4 major risks that can drastically increase your income
In the realm of employment there are some things that everyone should dream about. One of them is to better your self and another is to make more money. Sometimes the risk outweighs the benefit but sometimes the illusion of risk will paralyze a person. These risks may not be risk for all. For you, they might just be the best path to go from here. But beware, the perception of risk can ruin the safest opportunity.
- Start your own Business - You can start your own business. If you are good with people and money, you should consider it. You don't have to start a franchise or join a pyramid scheme. You can bootstrap on your dream job. If you love to cook, maybe start a small bakery. The risk is less than you would think. Instead of having one paycheck from your job, you will have many small paychecks as you sell that item that you love to create. Suddenly your perception of risk will change. The diversity of many small incomes is less risky than one weekly paycheck.
- Higher education - You might be 40 years old and terrified of going back to school. But don't be. If your skill or trade requires a higher degree for your next raise, you should really consider this risk. Some simple math can help you quantify the risk. If the degree is very expensive and will take you years to pay for, then the risk might not be worth it. But if the pay raise justifies the schooling, then why not?
- Move - Sometimes the job that you are currently doing can pay better elsewhere. Some occupations pay better in the big city. If you are in a small town it can be a very risky move. Not to mention the thousand "what if's". Moving away from friends and family is another factor that makes things scary. But, if it's your calling then it should really be considered.
- Do something extreme - Look for ideas for how your place of business can be better. Then bluntly tell your boss how changes can be made. Most bosses will appreciate your straight to the point perspective on improving the company. This seems risky, But when someone speaks up about how to improve the company they are more likely to get a raise then there counterpart that is just too afraid to speak up. Your job is your income and if you can improve the efficiency of your job in anyway then your boss might just recognize it and give you a pretty decent raise.
In any case, your risk must be analyzed. Don't jump the gun. But on the flip-side, don't over-analyze. You don't want to be caught in a cycle of "paralysis by analysis". At some point you need to decide if you are willing to take the risk. Also remember it's OK to fail. In school we are taught to not fail. But in life, failing is school. You will learn what to do and what not to do. The most important thing is if you take a risk you learn. Keep moving forward and happy job hunting!