Posted: September 28th, 2007 by Richard Banfield  Category: Tips & Tricks

Everybody wants to get more reward for the work they do. Unfortunately most working people get less than they deserve. If you're in that category then you probably think you have to work more to make more. We've been told from the earliest age that hard workers get the big rewards. That kind of logic makes sense, right? Not really. Working harder is actually not the best strategy to increasing your income. So what can you do to increase your overall wealth and actually reduce the amount of hours you work?

1. Reduce Your Hours at Work: This might seem harder than it really is but try it out as soon as you have a chance. Negotiate with your boss to work on a deliverable basis rather than an hourly basis. Ask if you can be rewarded on the goals you achieve rather than on the amount of hours you clock. This is harder for hourly wage earners but most bosses will actually support these types of work strategies.

2. Commute Less: One of the biggest drains on energy is commuting. It's dead time for most people unless you can afford a driver to do the dirty work while you make calls, catch up on reading or send email. For the rest of us commuting means sitting at the wheel with our minds just racing about all the things we could be doing. Find ways to work from home or reduce the amount of time in the car. Some of the tactics I have used include commuting during non rush-hour periods to avoid traffic; working from home 2 or 3 days a week; investing in a virtual meeting technology like GoToMeeting to reduce trips to the office for short meetings.

4. Reduce Email Flow: Email is clearly one of the worst hogs of time both in the office and out. With phones and BlackBerry's these days you feel like you're always one step away from getting a flurry of emails that require your attention. In Mark Hurst's book, Bit Literacy, he outlines several ways to reduce the amount of email 'weight' in your life. Some examples are, don't send as many emails (less outgoing email means less responses); only check email twice a day to avoid it interrupting your work flow; and setting out of office responses explaining that you will only be checking email twice a day to train your colleagues and clients how and when to reach you.

4. Kill Meetings: The other big time waster is meetings. Ask yourself, "if I miss this meeting what's the worst thing that could happen". Use your time to invest in the things that have a high return on investment. For example, using your new found time to start a business on the side would provide you with additional income.

5. Start Your Own Business: This may seem obvious to the readers of this blog but it's generally believed that a stable job with a big company offers the best opportunities. This thinking is outdated and as companies discover the advantages of outsourcing, off-shoring and downsizing, you can be sure a lot of people will reconsider their long held ideas about jobs.

Starting your own business is not necessarily easier than holding down a high paying job but the advantages are ten fold. Your own business allows you to increase your earnings relative to the effort and energy you put into it each day. Working longer hours at your job brings nothing but stress. Your own business also allows you to increase your non-taxable earnings by deducting the costs of living before you have to pay taxes. Items like your phone bill, gas, car maintenance and adding an office to your house can all be deducted in most states.

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