Moving Up The Ladder
Ashok Rao, the accountant head of a pharma company joined his first job 12 years back. He goes to the office daily and works for 8-10 hours and gets his pay. This is how he plans to spend the rest of his life. He has no idea how to move up in life despite being in the rat race for over a decade.
I’m pretty sure many of us can relate to Ashok and are already spending our lives in the rat race trying to make it to the end. There is a way to escape this rat race and move up and achieve greater things in life. It can be done. It may take some time, little effort and a desire to make one’s life better and more productive.
In the last article, we got introduced to the concept of active income, income for which services have been performed and require continuous participation.]
Usually, people spend hours at a workplace because after all, one needs to work in order to earn. That’s why we always say “No work? No Money”. However, the amount of income is not actually determined by the no. of working hours. Today we will see how the choices we make impact our earnings and also how can one make sure that they move up the ladder swiftly.
What is the difference between a cleaner dedicating 10-12 hours to work and a CEO of the company putting in the same amount of time? Obviously the money. The amount of rewards one gets is related to the number of responsibilities and risk one is willing to take.
For a salaried person, salary levels largely depend on the contribution the employee is making to the organization, the performance which is normally related to the profitability. When you understand this principle, you begin to take control of your salary rise. You can find or develop a role, which commands a higher value, and therefore a better salary. You can do either do this with your present or new employer by accepting more responsibilities.
Contribute to the organizational goals and profits. Professionals are compensated for their job on an hourly basis. Look at the ways you can increase your professional income. Provide additional services related to your profession. Become an affiliate of a complementary profession, and create a linked network. Organize a seminar or workshop, educating people on your topic and spread awareness.
Finally, try to get the maximum out of the time and energy you spend while working. This will go a long way in determining the quality of your life.
In the next part, we will find out the ways to increase passive income, and how to add multiple streams of income stream, without working for it.