Archive for making money – Page 2

5 Better Solutions Than A More Competitive Minimum Wage

An increased minimum wage supported by the White House is the subject of an ongoing national debate.  The minimum wage should be going up in most states over the next few years whether a new national minimum is established or not.  Earning competitive pay is part of the American Dream.  Wouldn’t it be great if the national minimum wage was higher?  Not necessarily; there are better solutions.  I will discuss a few of them in this post.

Why Would an Increased Minimum Wage Not Be the best Solution?

Unless you plan to exist on minimum wage for many years, an increase in the minimum wage would be a negative factor for you.  If the minimum wage increased as your experience increased, then you will continue to earn the minimum for a longer period of time.  You should only work for minimum wage for a short period of time at the entry level.  Furthermore, minimum wage earners will continue to be the lowest paid employees even after a minimum wage increase.  Although they are making more money, the buying power of minimum wage earners will remain what it was due to price increases to cover the additional cost of these wages.  Wear as, if you get an individual raise and minimum wage stays constant, you will have more buying power.

1. Get a Pay Raise

If after three to six months of working at minimum wage, a higher wage has not been offered for the work you are doing, then consider changing something in your situation.  It is not normal to be at a fixed income at the entry level.  This would be a good time to evaluate what you could be doing differently to receive a higher wage.

You should only work for minimum wage for a few initial months until you prove your worth and start getting better wages for the position or identify a higher paying position to move into.  The employer has at that point, invested in you as a new employee.  There might be uniform expenses he has paid as well as training and on-boarding expenses.  Once he has recouped these expenses, you are now more valuable as compared to replacing you.  If he does not compensate you better than minimum, you could take your new experience and training to a different employer that would be willing to pay more.  The three to six-month time frame is the time to start investigating which track to take.  Either approach the employer and seek a raise or start the hunt for your next position.

2. Move Into a Higher Paying Position

Being promoted to a better paying position has the added benefit of more responsibility and more job satisfaction.  Moving up the rungs of the corporate ladder instills a feeling of dignity.  It is surprising how many people resist the opportunity for more responsibility.  They assess the benefits of having responsibility are outweighed by its liabilities.  That is shocking to me as I have always pursued the opportunity to take on more responsibility.  From my experience, I can tell you that the rewards by far outweigh the liabilities!

From the day you start a new position, you will want to continually seek the next higher job.  Work toward mastering the current position as well as skills of the next higher rank.  Set measurable goals that will get you into that higher paying position.  There should be a period of time that you perform at the next higher position before you reap the rewards of it.  You will want to prove your worth before expecting the employer to promote you for a short period of time. Read More →

How to Replace Consumerism with Proven Wealth Building Strategies

Devoid of wealth building strategies, almost one-half of all Americans do not have $400 to their name.  This statistic includes people from all income brackets.  No matter how much money people make, it seems they just can’t manage to hold on to it.  Here’s the test – if you had an unexpected expense of $400 pop up right now, how would it impact you?  Could you pay it with cash or check?  Would it impact your ability to pay other current obligations? Or would you have to borrow the money, use a credit card or sell something?

American’s have been consumed with consumerism for the past few decades.  As credit became easier and easier to obtain, Americans began to rely on credit as a safety net rather than build up their savings as a safety net.  They also use credit to obtain more material possessions.  So credit has replaced savings as a means to purchase and protect possessions.

After the attacks of September 11, 2001, the government encouraged Americans to continue spending as before to prove that our economy would not be affected by the attacks.  That encouragement would have been good advice if the status quo before the attacks was to earn and save money before spending it.  Since using credit to purchase everything was becoming the status quo, this advice was feeding the vice of consumerism.

The impact of continuing the rise of consumerism will result in an unhealthy financial state.  It is time to reverse the trend.  Americans need to learn to replace Consumerism with wealth building practices.  That begins with becoming financially literate.

Financial Literacy

A majority of Americans have become financially illiterate.  Despite the fact that we now have access to more information about how money works, we do not partake of that knowledge.  This financial ignorance has led to financial distress in many households.  There is a tendency to spend a little more than we make, no matter how much we make.  Earning more enables you to borrow more and so many people do just that.  Rather than learn and leverage financial principles, people have begun to live for today and wind up dealing with the consequences when it catches up with them.  Some do things like use credit cards for daily purchases, losing track of their spending and then when the bill comes, they don’t pay the balance in full.  An understanding of the principles of compounding interest and avoiding that expense would save many people thousands of dollars every year. Read More →

Why I am So Enthusiastic About Blog Monetizing

This post begins the transition from telling you how I started blogging to getting into what Paladin is all about.  Paladin is all about helping you embrace the American Dream of earning a living while doing something you are passionate about.  In my case, that means sharing my experiences that have brought about great success.  By helping people through this and other media, I will soon be able to realize blog monetizing.

Blog Monetizing

Five sources of income from Blog Monetizing

The dream of most bloggers and anyone who creates material for the web is to develop an income from what they post.  There are many ways to develop this income.  The concept of developing income from an online venture whether it is a food blog, YouTube channel or podcast is called monetizing.  Blogging was one of many ventures that I contemplated as a project to pursue after completing my Master’s Degree program.  I had also considered writing a book or creating a course.  The research showed me that by creating a blog and developing a relationship with those that read the blog, I could amass material that would form the foundation for one of the other projects.  Courses and books are good sources of income that can come out of this blogging project. Read More →