Last week, I wrote about building wealth, and how Mr. ThreeYear and I began saving and investing.
I would be remiss if I didn’t discuss one of the major ways we’ve been able to save: our incomes. Mr. ThreeYear has worked hard to increase his earnings over the years and now earns a very competitive salary for his field.
While I work part-time (as a teacher no less), I have increased my hourly wage with my job so that were I to work full-time, I would earn a very competitive salary (higher than the average teacher salary).
Mr. ThreeYear and I have worked hard to increase our salaries over the years, and this is one of the key ways we’ve been able to pay off debt, invest, and increase our net worth.
Earning more during your working years is one of the fastest ways you can increase your savings, especially if you’ve developed the discipline of banking your raises.
Many financial bloggers talk about side hustles, building your own business, or buying real estate as a way to increase your income. These are fantastic ways to earn more money, but today I’m going to focus on increasing your wages as an employee (or a contractor–we’ll get to that).