This post may contain affiliate links that help Mike keep the posts coming but cost you zero extra. Please see my disclosure page for more details.
This post is part 8 in Rockstar Finance’s latest “Traveling Book Review” where different bloggers each raise their hand to review a chapter in an upcoming book – this time: Financial Freedom. The idea is to start with the blogger reviewing Chapter 1 (Money is Freedom, in this case) and progress through to the end (Living a Richer Life – Chapter 14) – in order to get a good feel for what to expect in the new book.
Here’s a Financial Freedom chapter list to kick us off:
1- Money is Freedom
2- Time is More Valuable than Money
3- What is Your Number?
4- Where are you Now?
5- Next-Level Money
6- Is it Worth it?
7- The Only Budget You’ll Ever Need
8- Hack your 9-to-5
9- More Money in Less Time
10- The Seven-Step Fast-Track Investment Strategy
11- Real Estate Investing
12- More than Enough
13- The Future-Optimization Framework
14- Living a Richer Life
As soon as the list was presented to our group, I responded immediately with, “I want Chapter 8 -Hack your 9-to-5!”
Why? Because I feel that the focus is too heavy on pushing us toward obtaining as many side-hustles as possible. And while I’m guilty as charged of promoting (and having) side-hustles myself, I’ve also had the unfortunate experience of spending a ton of time working for peanuts.
And as I chronicled in my 2019 Goals post – The Year of Change – I’m only working for adequate compensation from this point forward. More than that, focusing your attention too hard on side hustles can both create unnecessary stress and ultimately cost you tons of money in the form of lost raises and benefits from your primary employer.
So, I was locked-in to see what Grant had to say about ‘Hacking your 9-to-5’!
First things first – this review has nothing to do with the other 13 chapters in Grant’s book. My task was to review Chapter 8, and I’m gonna, “Stay in my lane”.
First, I’ll provide my main takeaways from this chapter, then I’ll give my general overview below.
-Grant goes to great lengths to make sure you maximize the benefits available to you.
Are you using the entire employer match on your 401k, are you taking advantage of your FSA, and do you even know all the benefits that are available to you? Don’t leave that lost money on the table and he helps you to take full advantage.
-Once you’ve already taken advantage of existing benefits, a large portion of this chapter centers around exactly how to go about asking for a raise.
The thing I love about this section is that the focus is set primarily on researching your performance, similar positions at other companies, and then setting up your perfect situation to actually ask for the raise.
The act of asking for more money is less important that your previous performance, value, and preparing your conversation. If you do the work up front, your chances of success are much improved.
Earning more money from your employer is an art form, but as Grant illustrates – it’s not the incredibly uncomfortable situation many of us assume it to be. Like most things – just make calculated decisions, then move forward.
-Now that you’re taking full advantage of benefits, you’ve asked for and earned a raise – it’s not time to sit back and ride off into the sunset.
Grant tells us how to keep tracking your performance, keeping an eye on your competition, and then preparing for your next salary-increasing conversation.
-In the final section of the chapter, Grant keys us in on how to utilize networking and the continued practice of both gaining new skills while improving those you currently have.
You never know what meeting someone new could lead to, just like you’ll never know what new doors can open when you increase your abilities (read: market value), so I work to treat everyone I meet with respect and try to improve in my personal development daily. Grant advocates the same and gives us some details on how we can make it happen.
Conclusion -Financial Freedom’sChapter 8: Hack your 9-to-5
Honestly – I think this chapter provides great value to anyone looking to squeeze more earnings out of their current employment situation. And, as an employer, who wants to hang onto the great people we have, I’m vouching for the fact that these tactics that Grant discusses in this chapter work – and the conversations in order for you to earn more cash are often less daunting than we make them out to be.
Grant remarks in the chapter that when he was a supervisor, only less than 10% of employees he supervised had asked for a raise – 10%.
With the information Grant throws into this chapter, you should be well on your way to earning more from your current day-job. And with that extra income, maybe you can free up your mind and your time from some of those side-hustles you’ve got going during the nights and weekends.
And, you know what else – that’s only one of the chapters from Financial Freedom… I don’t know about you, but I can’t wait to dive in to see what else Grant has in store for us! You with me…?