In this week’s episode, Brad and Jonathan dissect the idea of earning power being used as a weapon to combat inflation, and strategies you can implement to level up your income!

One of the best ways to reduce the impact inflation has on your life is to out-earn the inflation rate. While that solution can easily fall under the umbrella phrase of, “easier said than done,” there are actions you can take to make that process easier for yourself! Listen along as the guys discuss different strategies to approach raising your income and see if any of them can apply to you and your FI journey!

Timestamps

0:55 – Introductions and Season’s Change 5:37 – Times is a Resource 9:10 – Start With Spending 14:07 – College Cynicism 21:53 – The Career Freedom of FI 25:04 – Income Combatting Inflation 28:10 – Performance Reviews and Standing Out 36:15 – The Art of Salary Negotiation 43:00 – Influence 45:03 – The Script 51:31 – How Can I Improve This? 53:42 – Opportunity and Conclusion

Resources Mentioned In Today’s Conversation

Glide Path to Retirement During Uncertainty | ChooseFI Ep 377 Subscribe to The FI Weekly! Early Retirement Extreme Career Hacking With ESI Money | ChooseFI Ep 23 How to Negotiate Your Salary Without Burning Bridges | Financial Mechanic | ChooseFI Ep 211 Glassdoor Influence: The Psychology of Persuasion by Robert B. Cialdini Salesforce: A Lucrative Career and No Degree or Tech Background Needed

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Inflation can be a devastating force that eats away at the value of our money over time. With prices of goods and services constantly rising, it can be challenging to make our money last long enough to meet our financial goals. However, there is a tool that can help you protect your finances against inflation, and that is earning power. One way to increase your earning power is by investing in yourself through education, skill development, and career advancement.

Earning power is the ability to generate income through your own efforts, skills, and knowledge. The more you have, the more security you have against inflation. When you have a high earning power, you are not just relying on the value of your money, but also on the value of your skills and knowledge. As the cost of living goes up, so can your income. This means that you have the ability to maintain your standard of living despite rising prices.

Investing in yourself is one of the best ways to increase your earning power. This means pursuing education and training in areas that are in demand in the job market. The more skills and knowledge you have, the more value you can add to your employer, and the more money you can command in your career. It is also important to keep up with changes in your industry and to be adaptable to new technologies and trends.

Another way to increase your earning power is through entrepreneurship. When you start your own business, you are not just relying on a fixed salary, but you have the ability to increase your revenue as your business grows. This means that if you can create a successful business, you have the potential to earn more than you would in a traditional job.

It is important to remember that earning power is not just about making more money. It is also about managing your expenses and saving wisely. When you have a high earning power, it can be tempting to spend more on luxury items, but it is crucial to live within your means and to save for the future. This means investing in retirement accounts, emergency funds, and other financial vehicles that can protect you against unexpected expenses.

In conclusion, earning power is the best protection against inflation. By investing in yourself, pursuing education, skill development, and career advancement, you can increase your earning power, and protect your financial future. In addition, it is important to save wisely and to live within your means to ensure that you have a strong financial foundation that can withstand economic fluctuations. So invest in yourself, and invest in your future.