A finance expert has revealed his top tips to increase any salary including one key thing you must consider.
Joel Matthews started his career in finance aged 20 with no qualifications, earning just £15,000 per year.
Eight years later, after working his way up the ladder to finance director, he’s now earning an impressive £90,000 annually.
READ MORE: ‘I was made redundant THREE times but I’ve cracked the job search code with one simple trick’
But the journey hasn’t been easy.
The 28-year-old previously found himself struggling to make ends meet while living in his parent’s loft for several years.
He’s taken to TikTok, racking up 1.5m views and 42,000 likes to openly discuss his earnings and provide a “realistic” view of progression, as well as help combat “distorted” expectations.
Plus, share advice on how you can boost your earnings.
“I genuinely think society has a distorted view of what a great salary looks like,” Joel, from Cornwall, told Absolutely Business.
“At the start, I was hoping to show a realistic journey as I see so many unrealistic ones online that warp the way people think.
“It’s also easy to find out average salaries online but it’s hard to know over which time frame you’re likely to get there.”
In the UK, according to the Office for National Statistics, the average salary is £34,963, with a finance director estimated to earn £119,288 according to Glassdoor.
Joel, better known as @the.tech.cfo on TikTok, has a target salary of £150,000 – or more – per year.
And there are a few steps he’s taking in order to get there that he believes everyone should be adopt.
Want to be rewarded financially for your work?
Here’s what to do.
DON’T BE AFRAID TO ASK FOR MORE
His biggest tip is not to be afraid to ask for a pay raise.
He said: “Actually have a conversation with your boss or manager.
“I see too many people not going up in salary because they’re afraid to approach this.
‘Worst case scenario is that you’ll be told no – but don’t just approach it as you want more money.
“Try and avoid making it a ‘yes or no’ question and instead, ask for actionable things you can do to increase your salary.
“Then you’ll be able to go back and say: ‘I’ve done these things, now I’m ready for the next level.’
“Progression isn’t always about the amount you’re earning, either, it’s also about how you’re enhancing yourself in the workplace.”
SPEAK WITH YOUR COLLEAGUES
While taboo and often frowned upon, Joel says it’s important to be transparent with others in your industry.
The finance director said: “I think people should feel allowed to do this.
“The problem is that people are scared to talk about it, as they think that their number is tied to self-worth.
“This isn’t the case at all.
“You’re not comparing your life with them, as everyone is on a different journey.
“But if you’re open about it, it gives the opportunity to learn how you can reach that level, too.
“Ask someone who is earning more than you about their skills and attributes, and apply them to your day-to-day.”
SPEAK WITH FRIENDS AND FAMILY
Although we’re all in different jobs, with various salaries, the subject of money is always hard to discuss.
But people aren’t usually quick to shy away from discussing quotes when recommending someone or something.
Joel believes this same attitude needs to be applied to other parts of our lives to ensure you’re getting the most out of life – not just for a salary, but overall.
He said: “People need to be a lot more willing to discuss money, as it’s the only way to learn about your own situation and how to improve.
“Talk to others and be open.
“If you need a plumber, it’s likely whoever you ask for a recommendation will tell you how much they were charged – why isn’t this the same across the board?
“There are positive and negative feelings that come with comparisons, but having conversations is often the best way to progress in life.
“And in the best way.”
Joel had to start his career into finance from scratch after dropping out of university to move nearer his girlfriend.
With no qualifications, he worked his way up from inputting numbers on a spreadsheet, to accounts coordinator and then assistant accountant.
Determined to earn more, and progress, he worked full-time while taking courses and exams in the evenings and weekends.
Eventually, he was promoted to finance manager, then head of finance and now finance director.
While he’s on £75,000 more than he was at the start, people online think he should be earning more.
He added: “I’ve seen people in the comments on my videos saying that wages in the US are double or triple.
“Others have asked me why I’d even accept a job for £15,000 a year at the start.
“And I’ve even had people think that my yearly salary amount was actually my monthly income.
“I think people only hear about these guys on the interest hyping up unrealistic numbers, which makes everyone believe that’s normal.
“This is why it’s so important to talk about salaries.
“I’ve had many university students ask me how they can emulate a similar journey and my biggest advice is to keep working on yourself and make sure you keep talking.
“Right now, I’m relatively new to the top job, so I’m working with a mentor specifically who is guiding me.
“I’m still taking courses to fill the gaps in my knowledge, while asking others in the industry how I can progress and get to my salary goal faster.
“But overall, my long-term goal isn’t just the money.
“This pays for my day-to-day.
“The important thing for me is looking at the long-term growth of the company, and myself, in which I’ll receive a much more valuable reward in the form of success.”