Too many people race through the workday to get 20 tasks done and still feel broke at the end of it. You can keep doing this for the next several decades until you drop exhausted into retirement. Or, you can make a change today.
Watch out for these seven signs you’re working too hard for your money, and consider our ideas to break the cycle.
Your Pay Hasn’t Kept Pace With Inflation
Inflation has run rampant over the past few years. You’ve seen it in the news and, more importantly, in your grocery bill. But has your paycheck kept pace? If not, you’re poorer than you were a few years ago, in real dollars adjusted for inflation.
Nicole Dunn, CEO of Dunn Pellier Media, pointed out that “Stagnant financial growth despite increased effort implies you’re not being appropriately rewarded for your contributions.”
She advised, “Conduct thorough market research to understand your industry’s salary benchmarks and then use this information during negotiations.”
You Haven’t Negotiated a Raise Recently
In life, you don’t get what you deserve — you get what you negotiate.
“Not enough people practice self-advocacy at work,” said Dan Kroyter, director at TailoredPay. “While it’s scary to speak up, to worry about rocking the boat, to ask for what you believe you deserve, it’s almost always in your favor to do so. So many employees choose to work harder with the expectation that management will hopefully notice them for their productivity.”
Kroyter also pointed out, “Many employers will not notice you unless you come to them. People, including bosses and managers, respond well when you show that you value yourself for your time and compensation.”
Your Role Has Stagnated
If you’ve ever stayed in a role for too long without a significant raise or promotion, you know how undervalued it can make you feel. Working harder for the same paycheck is a sign of stagnation in a role and may mean it’s time to reevaluate your options.
Nicole Dunn adds “Keep an eye out for opportunities for advancement within the current company or explore job openings elsewhere that offer higher compensation for similar responsibilities.”
The bottom line: If you’re still doing the same work you were doing five years ago, you shouldn’t be surprised that you’re still getting paid the same way. Grow yourself, your skills and your responsibilities to grow your paycheck.
You Haven’t Learned New Skills Recently
If you’re feeling stagnant in a role, it may also be time to acquire new skills so you can remain competitive in the job market. Failure to do so can limit available opportunities and reduce potential salary increases.
The most successful people constantly learn new things. They read industry news daily, attend conferences and read (or listen to) personal development and business books. A week doesn’t go by when they don’t take active steps to grow and evolve.
You’ve probably heard the pithy taglines like “Leaders are readers” and “Earners are learners.” While they may be difficult to hear, they’re often true nonetheless.
You Wear the ‘Busy Badge’ With Pride
Repeat after me: “Being busy doesn’t mean being effective.” In fact, staying busy often distracts you from the higher-impact but scarier or less fun tasks that could actually move the proverbial needle in your work.
Brian Meiggs, founder of BeerMoney, put it like this. “Many people wear overwork as a badge of honor, but true financial wisdom lies in creating systems that earn for you while you reclaim your time. The goal isn’t just to work hard — it’s to work smart, leveraging your skills and resources to build wealth in ways that grant you freedom and sustainability.”
He added, “When you learn to work less and make more, you transform from someone who chases money to someone who masterfully attracts it.”
You’ve Never Explored Growing Your Own Side Hustle
If your employer fired you tomorrow, would you have anything to fall back on?
The nice thing about side hustles is that you can create and grow them yourself, without depending on the whims of an employer or the job market. If you discover you love the work, and it pays well enough, you can even quit your day job to pursue it full-time.
“Explore different income streams like freelancing or passive income opportunities,” suggested Martin Heaton, director at Reinforcement Products Online. “Work smarter, not harder, and understand your worth in the marketplace.”
List out all your skills, talents, passions and areas of expertise. Then brainstorm every way you can think of to monetize them, from freelance work to consulting to starting your own business.
You Don’t Approach Your Job Entrepreneurially
Entrepreneurs are accountable for every result in their business. They can’t make excuses, and they have to produce the highest value work every day.
You can add more value to your employer by approaching your work the same way. “Focus on high-impact tasks that directly contribute to revenue,” recommended Rex Liu, head of sales and marketing at GoSite. Then document your results — the added value you created for your company — and use it to negotiate higher pay.
Don’t stop there though. You can also free up time at work by automating and delegating low-skill tasks. Look for any repetitive tasks in your business, and start researching ways to automate them.
Dylan Cleppe of OneStop Northwest LLC noted, “A common issue is the underutilization of automation and technology, which can significantly free up time while maintaining or even increasing income. For example, while expanding our services, we integrated comprehensive CRM systems.”
By automating tasks, and potentially hiring a VA to handle others, you can free up several hours in each workday. Hours you could even use to grow your side hustle.
Just make sure your productivity doesn’t pay the price. Deliver for your employer by producing more and better work than you had been before you started optimizing your daily work. When in doubt, ask your employer to clarify exactly what deliverables they expect from you — and then exceed them.
More From GOBankingRates
Source: 7 Signs You’re Working Too Hard for Your Money & How To Work Less and Make More
