Self-made millionaires teach us how to increase our earning powers

Self-made millionaires teach us how to increase our earning powers
  • Home
  • Articles
  • Self-made millionaires teach us how to increase our earning powers

Ramit Sethi, author of The New York Times bestselling book “I Will Teach You To Be Rich,” said that the way most of us feel about money is highly psychological. 

It means something different to everyone. And most successful businessmen-turned-millionaires are still worried that they do not have enough money in their banks. 

That is why CNBC’s Kristina Partsinevelos spoke with a panel of millennial entrepreneurs who have grown their creative side hustles into six-figure businesses. Here are some of them:

The first stop is Michelle Schroeder-Gardner, founder of the finance blog Making Sense of Cents. Side hustles like freelance writing, affiliate marketing, and renting out rooms completely changed her life. She is also big on hiring a virtual assistant and outsourcing editing tasks, allowing her to work only 10 hours a week. 

Todd Baldwin, who became a millionaire when he was 25, said that his passive income journey has been all about real estate. He also continues to be extremely despite earning seven figures. 

Grace Torres — a 23-year-old who turned her wedding photography side hustle into a six-figure business — agreed that reinvesting profits into your business is crucial for growth, “especially for solopreneurs.“

Meanwhile, Kevin O’Leary, star of ABC’s “Shark Tank” and host of CNBC’s Money Court,” is a big believer in crypto investment. 

But not all of us have the courage or savings to be self-made millionaires. Most still work 40 hours a week and rely on employers to earn a monthly income. 

So, how, then, should we increase our earning power? Sethi advised negotiating for a higher salary. 

Start by meeting with your boss and telling them how you want to be extraordinary at your job. Identify two to three actionable goals and update your bosses on your weekly progress. 

Months later, when it’s time to ask for a raise, you’ll be able to show that you’ve made progress on your goals and how deserving you are for a salary increase. 

“You don’t need to be confrontational — negotiation is a dance,” added Sethi.

Read more here.

Start your
journey today

  • Independent
  • Secure
  • Transparent

Access fantastic talent at world-leading prices

Scale your business fast while reducing costs —
the average all-in employment costs in the
Philippines are typically 70% less than its
Western counterparts

Philippines United Kingdom Australia United States
Software Developer
$7,221
$39,913
$62,653
$81,994
HR Manager
$9,506
$46,669
$66,518
$78,007
Team Leader
$7,152
$31,174
$45,428
$75,823
Accountant
$5,959
$58,479
$67,190
$72,923
Copy Writer
$4,767
$52,088
$56,600
$62,653
Customer Service
$3,337
$22,137
$29,717
$35,275
Virtual Assistance
$2,285
$39,066
$42,240
$31,797
Select a role to view salaries
Philippines $7,221
United Kingdom $39,913
Australia $62,653
United States $81,994

Avoid guesswork. Talk to the experts, free.

Get 3 free quotes

You can save 70% on staff costs, whilst driving quality & growth. Connect with an outsourcing expert to see how outsourcing can transform your business.

Why choose us?
  • Independent and unrivalled expertise
  • We carefully match you from 3,000+ leading suppliers
  • Access to Outsourcing Savings Calculator & Report

Get Started

How many staff to outsource?

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO).

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between world-leading outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 3,000+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.