Six Ways to Cash In

Woman's Day Magazine
April 24, 2001

How would you like to earn more--make that much more---than you do now? Just follow the tried-and-true salary-building strategies below. Each is designed to help you apply your best skills to the right job, which can lead to a substantially higher income as much as double your previous earnings.

Ask for a Raise

Despite tales of Internet riches, many women in the high-tech industry are working overtime--without extra pay. That's exactly where Anita Reynolds, 30, of Willow Glen, California, found herself a year ago. As operations manager for the Internet division of a major Japanese firm, Anita was constantly training new employees while trying to do her own job as well.

Instead of complaining, Anita researched similar job descriptions and salaries. Then she created a presentation that listed her expanded duties and asked for a meeting with her boss to make her case for a raise. Impressed by her, her boss took her upper management. The result? A 15 percent raise.

Although Anita's story makes getting a raise sound easy, asking for one can be frightening. "We often feel guilty asking for more money," says Laura Berman Fortgang, author of Take Yourself to the Top: The Secrets of America's #1 Career Coach. To overcome fear and guilt, she recommends taking an inventory of your achievements and finding out what others in similar positions earn.

"The secret is to not make it an emotional case, but to make it business," says Fortgang. Show your employer how valuable you are and back it up with
details about your accomplishments.

Cultivate Your Talents

When Laurie Eisaman-Sagon graduated from high school in North Hollywood, California, she dove into work as an administrative and production assistant in
the entertainment industry. But after a divorce left her a single parent of a 3-year-old, Laurie needed a change. "I felt lost," she explains. 'I needed to find my niche."

Seeking new direction, Laurie, now 46, signed up for courses at a local college. One of the instructors she met was Sylvia, Martin, coauthor of What a Woman: A Financial Planning Guide for the Newly Independent. It was Martin who encouraged Laurie to identify her interests and strengths, then set her sights as high as possible.

Laurie thought she could succeed in the service industry, so she took a job with a catering company. Working behind the scenes, Laurie did everything from washing dishes to serving food. When she started bringing in clients herself, she became a party coordinator, organizing weddings and corporate parties.

After 11 years, Laurie created her own company, CuisineWorks, Inc. Because she had built an excellent reputation, she had no problem getting work. This year she expects to make $100,000, more than triple the $30,000 salary she earned in the entertainment business. 'I wouldn't say it's easy," she warns. "But it makes me feel fulfilled and happy."

Many women find help with career changes from their local community colleges or job centers. These programs may offer assessment tests to help you identify jobs, courses to prepare for a new career, and mentors who can guide you.

Look for A New Job

Twenty-nine-year-old Erika Frank had a secure government job running a Web site for the city of Portsmouth, New Hampshire. When she realized there wasn't room for growth, Erika posted her resume on the Intemet job search site Monster.com. Within weeks, she had interviewed with three companies and chosen a job that doubled her $20,000 salary.

Erika was amazed at the feedback she received when she put her resume on the Web. "It made me think, 'Wow, I'm really worth a lot more than I was getting,'" she says.

Erika recommends sites such as Monster.com, HotJobs.com and Salary.com to anyone looking for a job. They can give you details on salaries and openings, and make your resume available to employers. The Internet can also be a tool for learning interview techniques, researching specific companies and updating your resume.

Be You Own Boss

Making a good salary while working at home is nice work if you can get it--and you can. Just ask Donna Gunter, 37, of Jasper, Texas, who built a thriving home business in just two years.

After a decade in education administration, Donna was eager to earn more than $22,000 a year. Researching home-based job opportunities on the Internet, she came across information about "virtual assistants," people who provide administrative support to business professionals. Intrigued, she took a free information course through the Web site AssistU (www.assistu.com) and decided it was the right job for her.

To land her first couple of clients, Donna simply contacted professionals for whom she wanted to work. "A couple of them wanted to hire me, and I started from there," says Donna.

As a virtual assistant, Donna handles correspondence, updates contact databases, makes phone calls and tracks down information for clients in cities across the country. "My days are never the same," she says, "and that's what I love about what I do."

Once Donna had established a few clients, she asked them for referrals. It worked, and her business grew steadily. In her second year, she will gross $36,000 from clients who pay her $35 to $50 an hour.

Not sure what your marketable skills are? Try this technique from Jerrold Mundis, author of Earn What You Deserve: How to Stop Underearning & Start Thriving: Identify a talent you have, such as gardening, then sell that skill for four hours a month, at an hourly rate that is 25 percent more than what you normally earn. If you usually make $10 an hour, for example, charge $12.50. You'll not only bring in extra money, but you'll also learn how to market yourself.

Try a New Career

For years, Stephanie Rice, 52, worked as a bookkeeper in Marin County, California, bringing in about $25,000 annually. When she realized she didn't want to sit behind a desk anymore, friends urged her to apply her people skills and financial smarts to a career in real estate. She took the plunge, earning her real estate license at night while working
full time.

Stephanie was not an overnight success. During her first year in the business, a recession made things difficult. By year three, saddled with debt, she turned to financial recovery counselor Karen McCall for help. Using the worksheets in McCall's book, It's Your Money: Achieving Financial Well-Being, she found she had been overspending in some areas, while spending too little in others. She created a new financial plan, and within six months both her income and self-worth had grown.

Stephanie lined her office with posters that described her goals. They included her sales objectives as well as personal ambitions, such as saving for a new car. "These things have happened for me," says Stephanie. "When you visualize more for yourself, you start receiving more."

As a result of solid planning, Stephanie gained a new sense of discipline, organization and confidence, and the money followed. The next year, her income rose to $65,000, and has continued to grow, reaching $200,000 last year.

Go Back To School

Working as a medical assistant in Washington, DC, Susan Hoover realized she had gone as far as she could with her training. Without a degree, she wouldn't be able to push her salary much beyond the $28,000 she was earning. So at age 29, she went to nursing school to get a bachelor's degree, and landed a job as an emergency room nurse soon after graduation.

With ER nurses in high demand, Susan, who is now based in her hometown of Allegan, Michigan, was able to work up to a salary of $48,000 plus bonuses in just a couple of years.

"You have to be prepared, because it takes a lot of work to go back to school, especially if you do it full-time," warns Susan, who had several part-time jobs and took out student loans to stay afloat.

Before you decide to get a degree, do your homework. "Get a realistic estimate of how much you can make in your new career," says Nancy Ness Judy, spokesperson for Myvesta.org, a nonprofit financial services organization. Then analyze your current expenses plus future loan payments before taking the plunge.

Susan believes that the benefits of her education far outweigh the sacrifices she made. "I have a great job," she says, "and I wouldn't have been able to get it without this degree."

Copyright Woman's Day, 2001. All rights reserved. Reprinted with permission.