Meet STASH influencer – millennial money expert, speaker and author, Stefanie O’Connell. Stefanie’s goal is to help others reach financial greatness. Her expert advice has been featured in The Wall Street Journal, Forbes, Yahoo! Finance, The Dr. Oz Show, Fox News and ABC World News. We admire her outlook on finance and believe she has an amazing money mindset and finance tps! Check out Stefanie’s 5 Steps to make more money below and see what other financial advice she has for millennials!
5 Steps To Make More Money:
1. It might sound strange, but the first step to generate more money is believing that you can and take ownership of your income potential. While outside factors are certainly influential, none are more powerful than your own resolve and follow through. So don’t let your perceptions of limited skills, experience or education keep you from knowing you can make more and taking the actions to make it happen.
2. Ask for it! Whether you’re a freelancer or you have a traditional 9-5 job you need to know how to ask for more money. To raise your rates or negotiate a pay raise, learn how to articulate the value you add to the bottom line. Remember, it’s not about why you need a raise, it’s about the added value you’re bringing to your employer or your clients. What value are you offering that extends above and beyond your current compensation? Come with a list of added responsibilities you’re willing to take on or already have taken on. The conversation should be about how you’re fulfilling the employer or client’s needs, not about how a pay increase will fulfill your own.
3. Look for another job. A new job gives you the opportunity to re-anchor your salary at a level that’ s in line with your desired income, rather than being limited to a traditional two or three percent raise at your current job. As long as you can back it up, you can ask for just about anything you want when you start working for a new employer or client. Sometimes the key to making more money isn’t to steadily continue along your current path but, to completely disrupt your current status quo by pursuing greater opportunities elsewhere.
4. Consider the market. Too often, we let the budget of our clients or our employers define what our work is worth. While it’s true that you have to consider what the market will bear when talking pay rate or salary, you should also keep in mind that you may be able to command a much higher rate using the same skill set in a different market. For example, when I started out as a freelance writer, I would write for other bloggers. I soon hit an income ceiling, because bloggers can only afford to pay so much. But that didn’t mean my work wasn’t worth more. I just had to find a new market. So I started pitching start ups, larger editorial sites, and larger companies. Within a year, I 20x-ed my rate.
5. Up-level your skill set. Figure out what people need and make yourself an expert at one of those things. While degrees and certifications have always served as investments to generate increased earnings prospects, the new wave of needs surrounding modern life and business, erase many of the barriers of time and energy investment previously required for making extra money. You can be up and running making a profit within a matter of weeks.
CK: Let’s talk about Net Worth and why it’s important to take stock of your full financial picture?
SO: Unlike your assets, you don’t own your income. You only own the part of your income that you keep. So income alone isn’t sufficient in providing a clear picture of your financial health.
By taking into account all of your assets and all of your liabilities, your net worth provides a clear picture of where you stand financially. Regardless of whether your net worth is negative or positive, the most important thing is tracking it while practicing smart financial habits – like paying down debt and saving for the future.
If you’re doing that, your assets will continue to grow and your liabilities will continue to shrink, increasing your net worth over time.
CK: What words of wisdom do you have about managing money?
SO: Just start. Do something. Even if it’s as simple as writing down what you earn and spend each day. The worst thing you can do for your financial life is nothing.
CK: What advice do you have for those of us strapped with Student Loan Debt?
SO: Be proactive! For the most part, student loans cannot be discharged in bankruptcy, so ignoring your monthly bill or crossing your fingers and hoping lawmakers that will someday agree on comprehensive student debt relief is a non-option.
If you don’t know what you and to whom, look it up in the National Student Loan Data System of Students. If you can’t afford your monthly payments, get on the phone with your lenders and see what you can negotiate.
CK: What money mistakes do you want to see Millennials stop making?
SO: I want us to stop settling. When we’re not actively engaged in our financial lives that’s what we’re doing – settling.
One thing I find motivating is thinking about my 5 -10 year goals and the cost of achieving them. If I don’t want to settle for anything less than those dreams – I need to get to work putting the financial infrastructure in place to support them.
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*All thoughts and opinions of talent interviewed is their own.*