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How to Earn More Money in 5 Simple Steps

Updated on November 16, 2016
Are You Ready to Make More Money?
Are You Ready to Make More Money? | Source

It’s all About Setting Yourself Apart

Over the past few decades, there has been a big shift in employment. The cost of living has outpaced peoples’ incomes. When families were once able to live on one income, they are now struggling to get by on two incomes. There are a variety of reasons, some may blame the economy, and some may blame frivolous spending (cell phones, cable bills, multiple vehicles, and the like). But the reality is that you want to earn more money. Here is how you can up your earning power.

Before we get started, there are a few things you should be aware of. This isn’t going to be a typical post on earning money by clicking other peoples’ ads (and earning literally pennies). This isn’t a post on how to start a blog and watch the ad revenues trickle in. This isn’t even a post on how to start a side hustle so that every hour outside of your day job is spent trying to bring in more cash.

This is about how to leverage the skills that you already have, and make them work for you.

Setting Yourself Apart from the Competition

Whether you are working for someone else, running a company, or working from home, you have a certain set of skills. These skills are what set you apart when you interviewed for your current position, or founded the company, or decided to branch out on your own. But now you’re left wondering if those skills are really enough. After all, you want (or perhaps even need) to make more money.

Those skills that seemed to make all the difference at the time, but now you wonder if they are enough.

The answer is both yes, and no! Your skills are enough, but they need to be honed and refined. You have the skills that already set you apart from the rest of the workforce, now you want to hone them so that you are set apart from your competition.

You need to become an expert.

Source

Why You Should Become an Expert

There are two types of people in every industry out there. There are the jacks of all trades, and there are the masters of their trade. Let’s see what that looks like when we break it down a little bit more.

Think about these career choices, and think about who makes more money.

  • A handyman, or a master electrician?
  • A mechanic, or a foreign cars diesel mechanic?
  • A general practitioner, or a neurosurgeon?
  • An insurance salesman, or a disability insurance specialist?
  • A general blogger, or someone that runs a blog on leadership?
  • A nutritionist, or a nutritionist that caters to women post-pregnancy?

We could keep going, but you get the point. There are those that are generalized in their skills, and there are those that have finely tuned their skills. In most cases, those that have finely tuned their skills make more money than their general counterparts (and they tend to have a higher rate of job satisfaction too!).

It is important that you become an expert if you want to see rapid growth in your career. Now for what you have been waiting for: the 5 step process to becoming an expert.

5 Steps to Becoming an Expert (and Making More Money!)

Here’s the thing, these steps are surprisingly simple. Implementing them and actually doing them are a little more difficult. Sticking with it; even harder. Conquer these, and you’ll be vastly ahead of your peers, and blowing right past your competition!

1 – Choose an Expertise

This can be the hardest part for many people. Suppose that you are a fitness trainer. You feel that you need to offer something for everyone in order to draw in enough business. Narrowing down your expertise to only young men who want to gain weight, or only young women who want to run further, or only moms that want to lose weight, can seem counter intuitive.

Stop the negative self talk, stop second guessing yourself, and choose one area that you want to focus on!

2 – Round up Study Material

Preparation is the key to making sure any plan succeeds. This includes finding the right resources so that you aren’t left behind, or you don’t end up just wasting your time. Fortunately, we live in an era where we have access to an infinite number of resources literally at our fingertips. And it’s all free.

Gather together everything that you need to hone your craft, skill, or knowledge. Make a plan for what time of the day you will study it no matter what else happens. Schedule your studying so that you start with simpler concepts, work toward more difficult ones, and have resources that you can contact in case you get stuck. Prepare it all so that when you start, you don’t have an excuse to stop.

3 – Study Everything

Here is where most people give up. Let’s suppose you’re a financial advisor. You pass your tests, obtain your licenses, and now you have to prospect for clients. You get caught up in the day-in and day-out humdrum of making phone calls and you push your materials aside. You become stagnant.

Now that you have your materials together, it’s time to learn at every opportunity. This includes when you’re taking a bathroom break. It includes learning what your competition is doing. It includes watching those in the office that are absolutely killing it! Study the materials you found, then study more, and then go even further.

Your daily studying, as you become an expert, should take up about an hour every day for the first month.

4 – Commit to 30+ Minutes

Did you know that if you put 20-30 hours of studying into a topic where you want to become an expert, by the end you will know more than 99% of your peers? It’s really that simple, but it’s in the execution where most fail. Most that make it through the execution fail in the follow-up.

There isn’t a single industry out there that is stagnant. There isn’t a single person out there that has mastered 100% of the entire industry. No, you absolutely must maintain continuing education (and not the company mandated ones so you don’t lose your license!). Every day, commit to at least 30 minutes of re-learning what you know, pondering what you don’t, and discovering new ideas.

These don’t have to be all about your industry either. Maybe you’re a music teacher, but you want to know about the world of finance. Expand your mind. Maybe you’re a carpenter that has a thirst for the world of music. Grow your world. When your brain stops learning, it starts forgetting.

Never stop learning.

5 – Practice, Practice, Practice

Suppose you wanted to play football. So you sat down with every football book imaginable and read every single word. You know the entire history, all the technical details even down to what chemicals are used to mark the lines on the field. You have watched all the plays, you have studied all the moves, and you know exactly what to do on the field. But you’ve never touched a ball. How well do you think you will do if you were put into a game?

Likewise all the knowledge in the world won’t help if you don’t put it into practice! Take what you learn every day, and apply it to your life (it doesn’t even have to be in the business world, it can be in personal relationships).

Learn, use, tweak, adapt, and grow.

Practice what you’ve learned so that when people see you in action, they can say, “There’s someone that knows what they’re doing!”

Become an expert and put more money in your pocket.
Become an expert and put more money in your pocket. | Source

Experts Earn More Money

I said it would be simple. I never said it would be easy.

Are you ready to make the commitment to become an expert in your industry? If you’re willing to put in the time, about an hour every day, you can see your income increase 10%, or 20%, or 30% in the next year.

Is an hour per day this month worth a 20% raise next month?

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