Secrets To Wealth

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• Planning for wealth
• Tuning the thinking machine
• Budgeting for wealth
• The tempest
• Increasing your income
• Looking out before you invest
• The avoidance of debt
• Saving for wealth
• Insurance for wealth
• Watching out for tax, inflation and fees
• Investing for wealth
• Record keeping
• Becoming a lotto millionaire

Increasing your income

Now we look at 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, 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:

Pay rise

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).

Skill level

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:

Auckland University of Technology
Canterbury University
Career Services KiwiCareers "is a government-funded website containing New Zealand job, industry and training information, and links to relevant websites".
Lincoln University
Manukau Polytechnic
Massey University
Nelson Marlborough Institute of Technology
New Zealand Institute of Sport
Southern Institute of Technology
TeachNZ "promoting teaching as a profession"
The University of Auckland
Unitec Institute of Technology
University of Otago
Victoria University of Wellington
Waiariki Institute of Technology
Waikato Institute of Technology (Wintec)
Wellington Institute of Technology

New job

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:

• Beg, steal or borrow a copy of Richard Bolles' What colour is my parachute? It's no coincident that the web site is called "JobHuntersBible".
• Update your CV (and then keep it updated).
• Assess and be aware of your core skills and competencies. Work on your weaknesses.
• Looking for and getting a new job can in itself be a full time job so be prepared for the long haul.
• Work hard at looking for a new job; it's not easy. You'll need to apply the same dedication and unrelenting effort in seeking a new job that you do in chasing your financial goals,
• Get a copy of interview rules and tips from your favourite recruitment consultant - and then follow them.
• Be well prepared for interviews, taking into account both the simple things, such as being on time, and the more challenging aspects, such as preparing specifically (for example, researching the company) and generally (for example, your own strengths and weaknesses).
• Don't take it personally when your recruitment company puts you in a "box"; they're sales people, not guidance counselors.
• Only a relatively small percentage of roles are filled through recruitment companies. Therefore, be prepared to develop and follow through on network opportunities. Your current industry, social and sport groups are good places to start.
• Get good references and develop good referees; "what goes round, comes round", so be careful what you say to your boss.