5 Surefire Ways To Increase Your Net Worth

We would all love to earn more money, wouldn’t we?  Even if money isn’t a huge motivator, the reality is more money in your pocket equates to more options in life.

Here’s how you can fatten your wallet in 2018:

GET QUALIFIED

Looking for the golden ticket in Accounting & Finance? Generally, earning the big bucks long-term means you’d better get qualified. A Chartered Accountant or CPA qualified accountant earns on average $118,428 per year. That’s heaps more than $67,628 for non-qualified and $67,118 for partially qualified!*

If money is a key driver for you – get qualified as soon as possible.

GET A NEW JOB

Many people find jumping ship can land you with a decent pay rise.  It’s almost kiwi culture to find a new job instead of speaking openly with your current boss about your pay.  We’d recommend checking in with your current boss first if salary is your only motivation for changing jobs!  Most employers are keen to keep their top talent on board and you may be surprised that they are open to the discussion.

It’s worth keeping in mind also that a new job might get your more money in your back pocket – but it is an investment on your part so don’t make a move all about the money!

ASK FOR A PAY RISE

If you’re good at your job – chances are high that your boss doesn’t want to lose you.  Take the bull by the horns, a deep breath and organise a time to discuss this with your boss.  

There are annual reviews and all that stuff, but we find what works best is coffee and adult conversations.  Help your boss by giving him or her the heads up on what you want to cover off – no one ever got a pay rise by ambushing the person making the decision.

We’ve written some good blogs on this in the past, but in summary – look the part, do your homework, but keep in mind the big picture and there might be more just your pay to consider. 

Overall – the easiest way to ask for a pay rise is to be great at your job, to have an adult conversation and to have perspective!

FUTURE-PROOF YOUR SKILLS

Technology is rapidly changing the way we do our jobs.  The reality for us accounting types is there is going to be a lot more automation and AI, but also an increased demand on our soft skills.  Make sure you are getting to grips with data – upskill at every systems change opportunity!  But at the same time, ensure you are investing in your soft skills – time management, communication skills and your ability to apply common sense to complex situations.  For us oldies – that means start channelling your inner MacGyver.

Future proofing your skills is essential for long-term career advancement (and money earning ability!).

SLASH YOUR EXPENSES!

I feel like I am preaching to the converted here given you all have accounting backgrounds but it makes sense to consider your outgoings if you’re trying to improve your net worth.

You’ve heard it before, but taking a fresh look at really what you are spending and how you spend can make you wealthy over time.  There are some cool places that can help like EnableMe, Sorted and PocketSmith.

None of us plan for working forever (maybe apart from Winston), so making an effort to increase your network can pay you dividends in the future.

*Taken from What’s My Worth: New Zealand’s largest salary survey of accounting and finance professionals.