Make More Money by Job Hopping
Feb 10, 2024Read time - 2 minutes / Disclaimer
Today let's review how to make more money by job hopping.
Leaving a job can be a good move for many reasons like:
• Higher pay.
• Better benefits.
• A more flexible schedule.
Unfortunately, many don't explore other jobs.
Change Is Hard
Many employees stick around long term due to being comfortable and:
• Feeling obligated.
• Having a social network.
• Wanting to avoid uncertainty.
These things can keep you from better opportunities.
Job hopping allowed me to double my pay in my 20s, and again in my 30s.
Here's three steps to think through if you're considering it:
Step 1: Review Pay Practices
Do some research to understand how much employers are paying.
Online tools like Indeed or Zip Recruiter are helpful resources.
They show current pay practices for your same job. Many also display employee comments.
This helps you better understand the working environment.
Step 2: Interview for Similar Jobs
Don't be afraid to dust off the resume and apply for 2-3 jobs.
The cost of everything has increased due to inflation— so have salaries.
A few hours of work could get you $6,000 to $20,000 more in annual pay.
Step 3: Consider the Best Offer
If you're good at what you do, you'll likely receive 1 or 2 job offers.
At that point, you have 2 options:
- Take the job and move on.
- Ask your employer to match the best offer.
The easy option for most is to keep the same job. Having a friendly conversation with your boss often does the trick.
Lindsay is a great example of that.
If you're a great employee.
The odds are in your favor.
Happy job hopping (hunting).
See you next week.
Here are 3 other newsletter issues that may be helpful:
1. ​The Power of Compound Interest (from $60k to $1M):​ Make sense of compound interest and how it's used to build wealth. Learn why index funds are a popular investment option.
2. ​Quit Fulltime Work in Your 30s (work part-time for yourself):​ Discover how to leave fulltime work earlier in life. Consider how you'd make money after quitting.
3. ​The 3 Levels of Wealth Creation:​ Explore different ways to create income. Learn how time and leverage are used to make more money as a business owner.
