Is it possible to get rich while working a 9-to-5 job? Just saying this sentence sounds funny. Considering the current economy, the cost of living, and many additional expenses like healthcare, education, and entertainment, it feels impossible to get rich with a regular job. However, that does not have to be true. It all comes down to how determined you are to make changes in your lifestyle and how strong your will is in pursuing this goal. That is why we want to discuss potential strategies to help you make more money with your regular job – a lot more money.
Let’s define “rich” first
Before we start talking about various strategies that will help you to save money from your regular job, it is crucial to set some expectations first. While it is true that anything is possible if you set your mind to it, you still have to pace your expectations and set achievable goals.
Furthermore, working for someone is different from starting your own business. Getting rich that way is not something that will happen overnight. You need to think about it as a process with a lot of small wins that will get you closer to your ultimate goal.
With that in mind, come up with a reasonable number that you want to see in your savings account at the end of the year. That is the first step.
Lower your living expenses
If you have a family, especially a small child, this might be a bit more difficult to do. However, if you are dedicating your life to a professional career, this is the best thing you can do.
Save money by avoiding luxurious food. Also, do not spend money on entertainment in any shape or form. Many things that people want only bring more expenses. For example, if you buy a car, you now have to spend money to maintain that car, fill it with gas, pay for various licenses, and so on.
Live with a simple rule. Whenever you are making a purchase, always ask yourself – Is this going to cost me more money in the future? Am I getting closer to my goal by spending money now?
This is an excellent mindset. Always allocate your income towards your needs, and be smart about spending money.
Pick a skill, and get good at it
We are familiar with the phrase “do it well or not at all.” This is another golden rule that you should follow. If you have a particular skill that you are very good at or you have a natural affinity for it, stick to that skill. Hone it, make it better. Aim to become the best at it. When that happens, you can set the price you want.
If you do not know what you want, research low-stress jobs that pay well. That could be a good starting point. Furthermore, suppose you need to invest money in the education necessary for that job. That is a good investment, especially if that education will help you earn more money in the future.
Job skipping is better than job promotions
Do you know that companies have a higher budget for hiring new people than for promoting existing employees? This is a sad thing to hear, but it is correct. You will be surprised to know that changing companies will earn you a higher salary much more quicker.
Start a job at a position you like, learn as much as possible, and maybe even get a promotion and a pay raise. After a few years, start searching for a new job, and have a clear paycheck in mind. Maybe even consider moving overseas for a job because higher standards guarantee higher salaries. Come up with a plan and repeat this a couple of times. You will arrive at a well-paid job position offering you much more money than any promotion could.
Keep in mind that this still comes with a risk. Some companies do not like people who often change jobs. That can become a red flag. However, if you do it correctly, it may pay off well. What companies do like is people who are hungry for success and learning. If you do not feel like you could progress more at your current job, looking for a better opportunity is perfectly fine.
Always rent an apartment
Another interesting fact is that you can spend less money on expenses if you live in a rental apartment. If you move to another country for work, you will find that this is often the best living solution, especially for people who want to start a freelancing career.
Another reason why you should always rent is that it allows you to be mobile and flexible. You can always be where the money is.
Get a side job
Side jobs are excellent for making more money. Pick a side job based on your regular job. You want something that will not consume too much money but will also be lucrative. Keep in mind that this will require a lot more effort and energy. But if it gets you closer to your goal, do it.
As an example, Four Winds KSA suggests that you could look for a side job that is similar to your profession. If you are working for a moving company, learn as many trade tricks as possible. Then you can start a blog about moving and storage and earn money through blogging, affiliate marketing, or even product placement.
Pay off all of your debts
You must pay all your debts if you want to get rich with a normal job. You cannot start making money if you constantly own to others. Also, do not use credit cards; interest rates will quickly empty your wallet.
Use various tax advantages
Research tax advantages, like 401k or IRA. When it comes to 401k, any amount of money that you contribute to your retirement savings does not fall under taxable income.
Be patient if you want to get rich with a normal job
The final advice for anyone who wants to get rich with a normal job is to be patient. Success will not come overnight. However, it would help if you believed in yourself and your plan 100%. This strategy will require a lot of sacrifices, but once it pays off, you can relax and enjoy a more casual lifestyle. Best of luck!
