Want to get a bigger raise at work? Ever since I started pursuing FIRE I’ve done one little thing that’s helped me to effectively DOUBLE the raise I get each year.
The first few months of each new year can be very good for many full-time employees across America. February is especially nice since that is when many employees can see an influx of cash from their annual cost of living increase, a performance bonus, and depending on how you handle your taxes, you could also be getting some of your own money back via a tax return. For me personally February is also when I get a stock grant.
February is usually my best or second best financial month of the year!
Today at work
• My avocado seed split
• I got a raise
• I also received my bonus
• And got a stock grant
But best of all they catered Qdoba! pic.twitter.com/HyOSqrFWM2
— Ty Roberts (@GetRichQuickish) February 7, 2018
The typical cost of living increase in the US is 3%-5%. That’s not game-changer money, but I don’t know anybody that’s going to turn it down.
There’s an easy way get a bigger raise, and it’s not at all hard to double that 3% to 6%. Here’s how: when your wage goes up 3-5%, trim back your expenses by an equal amount and boom! Just like that you’ve DOUBLED the amount of money you get to keep from that point forward.
If you’re not sure where you could cut back, check out this list of nearly 100 unusual ways to save money.
Doing little things like this is just one way that I’m going to Get Rich Quick’ish. Find enough of these dumb little tricks and before you know it you’ll have more money left over at the end of each month that you can use to pay down debt or to invest.
One reason this has worked so well for me is because finding a measly 3% to cut for our monthly expenses is so easy! In the beginning I hardly even noticed the cut.
Now that I’m much more efficient with my spending it’s getting harder and harder to find places to cut, but that just means I’m wasting less of my money. And because we’re wasting less we’re able to save 100% of our bonuses and stock grants (and that’s where I see major gains to my net worth). But had we not taken steps in the past to improve, then we wouldn’t be able to take advantage today.
This is my plan to Get Rich Quick’ish. There are a few other little things like this trick in my plan. What tips or hacks do you do to get the most out of your money?