by Calvin Yeo, Managing Director of Doctor Wealth Pte Ltd
For most people, their work based compensation (i.e. salary, bonus, commission) make up most of their income. When it comes to financial planning, we are focused on managing current financials and projected financials based on status quo. Thinking outside the box though, you should also explore ways to give your income a boost.
Ensure That You Are Fairly Compensated
All salaried workers should expect to be paid at least market rate for their work. One of the first ways to figure that out is to look for job surveys published by recruitment agencies and job classifieds. They normally have a pay scale varied by industry and position level. Make sure your pay scale is at least in the middle tier or top tier. If you are not, you should renegotiate your package or look for alternative jobs