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Iwokeup

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Since the mantra here @ the TMF Forums is "Provide Value!," I thought that I would pass along some hard won lessons on how to increase your ability to increase your (Slowlane) income while plotting your FastLane exit...You are keeping your steady income going, right? ;)

1. Have a skill that contributes directly to your employer's bottom line.

2. Develop a skill that few can master and accomplishes 1. Examples would include:

  • kick a$$ sales skills. I'm talking like selling hundreds of thousands or millions of dollars of product.
  • have a specialized skill, such as a physician

3. Don't be afraid to ask for what you believe that you're worth (As long as you satisfy points 1 and 2).

4. Be willing to take a risk!
  • In my current situation, too many doctors (and myself two years ago) are so wedded to the idea of safety and a predictable income that they allow hospitals and large, predatory Emergency Medicine groups to commoditize their work.

  • So you may have a situation where they are making far less than "market value" for their work because they're afraid of risk.

  • What I did was say, "I am willing to risk that I may have to hop from job to job, or spread myself across a few ERs in order to generate a much increased hourly rate." I've sought out places that need me enough to redress the imbalance in remuneration. I've increased my income 50-250% per hour depending on the location and the situation. I've also significantly decreased my working hours and have a lot more control over my life, schedule, and income and am much happier as a result.
  • How this applies to you: if you have a marketable skill that increases the bottom line and the Man isn't willing to pay you appropriately...shop around!

5. Always (and I mean always) work to develop and provide VALUE to those around you. What you give out in meaningful value is almost always returned to you in spades. Work hard, smile, ask if there is more to do, and ask how you can help the team/company. Trust me, folks like this are a RARE breed and if you show sincere interest then you will raise your profile and (usually) get given greater and greater responsibility, and faster.

6. Network like crazy! Remember, it's rarely what you know so much as who you know. In the Marines, when given an impossible task and lacking the tools to accomplish something directly, I knew to turn to my Rolodex of contacts (who I'd provided value to previously) for the answers, solutions, etc. It'll make you look like a Rock Star.

============

Thoughts and criticisms welcome.
 
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ZCP

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So few are afraid to push the envelope on number 3........
 

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So few are afraid to push the envelope on number 3........
Yeah. I don't know why not. Especially in my field...
 

jpmartin

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I thought that I would pass along some hard won lessons on how to increase your ability to increase your (Slowlane) income while plotting your FastLane exit... In my current situation, too many doctors (and myself two years ago) are so wedded to the idea of safety and a predictable income that they allow hospitals and large, predatory Emergency Medicine groups to commoditize their work. I've sought out places that need me enough to redress the imbalance in remuneration. I've increased my income 50-250% per hour depending on the location and the situation. I've also significantly decreased my working hours and have a lot more control over my life, schedule, and income and am much happier as a result.

I hear you brother, my dad is a doc - and has the safe & secure mentality - when we could have started a hospital (and I'd be running it). Instead he chose a life of service... but it still boils down to number of hours put in = amount of money made.

I introduced him to blogging and he cranked out over 1,000 articles - wrote an entire ebook, and now makes money on the side, and is asking me how he can retire on this income (i.e. he wants to make it more like a product/business).

Having said that, on one side while you're running the rat race to increase your wealth - you're still a rat. Why we're playing this game still baffles me - I mean - if you're working hard to get some more 'paper money' and that's the problem - it's just paper - being severely devalued (inflated away) - it seems like a losing game. Instead, work on building assets - that can generate income - be it paper money of one country or another - something that will help you survive & thrive by selling your wares in case of any economic meltdown!
 
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Iwokeup

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Ok, having said all that... isn't it worth focusing more on developing your assets rather than increase your income by chasing a higher salary?
Yep, it is.

However, I think that both of us would agree that increased income/money = increased freedom, decreased TIME commitment. My belief is that increasing income while building something of value (like @Vigilante did while growing his business) is a smart way to go. I could have also written about living a frugal lifestyle and paying off debt is another way of "increasing income" as well, though those are more defensive methods than offensive (growth) strategies.

WRT "chasing paper": Money = freedom = the ability to do things that you want to do. In my situation, I now only have to work 10 days a month with increased income, leaving me more days to focus on developing my product, increasing its value, and eventually escaping the need to grow assets like 401K, stocks, etc. That stuff is still being done in the background but I no longer look at them as the answer to a secure financial future. And then, when I've made my first pile I can put aside a chunk in conservative investments where I'm getting 4-5% annually to fund a basic lifestyle. Then with the other chunk go after developing the Next Big Thing (which I totally have planned) or to invest in other projects.

Awesome about your dad. He should totally monetize what he's doing. Good for him!
 

jpmartin

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increasing income while building something of value... In my situation, I now only have to work 10 days a month with increased income, leaving me more days to focus on developing my product, increasing its value, and eventually escaping the need to grow assets like 401K, stocks, etc.

Totally agree with the idea - it's best not to dry up one income stream. I think what I'm just coming to grips with is - is being able to do both. The fact that you only have to work 10 days, and have another 20 days off to focus, to use as block time to work on your building assets - is great!

Debating on whether what is better, being a freelancer while you become an entrepreneur or just jump ship and focus on the latter?
 
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Totally agree with the idea - it's best not to dry up one income stream. I think what I'm just coming to grips with is - is being able to do both. The fact that you only have to work 10 days, and have another 20 days off to focus, to use as block time to work on your building assets - is great!

Debating on whether what is better, being a freelancer while you become an entrepreneur or just jump ship and focus on the latter?
That depends on you. Reading the article that you linked to makes it pretty clear which is which. I'm a Freelancer by trade now but actively entrepreneurial outside of those 10 days.. A Freelancer wouldn't be.
 

jpmartin

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That depends on you. Reading the article that you linked to makes it pretty clear which is which. I'm a Freelancer by trade now but actively entrepreneurial outside of those 10 days.. A Freelancer wouldn't be.

On one side, I get advice on burning your bridges - because that's proof of your 'belief' and that reality catches up with your belief. But on the other side, the calculated risk taker - suggest do both, use a safety net of a salary to pillow the stress of being an entrepreneur.
 

Iwokeup

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On one side, I get advice on burning your bridges - because that's proof of your 'belief' and that reality catches up with your belief. But on the other side, the calculated risk taker - suggest do both, use a safety net of a salary to pillow the stress of being an entrepreneur.
I am not nor probably never will advise burning bridges. The whole 'Go All In!' mentality is a great slogan but probably a poor life choice if you want to eat. IF, OTOH, you are able to GAI and have money saved or some way to make it until you make it, then I say go for it. But if you're like me, married with children, "GAI" isn't a mature option.
 
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