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October 02 newsletter
Welcome to the Shape of Money's step-by-step programme to discover the secrets to wealth.
The programme has previously covered four secrets: planning, tuning the thinking engine, budgeting, and "the tempest".
This month we look at the fifth secret to wealth: earning more by increasing the weekly paycheck.
In general, the Shape of Money has counselled against relying on a pay increase to fund financial goals. This is primarily because, for most people, spending naturally increases to match increased income.
However, as part of a programme such as the Shape of Money secrets to wealth, underpinned by a regular budget and money management system, any extra income can be a boon to meeting your financial goals. The golden rule, therefore, is to save the pay rise, not to spend it. It may be a simple rule, but it's difficult to implement.
Financial success is a (not so simple) matter of accepting a certain level of earnings and adjusting your lifestyle to fit it. We all want a bigger house, longer holiday or faster car, but the fact is that we are only going to be earning for a limited period (although it may seem it'll last forever on Monday mornings). Your retirement, for example, could be as long as your working life. Now is the time to use that pay rise to achieve your financial goals.
Some web sites to help your career:Job.co.nz
New Zealand Government Jobs Online
Rob Law Engineering Recruitment
The Johnson Group provides Government Jobs.
Why not ask for a pay increase? If it's justified, you may just get it. List the reasons you think you deserve an increase - if you can't convince yourself, you'll never convince your boss. Choose the right time and be confident (but not aggressive).
It may be that you have the right core competencies, such as customer service and people management skills. However, your technical skills, such as computer literacy, may be lacking. Don't be afraid to keep training and learning. You could even consider reinventing your career.
Some useful sites to further your skill and education include:
University of Technology
Sometimes, the best way to achieve a higher rate of pay is simply to accept that it's time to move on and get a new job. And aside from any change in income, finding a job you enjoy is priceless.
Some time honoured job hunting tips:
Tune your internal thinking machine with tip number 5: Every time you have a negative thought, immediately replace it with your financial success vision. EVERY TIME.