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Negotiate For A Raise Or Work On Side Income?

Last Updated: October 18, 2021 BY Michelle Schroeder-Gardner - 65 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

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Negotiate For A Raise Or Work On Side IncomeHey 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.

Side Hustles are worthwhile

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.

There are many different ways to make money from side hustles.  You can also start a blog, freelance write, mystery shop, walk dogs, become an online designer, and so on. The things you can do for side hustles are endless!

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.

Related: How To Increase Your Income

 

Raises are important also

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?

 

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65 Comments
Filed Under: Career, Extra Income Tagged With: Career, Extra Money, Self-employment

About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. Pauline @ Reach Financial Independence says

    May 24, 2013 at 3:39 am

    I would look for raises at work as long as they do not imply working more hours. You can work more, but still be out of work by 5 or 6pm. I have friends working 12 hour days for a good paycheck but not so good if you consider the hours they put in. Whereas on the side you can generally work for a bit more money than you get at your day job. Sure you wouldn't have to commute if you worked an extra hour at work every day, but then they come to expect that you leave later and the day you don't want to, they think you are a slacker.
    My recent post Friday recap, a new site and politeness

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:15 am

      I think this is a very good way to look at it. If you're putting in extra hours for that raise, is it still worth it?
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
    • AmericanDebtProject says

      May 24, 2013 at 9:25 am

      I agree! Raises are totally important, and you absolutely have to show them what your worth and why you think a raise is deserved (go in with plenty of backup). But if you are growing your side hustles as well, this helps insure you against job loss. Nothing is more comforting than knowing you work but you don't need the work.

      Reply
      • MakingSenseofCents says

        May 24, 2013 at 9:30 am

        I agree. It is nice that I am now pretty well diversified and can handle a blow to my budget!
        My recent post Negotiate for a Raise or Work on Side Income?

        Reply
  2. myfijourney says

    May 24, 2013 at 4:27 am

    I'm more interested in raises. I bring home a considerable salary, so even a 2-3% raise, while paltry, makes for some descent extra income. Plus raises compound over time, so while a raise may not be worth much this year, add up several years worth of raises and you're getting somewhere.

    The only side-hustle that I have is blogging, which is only paying for itself if I ignore all the hours that I put in.

    I also invest a considerable amount of my money in dividend growth stocks. So every month as fresh capital gets invested my total income increases. I reinvest my dividends, but I don't have to. Overall I find that investing is the easiest way to increase my income.

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:15 am

      I agree. A 2-3% raise might not be much currently, but over time it does add up.
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  3. freemoneyminute says

    May 24, 2013 at 5:49 am

    I would work on both simultaneously as one should not exclude the other. However, you should really like your job otherwise you should find a way to transition into your side hustle or move to something you enjoy more.

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:15 am

      I agree!
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  4. Matt Becker says

    May 24, 2013 at 6:31 am

    I think it all depends on whether you enjoy your job or would like to be doing something else. If you really love your job, then I think it makes sense to find ways to add value and use that to negotiate a higher salary. But if you're looking for something else, it makes more sense to put your time into either side income or increasing your value in another field so that you could negotiate a higher salary elsewhere. Personally, I haven't earned any side income yet, though I'm working on it. All of my income increases have come from raises.
    My recent post Investing in the Stock Market Doesn’t Have to be Hard

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:17 am

      I agree Matt. And I hope you make side income soon 😉
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  5. DC@Young Adult Money says

    May 24, 2013 at 6:48 am

    Right now I would say increasing my side income, though I also think getting a raise at your regular 9-5 job is valuable because you don't really need to increase the time you put into that income pursuit. Of course, some raises come with more responsibility which unfortunately might equal more time, so a raise may not be the best way to go if you are looking at minimizing your time commitment.

    Overall I'd say pursuing a side hustle should be #1 if you are looking to make more money. It has a lot more potential than busting your ass for a 3% yearly raise (and that would be a very high raise at most employers).
    My recent post Friday Giveaway Roundup – 227 Giveaways

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:18 am

      I agree DC. For me, my side hustles are the main way that I am looking for extra income.
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  6. John S @ Frugal Rules says

    May 24, 2013 at 6:57 am

    I would tend to agree with Matt in that it depends on which direction you want to go. If it's not clear, or you want both, then I would focus on both and try to get the best of both worlds. 🙂

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:18 am

      I agree John. Thanks for stopping by 🙂 Have an awesome weekend!
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  7. plantingourpennies says

    May 24, 2013 at 6:59 am

    Like Pauline said, I'm all for raises as long as they don't require more hours from me right now. That's not something I want to do at work. A raise wouldn't prevent side income in that case, so why not go for both?

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:19 am

      I agree. In the case that it doesn't require more hours, a raise is definitely worthwhile.
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  8. Keren says

    May 24, 2013 at 8:09 am

    I just started a new job in March. My salary increased 25% with taking this new position. That said, I'm now putting a lot of effort into my side hustles since I am temporarily happy with my 9-5 salary.
    My recent post Craigslist

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:20 am

      Wow that is awesome. Congrats on the 25%!
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  9. eemusings says

    May 24, 2013 at 8:14 am

    For me, there's more potential in side income because money is tight in my field (and always has been).

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:20 am

      I agree. There's only so much more that I can make in my field.
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  10. Tina@MyShinyPennies says

    May 24, 2013 at 8:42 am

    I'd focus on a raise since I work 40 hours (or more) at my full-time job, and I don't have the energy to go after side hustles.
    My recent post We Signed a Prenuptial Agreement – Part 2

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:21 am

      I think limited time is the main reason people choose a raise instead of side hustles. Side hustles may not always be sustainable!
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  11. Kyle@DebtFreeDiaries says

    May 24, 2013 at 8:47 am

    Since I work full time in a non-profit, a lot of the raises around here are based on what's available in the budget. As much as I love the environment and the people I work with, I don't see this job providing the lifestyle I want. Leslie and I are focused on increasing our side income instead of hoping for raises. Though I won't fight a raise if it comes around!
    My recent post Appraisals and Balloon Loans

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:21 am

      I hope you and Leslie can increase your side income a TON! Have a great weekend 🙂
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  12. Newlyweds ona budget says

    May 24, 2013 at 9:12 am

    The income at my job has increased by about 25% since I started 2.5 years ago thanks to raises and promotions and my income has way more than doubled in the seven years since I graduated college. That being said, the side hustle income has helped us tremendously in paying off debt and saving for vacations. I don't plan on doing side hustle forever though, because it does still require some time input, but for now I am content.

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:22 am

      That is great! My income has definitely grown, but I'm afraid that there's only so much more that I can make.

      Reply
    • MakingSenseofCents says

      May 27, 2013 at 5:29 pm

      I am interested to see what direction you will go Catherine 🙂
      My recent post Happy Memorial Day and $1,582 in Extra Income

      Reply
  13. MakingSenseofCents says

    May 24, 2013 at 9:19 am

    I agree Jordann. It all depends.
    My recent post Negotiate for a Raise or Work on Side Income?

    Reply
  14. Miss Amanda says

    May 24, 2013 at 9:20 am

    Definitely more interested in starting a side hustle thanks to all your PF Bloggers 🙂

    I read something on one of the PF Blogs about how all my income is dependent on one source – my employer. All of my financial security is in someone else's hands. That really resonated with me and planted a seed that I'm now starting to act on. (I wish I remember where I read it to give proper credit!)

    I've been at my current job for 4 years (which is at least 2 years too long), and in all that time I've received ONE raise, despite being given a whole other project that used to be a part time position on its own. This raise was for $50/month. And I'm not even sure it's really classified as a "raise" as it was a cost of living increase… I've given up on this place a long time ago, and I'm trying to figure out what's next for me.
    My recent post Stress Leave: Am I Really Sick or Just Looking for an Easy Out?

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 9:23 am

      I never once even thought about side hustles until I start a blog, so I know what you mean! And I agree, I like to be diversified so that not all of my income comes from just my employer.

      Wow I'm so sorry about your low raise. I hope you find something awesome soon.
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  15. MakingSenseofCents says

    May 24, 2013 at 9:20 am

    For you, it definitely sounds more valuable to negotiate for a larger salary at work. 🙂 Have a great weekend!
    My recent post Negotiate for a Raise or Work on Side Income?

    Reply
  16. E.M. says

    May 24, 2013 at 9:40 am

    I never gave any thought to having a side hustle before I started reading PF blogs! I've also been inspired, largely by your extra income posts, to start a blog for similar reasons. I think right now I would rather work on building up side income, because while I work hard at my job, I don't think getting a raise will make that much of an impact. At the same time, I am always looking for other opportunities, because I am in an entry-level position and there's a lot of room for growth down the road.
    My recent post Getting An Apartment: Part I

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 11:06 am

      I agree, PF blogs are what got me started with side hustles. And thanks so much! Glad that I can help. What type of job do you have? I'm always interested in hearing what readers do for a living 🙂
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  17. therandompath says

    May 24, 2013 at 10:28 am

    When the economy tanked back in 2008, the company I worked for put a "freeze" on all raises and end-of-the-year bonuses. Even though the amounts were not large, people had really been counting on it. Raises do matter, even if the amount is not anything to write home about.
    My recent post Meal Planning…Bleh…

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 11:06 am

      I agree. Raises are important, but I especially think in this case that being diversified with side hustles is important.
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  18. debtandthegirl says

    May 24, 2013 at 10:36 am

    For you, it looks like side income could prove to be far more lucrative so I would concentrate on that first.
    My recent post Preparing for Your First Car

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 11:07 am

      I agree!
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  19. krantcents says

    May 24, 2013 at 10:38 am

    For me, income is income! I have no chance of negotiating for a raise since I am a teacher. I focus on side income and that includes investing.

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 11:07 am

      I agree, all income is good, and so are all increases in income 🙂
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  20. Budget & the Beach says

    May 24, 2013 at 11:04 am

    Since I don't get raises I have to focus on increasing my freelance income or starting to earn more with side hustles that don't have anything to do with my video work.
    My recent post My Perspective on Freelancing

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 12:05 pm

      This is something that I will have to think about when I make the switch.
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  21. Leigh says

    May 24, 2013 at 11:07 am

    Raises all the way! As I said in my comment on Savvy Financial Latina's blog, my income has gone up by a bit over 33% since I started working. I've gotten REALLY good raises in the last few years, which has made a huge difference. A 10% raise when I started is now the same dollar amount as a 7% raise. (And yes, I have seen raises that high.) I don't think my income has topped out either. I'm hoping/working towards another promotion in the next 2-3 years, which would bring my base salary up to a bit over 50% more than I started out with (which was in the high five figures). And with better annual review ratings, not only do you get a better raise, but you also get more stock. I think that side hustles are more valuable when your income is lower. But for me, a reasonably awesome review rating means adding $6,000 or so in base pay versus $2,000 and an extra $10-25k in stock than a medicore review rating.
    My recent post Optimize Efficiently: Credit Card Rewards

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 12:06 pm

      That is awesome Leigh! Sounds like you are doing very well.
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  22. SavvyFinancialLatina says

    May 24, 2013 at 11:16 am

    Thanks for the mention.
    I'm concentrating on both. Of course, I want to concentrate on doing better in my career, and getting raises, but I want to build side income. Doing both, would allow us to be better off. My husband works full time, and also earns side income! We gotta do it while we are young and don't have any other responsibilities. The goal is to be financially independent!
    My recent post Carnival Cruise on the Western Caribbean

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 12:06 pm

      I agree! And yes, the goal is definitely financial Independence.
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  23. mycanuckbuck says

    May 24, 2013 at 11:33 am

    I am mostly trying to increase my "side hustle". How much I earn isn't much, but it's better than nothing. 🙂
    My recent post Enjoying a Responsible Gaming Environment on a budget

    Reply
    • MakingSenseofCents says

      May 24, 2013 at 12:07 pm

      It's always better than nothing 🙂
      My recent post Negotiate for a Raise or Work on Side Income?

      Reply
  24. MakingSenseofCents says

    May 24, 2013 at 12:07 pm

    I agree! Work life balance is very important as well.
    My recent post Negotiate for a Raise or Work on Side Income?

    Reply
  25. Nick @ AYoungPro.com says

    May 24, 2013 at 1:14 pm

    I don't think it has to be an either/or situation. I am currently working on both! I have been told that I should be getting a raise in July, but it probably won't be life changing. At the same time, I am trying to learn and create side income as well. I want to get to the point where my side income is at least as much as 50% of my current yearly salary.
    My recent post 9 Must Read Tips for Paying Off Student Loan Debt

    Reply
    • MakingSenseofCents says

      May 27, 2013 at 5:27 pm

      You are correct, it doesn't have to be an either/or situation! I am working on both 🙂
      My recent post Happy Memorial Day and $1,582 in Extra Income

      Reply
  26. thepotatohead says

    May 24, 2013 at 6:08 pm

    I'm working on my side hustles at the moment. I could in theory get a promotion at my job within the next few months if I play my cards right, but it could also mean a lot more stress then my current position. I'm trying to focus on side hustles that I like, so getting a bigger income through things I like seems more enticing at the moment then the promotion.

    Reply
    • MakingSenseofCents says

      May 27, 2013 at 5:28 pm

      I know exactly what you mean, as for me it would be the same – a lot of added stress. I don't want that!
      My recent post Happy Memorial Day and $1,582 in Extra Income

      Reply
  27. nicoleandmaggie says

    May 24, 2013 at 7:22 pm

    Well, the only way for me to get a raise is either to get promoted to full prof (which will take another 4-6 years minimum) or to go on the job market and get an outside offer. I may do the latter in a year or two depending on DH's situation. However, if I get grants, that can give me up to 3 months additional summer salary, so that's what I've been working on most (now that DH has left his job… I used to take grant money just to pay for research assistance). My career focus is more on output and less on compensation, though if I ever do go on the job market, the output will be important for my compensation numbers!

    Side hustles I take when they're offered to me, but I do not actively seek them out. I generally make several hundred to a few thousand each year.
    My recent post Ask the grumpies: How much to spend on a wedding present?

    Reply
    • MakingSenseofCents says

      May 27, 2013 at 5:35 pm

      I'm hoping to change my career focus to more about passion instead of compensation as well. Thanks again for stopping by. Always enjoy your comments 🙂
      My recent post Happy Memorial Day and $1,582 in Extra Income

      Reply
  28. @StumbleForward says

    May 24, 2013 at 11:14 pm

    For me I would have to say it would be increasing my side hustle. I'm fairly limited to increasing my pay and working more hours. On top of that I would actually rather put more time into my side hustle because I enjoy doing that far more than my job.
    My recent post 4 Debt Tips for Young Adults

    Reply
    • MakingSenseofCents says

      May 27, 2013 at 5:34 pm

      I definitely agree with you! I enjoy my side hustles so much more.
      My recent post Happy Memorial Day and $1,582 in Extra Income

      Reply
  29. Scott H. says

    May 26, 2013 at 10:24 am

    I actively go for both. Sometimes I put too much on my plate as far as side jobs are concerned. The nice thing is that most of them can be scaled back when necessary to make time for the regular job and my family. The job can hardly ever be scaled back. So it is a balancing act for me.
    My recent post 5 Great Books to Learn Asset Allocation

    Reply
    • MakingSenseofCents says

      May 27, 2013 at 5:33 pm

      I know how you feel. I feel very overwhelmed most of the time!
      My recent post Happy Memorial Day and $1,582 in Extra Income

      Reply
  30. Lindsey @ Cents says

    May 26, 2013 at 5:12 pm

    Hi Michelle
    Thank you for posting this – I've had this thought rolling around in my brain for awhile!
    I had two goals this year and they involved both, I think: I started my blog this year as a side-hustle but I hope to grow this over time and I also applied to social work school so I can increase my career opportunities and salary potential. So I guess both are important to me!
    Like Scott H. mentioned in the above comment, it's a balancing act!
    Thanks
    Lindsey

    My recent post Why a Liberal Arts Degree is the Future

    Reply
    • MakingSenseofCents says

      May 27, 2013 at 5:30 pm

      I agree, it is a balancing act! Thanks for stopping by Lindsey.
      My recent post Happy Memorial Day and $1,582 in Extra Income

      Reply
  31. @DigitalPersFin says

    May 27, 2013 at 5:07 pm

    I'd go for making sure that the career is going well before being too engrossed in side income. For many people, there is a reason why it's called side income, in that it's not the primary source of income. I'd focus on raises moreso, but this doesn't have to be mutually exclusive.

    Reply
    • MakingSenseofCents says

      May 28, 2013 at 11:49 am

      I agree. Thanks for your input.
      My recent post Should We Rent Our Home or Sell It?

      Reply
  32. MakingSenseofCents says

    May 27, 2013 at 5:27 pm

    That is good, and you are right. It is about career goals as well.
    My recent post Happy Memorial Day and $1,582 in Extra Income

    Reply
  33. Jenny@FrugalGuru says

    May 28, 2013 at 11:46 am

    I work for myself, so obviously….no raises. 🙂 But $50 every other week, post tax, isn't small at all. That's $2,600 per year, post-tax, which at a marginal tax rate of 15% with a state income tax of 5% plus 7.65% payroll tax and 10% retirement is $4,170. At 25% marginal tax rate, it's about $5,000. If you're making $60,000 to start with, $5,000 is substantial. In fact, it's quite a good raise if you have an income up to $100,000.
    My recent post “Shopping Addiction”: Stress, Depression And Overspending

    Reply
  34. Frugal(er) says

    May 29, 2013 at 12:55 pm

    In my line of work, there really are no raises. I work for a public library, and last year our operating budget was cut by $100,000. The staff agreed (though I voted against it) to sacrifice our 401k matching for the year, otherwise the libraries would have had to close for three weeks. This year, we're looking at being level funded at that -$100,000 amount. No one has had a COLA in five years, let alone a raise. So, my answer to your question is side hustle income! This is something I'm trying to get better at, but am having a hard time gaining momentum, which is why I really appreciate all the posting you've done about it!

    Reply

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My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.

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