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How much money will you earn, in total, in your lifetime? It’s a difficult question to answer, of course. After all, who knows what the future might hold? However, we can say with some certainty that what you do today and in the near future can have a huge impact on that final figure.
We can have a rough guess at what that figure might look like, too. According to research, the average person will have earned a million bucks by the time they are 56 and a half years old. And all it takes is for a few personal choices and decisions to tweak that number significantly in either direction.
With this in mind, let’s take a look at how you can increase your chances of hitting that figure long before you are in your mid-50s. Read on to find out how to maximize your lifetime salary, and get started right away.
Know where you stand
The first thing to do is find out where you reside in the lifetime salary story. There are a few online tools you can use to find out how much your earning potential is based on your current wages, and it’s a great starting point. From there, you should be able to establish a baseline and use some of the following guidelines to maximize your potential.
Getting a university degree or masters isn’t for everyone, of course. But if you are playing the odds, you are more likely to earn more money with qualifications than without. As a rule, the higher qualified you are, the higher your starting salary, which is important in terms of lifetime income. For example, let’s say you start a career with an Engineering Management Masters – you will likely start at a higher wage than someone with a high school qualification in engineering. But more importantly, every year you earn more will add the difference to your final lifetime earnings. Which brings us to the next important point – start early.
There is a lot of merit in going traveling, doing some volunteering, or just kicking back and relaxing after going to university. But it’s not how you maximize your earning potential. Get started in the job market as soon as possible and you will contribute a significant amount to your lifetime salary before you even know it. According to research, your twenties will define your wages – so it’s vital to get ahead as soon as possible.
Learn to negotiate
The final point is probably the most important. Without learning negotiation skills, the chances are your earnings won’t be as good as they should be. Ultimately, we are all out to get the best deal possible for ourselves, and that includes the people that employ or hire you. It’s important to know what you are worth, and never be shy about asking – politely and appropriately – for a rise.
How do you plan to maximize your earning potential? Why not share your thoughts and tactics by leaving a comment in the section below?