How Can I Make More Money?

I can almost guarantee that every person on the planet over the age of 15 has asked this question before. And there are a lot of answers for it that thousands (if not millions) of people will tell you how to spend your money if you don’t want to search for yourself. My blog is about investing, but before investing, you’ve got to have money TO invest. Where do you get it? Well, if you’re reading this blog, then I’d bet that you have a day job (or night job) and are reading this in the off time. Therefore, you’re employed but searching for another way or tip to getting a few extra $$$ in the bank.

In writing my last post about finding your investing niche, I realized that the some of the same tactics apply to this post. Primarily, INVESTING IN YOURSELF. How do people know what you’ve done in your professional career? Do you KNOW there is a job out there that likely is EXACTLY what you do? There are over one MILLION jobs open in the US at any given time, and many of them have headhunters searching for resumes online to fit that position. I get calls/emails on 3 or 4 versions of my resume that are out there on the standard job sites like Dice.com, Careerbuilder, Yahoo jobs, and Monster.com. And I’ve entertained the idea, and I’m always willing to talk to them about the compensation they’re willing to provide.

I was reading a post from Bankrate that said:

If you’re like most people, that may run counter to your nature. You’re reactive, more likely to revise only when motivated by a great job prospect. “There’s a job I’d like, better get the resume polished. Now what were the dates of that big marketing project I led?”

Do you see a problem? Exactly! It’s easier to keep track as you go along.

That paragraph really makes sense (cents). People get so caught up in the everyday and get home and are tired from their current job, and for the most part, myself included, find myself searching blogs to find the next big investing thing. But I DO take out 1 or 2 hours once a quarter to update the resume with things that I’ve accomplished in my last quarter, whether that be just 1 sentence included or a new job function that headhunters are looking for. If you learned a new system or technology last quarter, put it in there, mention you’re a professional at it now. Headhunters will certainly find you if there is another job out there looking for someone. They’re getting paid by a company to FIND someone, ANYONE, that would be hired. They honestly don’t care how much experience you have, they care that you get hired, because that’s how they get paid!

“But Hank, I don’t need a new job, mine is wonderful!”

True, maybe it is, but do you have enough money? Is there such thing as “enough money”? It’s like being too attractive, too lucky, or too smart. There is NO amount that will or should be enough! It doesn’t hurt to look and if you’re good at what you do and love your current job. It is just firepower you have to shoot at your current employer for a better compensation package.

“But Hank, I don’t know how to write a resume? How can I write the best resume for the job I’m looking for?”

There are a lot of places to look for resume advice, but I recommend a few that have some good advice:
1. The Simple Dollar has a good post about the 10 tips for resume writing.
2. Rogers Resume Blog has a bunch of good posts, but I liked “First Steps“.
3. Isabont has a list of action verbs to use which are very important in resume writing.
4. Career Encouragement talks about less being more.

Ultimately it comes down to where your investing money comes from. If you’re making more money, the 10-15% you’re putting into your 401k grows because 10% of 50k is 5k per year, but 10% of 60k is 6k per year. That extra $1000 per year is really going to help you in retirement. How about your ROTH IRA? Not quite maxing it out? How would that extra $1000 help out each year if you could put it there? Let’s take a look how that $1000 would do over 35 years (click the graph to expand):

1000.JPGThat $1000 per month for the next 30 years (at a modest 10%) would pop about $300,000 extra come retirement time – and all you’d need to put in is the $35,000 (1000/year) and compounding interest would take care of the other $265,000. Would that be of any help to you? Is that worth the extra 1-2 hours ever 90 days to update the resume? I’d say it couldn’t hurt…

Filed Under: 401KadviceCompensationfinancial educationInvestingNet WorthRetirementROTH IRA