Farnoosh Torabi
While doctors, lawyers and corporate executives earn top dollar, the average worker in America takes home about $16 an hour, according to PayScale. But you don't necessarily need an advanced degree to bump up your pay. Experts say employing a few key strategies — even in today's economic climate — could increase your earning potential to as high as $100 an hour.
"It turns out that no matter what industry you work in, if you are one of the best in your field, it is possible to earn a six figure salary," says Nicole Williams, career expert and connection director at LinkedIn. "If you do good work and build a name for yourself, the sky is the limit."
First, specialization is key. Williams says the more niche your skill set is, the higher the salary you can make. "You may think being a Jack of all trades, or knowing a little bit about a lot of things will make you really marketable, but in fact the opposite is true. You want to develop one skill really well — and then be the very best at that one thing."
For example, oil and gas companies pay around $100 an hour for a saturation welder, a person who fixes pipes under water. That's more than what a regular welder or a commercial diver will make per hour, combined.
The second strategy is to treat your career as if you were an entrepreneur. "The reality is that everyone is a business owner. Even if you have a full time job, you're selling a product to your employer, which are your labor hours. So start working for yourself," says Williams. "Treat your marketable skills and talents like a commodity and know that one day, you can branch out on your own. Take courses, research your competition, and become a knowledgeable and engaged player in your own industry."
Going freelance or opening a private practice will usually earn you more than working for someone else because you take your employer's cut out of the equation. This is particularly true for massage therapists, interior designers or life coaches.
Another tip for freelancers: charge not by the hour, but by the project. In fact, experts say your clients shouldn't even know your hourly rate. "The number of hours an average person can work in a year is 2,080. If you continue to think in terms of dollars per hour, you will always be limited by the units you have to sell, which is a number you can't change. This would mean your business isn't scalable and can never grow," says Williams.
Some writers, artists and graphic designers who work on a "per project" basis have the potential to earn even more than the top rates in their fields, capping out at around $125 an hour. This strategy works in your favor if you're a particularly fast worker, or can stay booked with regular clients. And the best way to a fill out a client roster is to build your reputation.
"There's a reason why a couture handbag can cost $3,000, and it's not because of the cost of leather or the stitching. It's the reputation of the brand. Think of your career in the same way. Speak at conferences, write a blog, or become the kind of expert people hear about," says Williams. "I know a dog walker who earns as much as my lawyer friends, and that's because she built her reputation as the best dog walker in New York City. She has celebrities calling her, and she gets to name her own price."
Professionals who are sought after for the quality of their work include tattoo artists, fashion stylists and children's face painters. Top earners can sometimes earn $130-150 an hour. Work may not be full-time, but their talents are well compensated.
Finally, if you're re-entering or joining the workforce, find out what careers are currently in high demand and what industries are looking for your unique skills. Williams say don't necessarily expect to earn top dollar right away. "You don't become a sought-after, $100-an hour political speechwriter, for example, straight out of journalism school. You work for a number of years as a copywriter, then a reporter working on a campaign, then as an advisor, before you make the kind of money that writing speeches for senators and congressman can earn," Williams says.
"It turns out that no matter what industry you work in, if you are one of the best in your field, it is possible to earn a six figure salary," says Nicole Williams, career expert and connection director at LinkedIn. "If you do good work and build a name for yourself, the sky is the limit."
First, specialization is key. Williams says the more niche your skill set is, the higher the salary you can make. "You may think being a Jack of all trades, or knowing a little bit about a lot of things will make you really marketable, but in fact the opposite is true. You want to develop one skill really well — and then be the very best at that one thing."
For example, oil and gas companies pay around $100 an hour for a saturation welder, a person who fixes pipes under water. That's more than what a regular welder or a commercial diver will make per hour, combined.
The second strategy is to treat your career as if you were an entrepreneur. "The reality is that everyone is a business owner. Even if you have a full time job, you're selling a product to your employer, which are your labor hours. So start working for yourself," says Williams. "Treat your marketable skills and talents like a commodity and know that one day, you can branch out on your own. Take courses, research your competition, and become a knowledgeable and engaged player in your own industry."
Going freelance or opening a private practice will usually earn you more than working for someone else because you take your employer's cut out of the equation. This is particularly true for massage therapists, interior designers or life coaches.
Another tip for freelancers: charge not by the hour, but by the project. In fact, experts say your clients shouldn't even know your hourly rate. "The number of hours an average person can work in a year is 2,080. If you continue to think in terms of dollars per hour, you will always be limited by the units you have to sell, which is a number you can't change. This would mean your business isn't scalable and can never grow," says Williams.
Some writers, artists and graphic designers who work on a "per project" basis have the potential to earn even more than the top rates in their fields, capping out at around $125 an hour. This strategy works in your favor if you're a particularly fast worker, or can stay booked with regular clients. And the best way to a fill out a client roster is to build your reputation.
"There's a reason why a couture handbag can cost $3,000, and it's not because of the cost of leather or the stitching. It's the reputation of the brand. Think of your career in the same way. Speak at conferences, write a blog, or become the kind of expert people hear about," says Williams. "I know a dog walker who earns as much as my lawyer friends, and that's because she built her reputation as the best dog walker in New York City. She has celebrities calling her, and she gets to name her own price."
Professionals who are sought after for the quality of their work include tattoo artists, fashion stylists and children's face painters. Top earners can sometimes earn $130-150 an hour. Work may not be full-time, but their talents are well compensated.
Finally, if you're re-entering or joining the workforce, find out what careers are currently in high demand and what industries are looking for your unique skills. Williams say don't necessarily expect to earn top dollar right away. "You don't become a sought-after, $100-an hour political speechwriter, for example, straight out of journalism school. You work for a number of years as a copywriter, then a reporter working on a campaign, then as an advisor, before you make the kind of money that writing speeches for senators and congressman can earn," Williams says.
This article is part of a series related to being Financially Fit
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