below.

How To Make More Money Summary

We covered that in most cases it would be faster to make more money by switching companies. I would suggest you try to stay in a job for about a year if you can. Sometimes opportunities come up that make it worth it to leave early. Just be careful doing this too much as it will be harder to land a job in the future.

If your company offers free training – TAKE ADVANTAGE of it. Look for what you would like to do and train for that position. Then try to do an internal transfer if you love the company you are with. Otherwise, take the new skills job hunting.

Remember most men will apply for a job if they are maybe 80% qualified and women wait until they are 120% qualified. This is a reason why some women make less. They undervalue themselves and companies take advantage of it. Play by the rule that a company will 95% of the time offer you what they think is the minimum they need to pay you.

I had a female HR hiring manager tell me that she purposely didn’t hire “qualified” candidates because they had no way to grow in the company. She only looked for people that met 70% – 80% of the “required qualifications” in the job description so she could pay less and the employee could stay and grow for 3 years. Remember This ^^^^^

If you aren’t with a good company and working a dead-end job or career then look for what skills you can learn outside of your job to move into something you would enjoy.

At the place, I am working we have a software developer who is self-trained so she could get out of nursing. She would learn as much as she could after her long and grueling days in a hospital (nurses work their tails off people).

Wow, you read a lot to get here. Can you do me a favor, please? Can you leave a comment if this was helpful to you or if I missed something? Alternatively, it would help me out a lot if you shared this content with those that might need to see it. Thanks, you are the best!

If you want out of your current situation, open your mind to figure out how to get out.

Alternatively, If you would like to see a video on what online businesses are easier to set up that can make good money, click here to listen to a friend of mine.

About Dwight Scull

I have been married to my wonderful wife, Rebecca, who puts up with me since 1999. I am a proud father to my Gen Z, son, and daughter-in-law. Grandfather to my favorite granddaughter who was born in 2021.

I lost my mom, father-in-law, and 12 others in 2013 and was DEEPLY in debt. I started reading and watching all the financial info I could find.

I chipped away at my debt and went from a negative $105k net worth having one home paid off, no credit card debt, and saving/investing 45%+ of my gross salary.

I used these daily habits to lose 100 pounds and keep it off.

I believe that you can overcome any challenge you face if you just take small daily actions and be consistent with them. It is how you will be financially successful.

Join my free Facebook group to get a ton of free resources to help you get out of debt, learn how to invest your money and work toward having the option of retiring early.

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