How to make money fearlessly

5 min | 10 January 2022

The Chase team

While money isn’t everything, it can help us achieve our dreams. Growing our pot of cash can allow us to build financial security for ourselves and our loved ones. It can also give us more freedom and flexibility in life.

What is the secret to making more money? Many of us shy away from money talk. We fear we may be judged in some way, and discussing how much we earn can feel excruciating.

However, making more money might mean being brave, breaking down barriers and having tough conversations. A big part of it can be thinking like an entrepreneur.

Changing your mindset and becoming truly bold could open up a world of opportunities. You might discover exciting ways to generate money and create new income streams, paving the way for a better life.

How to ask for a raise

66% of men are comfortable asking for a pay rise, compared to 40% of women according to a study by CV-Library. You may feel squeamish about asking for a pay rise, but it can be a very normal thing to do. First, think about timing. Try not to raise the issue when your boss is having a bad day. On the other hand, if you’ve just saved the day or had some amazing feedback on your latest project, now might be a good time to make a request. If you believe that you are underpaid and you have over-delivered, it’s worth having the conversation. If you're not sure, maybe wait a year and build up your case.

Before the meeting, put in some prep time. Think of it as a mini job interview. Sell yourself and have your facts straight. Do your research. Try to find out what similar jobs pay, either by searching for average salaries or by asking on social media or forums.

Write down a list of benefits and results you have brought to the company. Then list ways you feel you could generate new growth. This will help provide a solid argument for a new salary package.

To be fearless in discussions about money, it pays to believe in yourself. If you need to steady your nerves, do some breathing exercises beforehand. Relax and smile as you walk in, and then confidently outline why you feel you’ve earned a raise.

If the answer is a ‘yes’, congratulations! If it’s a ‘no’, now could be the perfect time to ask what you need to do in future to get that raise. If possible, set a provisional date for that next chat.

If you have a passion, don’t be afraid to commercialise it

Lots of us spend time on hobbies, but not all of us make money from them. If your passion is restoring cars or upcycling, it's easy to see how you can make money, but things like a love for dogs, writing and organising your wardrobe can also be turned into a side hustle. Almost anything can generate income if you get creative.

The key is to really reflect on your life and consider what activities you enjoy. When can you devote time to your hobby — can you fit it into the evenings or weekends? How much money would you ideally like to make? Do you need to create your own website or could you just promote yourself on social media to find customers?

Once you’ve got everything set up, you’ll discover the best thing about making money from a passion: it doesn’t even feel like work.

Changing jobs takes courage, but could mean better earning potential

If you’re aiming to make some serious money, you may need to look for new opportunities — maybe even with your current employer. That may mean additional training or new skills, such as sales. If you're looking to work in a new sector, then a career change may be more suitable for your long-term goals.

Start viewing the world through entrepreneurial eyes and try to spot gaps in your workplace or market. Combine your existing skills and experience with those in high demand. You can determine what skills are in demand by looking at the insights or news sections of recruitment agencies.

Switching to a new company or launching into a new career can be daunting. But doing your research before you change jobs should make you feel more confident. For example, if you're looking to switch departments, careers or go freelance it's wise to build up a decent cash buffer to see you through the first six months and to cover training costs, especially if you have to go part-time so you can also attend classes. You may even be eligible for a student loan, depending on your financial situation.

Being fearless from time to time can be essential whether you are salaried or setting up on your own. Envisioning the end goal will inspire and encourage you. 

Source:

  • Sky News story dated 23 April 2019 "Men much more likely to ask for and get a large pay rise"

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