Hey everyone! Happy Friday. I’ve decided that every other Friday I will attempt to publish a short post that asks all of you readers a question. Today’s question is about what is more important to you: negotiating for a raise or working on increasing your side income.
Both negotiating for a raise and working on side income are important to me. Of course I want to work my hardest at my job, but my side income is also growing at a very good rate. Both are very important to me.
As everyone of course knows, I talk about extra income and working on side hustles a lot on my blog. It has pretty much taken over my blog, and that’s because it’s the main thing that I’m working on in my life and ours lives revolve around it right now.
Last week, Savvy Financial Latina published the post I Got My First Raise. In this post she said:
I wasn’t expecting a huge raise, but somehow the raise I got disappointed me. I should be happier my paycheck is increasing by $50 every two weeks, but somehow I’m not. $50 is not going to change my life. Don’t get me wrong I love that I’m earning $50 every paycheck. An increase in income is always good by me! I just don’t want to be stuck in the pool of workers who expect and/or are satisfied with a small percentage merit increase every year.
Her post made me think. To me, a raise that I’ve earned from my job is usually a very small amount and insignificant to what I can/could make with my side hustles. However, when I first started my job, I thought that the only way that I could ever make more money would be from me earning salary raises. I never even thought about side hustles or that people focused a lot of time on income outside of their job.
Savvy Financial Latina said that she was disappointed with her raise. Why is that? Well, $50 is still good money, but it’s nothing life changing for her. This is exactly why I work towards side hustles and extra income. The amount you get from a raise, is usually very small compared to what you can make with a side hustle. Yes, sometimes a raise can be a decent amount, but what if you want to strive above and beyond the usual 3% raise each year?
The amount that you get from a salary raise is limited. However, the work you put into your side jobs and extra income can become an unlimited amount of raises. There doesn’t have to be a limit on the amount of income that you make from a side hustle.
On the flip side, of course raises are important as well. Raises and bonuses that a person earns can be more worthwhile because not everyone has time to develop a side hustle and increase their income that way.
For a lot of people, negotiating for a raise can be worth more than a side hustle because of growth. Maybe a person doesn’t want a side hustle because they are happy with what they make from their job and are content with their life. Nothing wrong with that of course, and this could be a good reason for why negotiating for a raise holds a higher value to someone.
In the post, Leigh comments and says that “huge raises early in your career make an incredible difference because they compound over your career! Then again, my salary has gone up by a bit over 33% of my original salary since I started working post-college about 3.5 years ago!” This is where salaries can come into play as well. A side hustle may not be sustainable forever, whereas your salary most likely will only increase from where it is now, and will add up over time.
So what about you?
Are you focused on increasing the amount from side hustles or is a salary raise more important to you? Why?
Around one week ago I asked all of you a bunch of questions because I want to learn more about all of you. A lot of you said that the job you currently have is not your dream job.
I’m sure that a lot of you can imagine and/or see where my posts have been going lately. Last year I made the post Do You Want To Be Self Employed and I have been thinking about it ever since. It seems like passion has been taking over the personal finance world a lot lately, with Jen, Holly and numerous other wonderful ladies and gentlemen who have decided to strike it out on their own.
Then just the other day I was reading a post on Get Rich Slowly about how one reader quit her very promising and high-paying career so that she could enjoy life instead. And then after I read that post, I read about how another GRS reader actually QUIT his passion to take a boring job.
I’m not sure what I want to do anymore. My side hustle income is higher than ever, and I’m constantly looking to diversify it. Right now, I am definitely at the point where I could take a leap of faith and start pursuing other side hustles that I love, and focusing on those 100% instead of my normal 8-5 office job.
I’ve had this Money or Passion post lined up for quite some time in my blog to-do list, and I’m glad I can finally publish it. I’ve been asking a lot of you for tips, and so many of you have been responding to my tweets and emails.
When I decided on my major at the young age of 18, I did everything that I could to graduate quickly. I managed to graduate after 2.5 years, and that was even with taking a semester off. I was in a rush for multiple reasons: I wanted something to occupy my time so that I could stop thinking about how sick my dad had become, and also because I “thought” that graduating with two business-related degrees would do me good.
Hey everyone! Happy Monday. We are leaving St. Thomas today and we had so much fun. I’m sad that my vacation is over, but I’m honestly ready to go home. I miss my dogs, oh yeah and I miss W It was a vacation with my sister and it was much needed!
A couple of you have asked me to do a full St. Thomas recap since you will be going on vacation there soon, so look forward to that! We both took tons of pictures. We spent a lot of time at the beach, got really sun burned, SUPed (for the first time!), went kayaking, and went parasailing (first time for this also). We didn’t leave the resort once in the whole 5 days but had tons of fun. Usually I explore the area where I go on a vacation to, but we decided to just stay and have a relaxing time at the resort.
I announced the winner to my Novica giveaway but haven’t heard back yet. If your name is Erika, please check the Facebook post where I announced the giveaway so that you can see if it’s you. I want to give you your certificate code!
Oh yeah, and go congratulate my sister, she is now a personal trainer! AND this is my birthday month so you all better be super nice to me for the rest of May. I kid, I kid, you should be nice to me all the time I definitely know what I want for my birthday, and that is a stand-up paddle board.
I don’t think we did any spending outside of the vacation budget. Earlier in May, our dryer did break though. Luckily we had a gift card that was good at Lowes which covered the whole purchase. It made having to replace the dryer not hurt our budget at all.
Extra income has been good for this month so far. I’m expecting a couple of payments this week. Affiliate income is still doing awesome. It’s nice to know that when I was on vacation, that you awesome readers were still clicking on my affiliate links. Of course I don’t count that as income until I actually receive it (usually 45 to 60 days after you click on the link), but it is still nice to know that future income has been made.
Not sure if this should be included in my Extra Income section, but I did win $85 to Starbucks last week. WOOHOO! I haven’t spent money at Starbucks in what seems like forever because I seem to constantly win Starbucks gift cards from giveaways.
We are still doing good with our food spending, but it’s hard to say because I’ve been gone for 5 days and W can’t cook to save his life (I have no idea what/if he’s been eating while I’ve been gone). But this is a new week and I know we will do awesome! What’s on your meal plan? Share any links, recipes, pictures and so on in the comments below.
I’m still doing great with being healthy. Our hotel room was on the 7th floor and we took the stairs nearly every single time (except for when we had luggage), which means something! We also worked out at the gym here. It was only one time, but seriously those stairs killed us. After we went down the 7 floors, it was also another 98 (maybe 96?) steps down to the pool and beach area, and we walked that EVERY single time as well. I should have killer legs now.