Yahoo Finance My First Big Raise Changed My Life — Here’s How I Earned It
The more you earn today, the more you can expect to earn tomorrow. But we all start at the bottom, mucking around in entry-level positions. So how do you scale that first huge rung on the ladder, to differentiate yourself as high-earner material?
Here’s how others have done it — and how you can too.
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The First Big Raise
“I was working at a Top Three tech company and took a lateral pay move to go to a hot startup with no benefits,” explains Brenda Christensen, founder of Stellar Public Relations.
“After becoming a key player in their success, contributing $1 million in revenue as a result of my efforts, I subtly brought up the fact that their competitor and number one brand in the market had offered me a position. I was offered equity and my salary doubled as a result.”
She only touched on it briefly, so you may have missed it: Christensen quantified the value she had created for her employer.
When you can demonstrate the dollar value that you’ve created for your company, you demonstrate your own value to them. And the cost of losing you.
Justin Marcus, co-founder of Big 4 Talent, highlights that in a sales position, it becomes much easier to prove (and get paid for) the value you’ve created. “When I started my career at a staffing firm, it was a sales job and my base salary was $45,000. In the first few months I didn’t earn much in commissions as I was learning how to make placements.
“Several months later I made a few bigger placements and my income crossed $15,000 for the month, which was exhilarating for me. It was the first time I believed I could truly be in charge of earning as much as I wanted and that I was totally in control. It also allowed me to stretch to have bigger goals.”
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How a Big Raise Can Change Your Life
Marcus continues: “Now having several businesses, I have earned over $130,000 in a month. With each earnings threshold I cross — $10,000, $50,000, $100,000 — I am reminded of that same feeling.
“The biggest thing I have realized is that my income is in direct relation to the number of people I can make a positive difference for, whether indirectly or directly.”
That marks another common theme. Christensen explains how she ended up retiring (and unretiring) in her 30s: “After 7 years, I was largely responsible for growing the company from $100,000 to $100 million — doubling revenue annually. We eventually sold to another company, and I cashed out and retired early at the age of 35. I grew bored and lasted all of two weeks in retirement.
“Their competitor (a different one) brought me on as a corporate officer, and my life changed again. I traveled the world and took the company public, leading to 100x valuation.”
How To Earn That First Big Raise
So how can you make that first critical leap?
“Know your worth and don’t be afraid to tell others, especially if you’re in your prime earning years of 30-40 years of age,” advises Christensen. “One way to do this is to always be interviewing. It’s the key to knowing the market value for your services and what others are willing to pay.”
Marcus offers his own words of wisdom for anyone looking to create that first phase shift to a higher bracket. “First, find an industry where people have higher income, and a mission you can get behind. Learn what the highest income earners are doing, and start modeling it.
“Then, start taking calculated risks. For me, it was leaving my ‘high income’ job to start my own business: a risk, but calculated because it was in the same industry.
“Finally, change your mindset from wanting to earn a lot to wanting to serve a lot of people and making the biggest positive difference you can.”
The greater the impact you create for others, the greater the effect on your income. This is true for entrepreneurs looking to solve a common problem for their clients and for employees looking to demonstrate the value they create for their company.
Become invaluable by serving others well — and documenting the value you create in the process.
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This article originally appeared on GOBankingRates.com: My First Big Raise Changed My Life — Here’s How I Earned It
