Money Matters: The Revenue Generation

Adele Trathan investigates the pursuit of additional income, and why age is not necessarily a barrier to finding ways to enrich our finances

While it’s fair to say there are fewer barriers to entrepreneurialism than ever before, recent research shows the younger generation are those most likely to go out and pursue business projects.

The reasons for this are straightforward – young people possess a more optimistic mindset that is less ruffled by life’s inevitable setbacks, they have adaptability, are more likely to take risks as they have fewer commitments, are technologically savvy, and have better access to resources. These factors combine to create an environment that fosters entrepreneurial spirit among the younger generation.

Yet pursuing greater wealth and improving your financial position isn’t just about setting out on a commercial venture – it can also be about maximising the attributes and skills you already possess.

With that in mind, here are six key qualities that anyone, of any age, in any walk of life, can reinforce and refine en route to a better financial position:

1. IMPROVE YOUR SKILLS AND INVEST IN YOURSELF

Continuous learning is essential for personal and professional growth. By acquiring new skills and enhancing existing ones, you increase your market value and become more attractive to employers.

So, consider pursuing additional qualifications, attending workshops, or enrolling in online courses relevant to your industry. Also develop soft skills, such as communication, problem-solving and leadership, as these are highly valued in the job market. Investing in yourself not only boosts your income but also improves your overall job satisfaction and career prospects.

2. DIVERSIFY YOUR INCOME STREAMS

Diversifying your income streams can provide financial stability and open doors to new opportunities. Passive income sources, for instance – such as investments, rental properties, or royalties – can supplement your primary earnings.

You can also explore side hustles or freelance work, which can be tailored to your schedule and interests. By diversifying, you create multiple revenue channels, increasing your overall income and financial security.

3. OPTIMISE YOUR CAREER TRAJECTORY

Naturally, your career path plays a significant role in determining your income potential. That means actively pursuing promotions and seeking out new opportunities for career advancement within your organisation. Furthermore, in the last two decades there has been a real boom in the ‘job hop strategy’. As there is no longer a ‘job for life’, and it’s been proven that changing employment every few years, especially early in a career, can lead to higher salary offers and quicker advancement. Therefore, be selective and focus on opportunities that align with your long-term goals and offer growth potential.

4. NEGOTIATE YOUR SALARY

Many individuals underestimate the importance of negotiating their salary, leaving potential income on the table. When accepting a new job or seeking a pay increase, research the market value for your position and skills.

Prepare a case highlighting your accomplishments and their impact on your place of work, approaching the negotiation with confidence, professionalism, an acceptance for compromise, as well as a personality that says you are keen to keep pushing forward and learning.

5. EMBRACE A GROWTH MINDSET

In a similar way, a growth mindset is the belief that your abilities can be developed through dedication and hard work. This mindset encourages resilience, adaptability, and a willingness to learn from failure, and will help you overcome setbacks, persevere through challenges, and ultimately achieve bigger income goals.

6. LEVERAGE YOUR NETWORK

Try to attend networking events, join industry associations, and use social media platforms like LinkedIn to expand your network. After all, building and maintaining connections with colleagues, mentors, and industry leaders can lead to job offers, referrals and valuable advice, increasing your chances of securing higher-paying positions.