Fulfill your earning potential in 2023

Hey there, time traveller!
This article was published 10/01/2023 (713 days ago), so information in it may no longer be current.

Dear Money Lady readers,

According to a recent Statistics Canada study, one out of five Canadians has saved over $300,000 for retirement. That means there are still four other Canadians who obviously have less than $300,000 saved.

So, let’s talk about what to do if you are a low-incomer earner and find it hard to save. What can you do to budget and save for future expenditures, let alone a retirement fund?

It is much harder for the impoverished to improve their situations than it is for those in our middle-class, especially today. That said, there are many poor people with much more drive, determination, and fortitude than some who have money. I can guarantee you that many low-income Canadians struggle with more hardship and many things most middle-class Canadians could never endure.

So, what tricks and tips can someone with low-income do to find money to save? Simply telling them to say no more often is not the answer, since I am sure many already do this more often than they would like. What about if I tell you to make more sacrifices, commit to a budget, hold yourself accountable, sell your possessions or start collecting your loose change in a jar? That won’t do either, will it?

The real answer to life-long saving and improving your situation is in this statement: “The fastest way to save more money is in your ability to earn it.”

Now, I know most of you will say that’s too simplistic and you would rather I give you an investment product or money scheme to try but, honestly, this is the only way to improve your situation. You must believe in yourself and believe in your ability to earn more income. Stay with me here.

The fact is you are only making the income “you feel” you are worth right now. You could be earning more, but you have chosen to accept your lot in life, and it is you who believes you are only worth what you currently have and what you currently earn. If you believe that you are only worth minimum wage, then that is all you will make. Those of you in comfy careers —you too are only earning what you believe you are worth and no more. This is what you have convinced yourself and your employer you are worth. If you believed you were worth more, you would earn more — you would do everything it took to make a higher wage. You would change employers, take courses, and walk with the confidence and demeanour that says, “I’m worth it.”

That is the essential difference between high-income earners and low-income earners. Yes – I know that education, training and skills have a lot to do with it, too, but there are a lot of people with multiple university degrees who are not working in their field of study, earning a fraction of what they are worth, doing a job that just pays the bills. Conversely, there are people with very little education but a massive drive to succeed. They educate themselves; they believe they are worth more and they absolutely refuse to be kept down by anyone.

You can earn whatever you want in your lifetime, but you first must increase your productivity, your performance and create a decisive goal-setting plan. Be specific, strategic, and always optimistic. I want you to reprogram your thoughts and stop saying “I can’t” — because you totally can. It doesn’t matter what happened in the past – keep moving forward, make the right changes for 2023 and challenge yourself to get more.

You can do this!