Fred Harteis News Articles - Doubling your salary can be a dream come true. If you aim to command more money (and who doesn’t) these six tips can get you on the fast track to a super-sized paycheck.
Say Bye-Bye
You will keep pace with inflation with 4 percent annual raises, but you certainly won’t get ahead. Changing companies is one of the fastest ways to double your salary. Often new hires start at a salary that it took their peers years to obtain. With a fresh start you can negotiate a higher salary with a new company that has not pigeonholed you into a particular salary range. Having an offer in hand can also give you leverage at your current company to get a significant raise or promotion.
Start a Business
Why just double your salary? Take charge of your earning potential by starting a business. This way you determine your compensation. But patience, determination -- and a good business plan -- are key. Young businesses typically require time and energy to reap big rewards. Investment banker, Chris Norman agrees. Several years ago, he and a partner left their jobs and opened a boutique investment banking firm in
Start Packing
Some cities pay higher -- much higher -- for the same profession based on supply and demand and cost of living. Payscale.com shows a software developer with 5 years experience in
Boost Your Knowledge
Sometimes doubling your salary means changing careers or earning an advanced degree in your current field. If you’ve hit the glass ceiling in your profession, going back to school for a degree with higher earning potential or getting additional training may be the answer. For instance Payscale.com shows a copywriter who majored in English averaging $41,065 could command an average salary of $79,718 in business after earning an MBA. Kailei Richardson says earning her MBA helped her double her salary after working as a consultant for a major firm. "If you look at pure salary, I made a 47 percent increase in salary. However, if you look at my first year salary factoring in signing bonus, I had an 86 percent increase, but including relocation it was a 106 percent increase," says Richardson who now works as a marketing manager in
Consult a Career Coach
Many high achievers have that je ne c’est quoi. One way to double your salary is to learn the secrets of their success. A career coach can assess career pitfalls and help propel professionals to executive ranks. Books such as 'Leadership on the Line' by Ronald Heifetz or 'Moral Mazes' by Robert Jackall also offer smart insights to the nuances of corporate success. Often people don’t realize that while performance is important to success, personality and knowing how to navigate the system are probably equally important, if not more so.
Go Solo
If you are experienced in your field and have good contacts, going the independent contractor route can be highly lucrative. Industries such as IT, law, business, and medicine are just a few that pay big to contractors. "Contracting afforded me the opportunity to see a return based on expertise and hours worked. As a salaried employee [at my old company], my yearly assessment didn’t factor in current market rates," says Wayne Nelson, a Web applications developer in
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About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.