{"id":2091,"date":"2020-06-06T15:42:10","date_gmt":"2020-06-06T15:42:10","guid":{"rendered":"https:\/\/cms.lxme.in\/no-fail-ways-to-maximise-your-earnings\/"},"modified":"2024-07-23T05:14:46","modified_gmt":"2024-07-23T05:14:46","slug":"no-fail-ways-to-maximise-your-earnings","status":"publish","type":"post","link":"https:\/\/lxme.in\/v1\/no-fail-ways-to-maximise-your-earnings\/","title":{"rendered":"No fail ways to Maximise your Earnings"},"content":{"rendered":"\n<p>Lady, just by being a woman, chances are that <strong>you earn less than a man in the same role as you! <\/strong>This is called the Gender Pay Gap and is a proven statistic. As a country, we rank 108th in the Gender Pay Gap and earn about 20% less than men (Source World Economic Forum- 2018). With the COVID crisis, this is set to increase even further. So we have no choice but to <strong>\u201cup\u201d our quotient at least 1.5 times! <\/strong>&nbsp;Worried? Don&#8217;t be because we got you covered! Read on..<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/lxme.in\/v1\/no-fail-ways-to-maximise-your-earnings\/#Employed_Professional\" >Employed Professional<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/lxme.in\/v1\/no-fail-ways-to-maximise-your-earnings\/#Self-employed\" >Self-employed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/lxme.in\/v1\/no-fail-ways-to-maximise-your-earnings\/#Thumb_rules_for_everyone\" >Thumb rules for everyone&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Employed_Professional\"><\/span><strong>Employed Professional<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Negotiate the right pay<\/strong>-Benchmark with peers within and outside the company. Are you at par or if below then why? Women normally don\u2019t ask for a raise. An <a href=\"https:\/\/psycnet.apa.org\/record\/2007-13393-007\" target=\"_blank\" rel=\"noopener\">interesting study<\/a> published in Harvard Business Review also highlights the fact that half of the men had negotiated their job offers as compared to only one-eighth of the women.<\/p>\n\n\n\n<p><strong>Build your brand and Career Path<\/strong>-Continuous consistent quality work will raise your value. Charting a clear career path with defined milestones along with indicative bonus, incentives and raise is a good motivator. If your organization doesn\u2019t provide it, ask for it.&nbsp;<\/p>\n\n\n\n<p><strong>Be penny wise<\/strong>-Opt for EPF, Mediclaim and any other benefits that your company offers. An Insurance premium that your employer subsidises help greater risk cover. EPF(Employee Provident fund) is a good investment tool that helps build a corpus for retirement.&nbsp;<\/p>\n\n\n\n<p><strong>Be Tax efficient-<\/strong>Discuss with HR the most tax-efficient structuring of your package. Larger organizations do not give this flexibility, but smaller\/boutique companies are more open to personalized salary structures.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Self-employed\"><\/span><strong>Self-employed<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Stay Lean-<\/strong>When the going is good, we tend to build a lot of flab in terms of costs. Make reducing overheads a continuous process. There is always space to cut costs.<\/p>\n\n\n\n<p><strong>Lower Fixed costs<\/strong>-Structure as much of your costs as possible into a variable model. This helps in greater productivity and efficiency and also reduces burden during cyclical downtrends.&nbsp;<\/p>\n\n\n\n<p><strong>Capital Management-<\/strong>Have an ideal debt-equity ratio and stay as debt-free as you can to save on interest costs. Working capital management by effective measures like inventory management, variable pay structures and lower overheads will ensure larger margins.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thumb_rules_for_everyone\"><\/span><strong>Thumb rules for everyone&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Build multiple income streams \u2013 <\/strong>invest and diversify your money to add to the main income<\/p>\n\n\n\n<p><strong>Upskill \u2013 <\/strong>Enhancement by way of education, courses and seminars will keep you ahead of the curve and hence greater opportunities.<\/p>\n\n\n\n<p><strong>Spend and save efficiently- <\/strong>at LXME, we call this being \u201cSmart and Samajhdaar\u201d. Remember every tiny drop makes an ocean.&nbsp;<\/p>\n\n\n\n<p><strong>Do an appropriate asset allocation with some investment in Equity \u2013 <\/strong>Over a long term period, an addition of equity by way of mutual funds of direct equity has always given a higher return on your portfolio.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lady, just by being a woman, chances are that you earn less than a man in the same role as you! This is called the Gender Pay Gap and is a proven statistic. As a country, we rank 108th in the Gender Pay Gap and earn about 20% less than men (Source World Economic Forum- <a href=\"https:\/\/lxme.in\/v1\/no-fail-ways-to-maximise-your-earnings\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  No fail ways to Maximise your Earnings<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":7128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[667],"tags":[27,28,29],"class_list":["post-2091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-hacks","tag-maximise-your-earnings","tag-money-matters","tag-smart-money"],"acf":[],"_links":{"self":[{"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/posts\/2091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/comments?post=2091"}],"version-history":[{"count":4,"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/posts\/2091\/revisions"}],"predecessor-version":[{"id":7232,"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/posts\/2091\/revisions\/7232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/media\/7128"}],"wp:attachment":[{"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/media?parent=2091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/categories?post=2091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lxme.in\/v1\/wp-json\/wp\/v2\/tags?post=2091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}