Yahoo Finance Best Ways To Spend $20 To Improve Your Chances of Getting a Raise
Many of us will mindlessly spend an extra $20 on takeout or random online purchases, but what if that same $20 could get you further ahead in your career? What if it could even boost your chances of getting a raise and boosting your net worth?
“Investing smart in your professional growth doesn’t have to break the bank,” said Zachary Jarvinen, vice president at Exact Payments. “Imagine spending just $20 on a top-notch magazine subscription or online periodical. It’s a small price to pay to stay in the loop with the latest industry trends and developments, making you even more valuable to your team.”
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“This way, you get to bring unique insights to meetings and projects, insights not everyone has,” said Jarvinen. “It’s basically showing how much you care about your role and the industry.”
Below are some of the best expert-backed ways to spend $20 to improve your chances of getting a raise:
Invest In an Online Course
Another cool, often overlooked way to use that $20, according to Jarvinen, is by snagging a spot in an online course.
“Especially when sites like Udemy or Coursera have their sales,” said Jarvinen. “Picking a course that beefs up your resume or teaches you something super relevant to your job is not just proactive,” he noted, “it’s a game-changer. And when you finish, you get a certificate to jazz up your CV.”
He says this little addition can make a big difference, particularly when you’re up for a promotion.
“It’s all about adding value in a friendly, savvy way,” said Jarvinen.
Rhett Stubbendeck, CEO and founder of Leverage Planning, agrees.
“At [my company], we often discover that small investments can lead to big returns in professional growth,” said Stubbendeck. “For example, one of my clients spent just $15 on an online Excel course. This small step significantly boosted her efficiency at work directly leading to a positive performance review.”
Attend Seminars or Other Networking Events
According to Melanie Musson, a finance expert with Clearsurance, one of the best ways to spend $20 is by attending a seminar.
“A seminar in your field can help you understand how to move to the next level,” said Musson. “You can learn what classes or endorsements would be most helpful for your career. And even better, you can make connections with others in your field.”
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“Think about networking events,” said Kevin Huffman, personal finance specialist and owner of Kriminil Trading.
Many industry associations or alumni groups hold networking events where you have to pay to attend or get a discounted entry fee, he explained.
“Spend your $20 on such an event. You get to meet professionals in your field, learn what is new in your industry and even potentially get to know people who could become mentors or even help you get a job/raise within your company,” said Huffman.
Take a Mentor Out for Coffee
“Networking is critical for advancing and discovering potential options outside of your current place of employment,” said Musson. “Take a mentor out for coffee. Fostering relationships with people who are in a position where you desire to be can be an excellent way to get an inside scoop and improve your professional development.”
Dayten Rynsburger, chief revenue officer at Niche Capital CO, equally agrees that the best way to spend $20 to get a raise is to spend it on coffee or lunch.
“Let me explain. You want to improve your professional career by getting a raise. The best way to do that is to improve your skills and show management you’re worth the raise,” said Rynsburger. “The way you do that is to learn from the people who are where you want to be.”
“By far, the most intriguing conversations that were the most eye-opening and taught me the most were when I got 15 minutes alone with my sales manager or VP, and we snuck away to the coffee shop downstairs simply because I told him on Teams chat, ‘Midday coffee? On me?'” said Rynsburger.
“In that short 15-minute window, you get unfiltered information and knowledge that they don’t normally just tell everyone,” Rynsburger explained. “What you are really paying for here is their time. You’re getting uninterrupted time, aka exclusivity, with a person who is where you want to be.”
Rynsburger adds that if used the correct way, you can gain insight and perspective that can launch you light years forward in your career.
“You’re getting all that for $20 or a couple of coffees, or sandwiches, etc. You can buy books, buy subscriptions to podcasts, and those are great, but the best way to spend $20 to improve your chances at getting a raise is to buy your high-ups time,” said Rynsburger.
Order Personalized Business Cards
“I also once advised a client to spend $20 on personalized business cards for an industry conference,” said Stubbendeck. “This helped her stand out and forge new connections. Later these contacts proved valuable for collaborative projects that highlighted her skills and initiative at work, paving the way for her raise.”
Obtain an Industry Report
“Personally, I’ve spent around $18 on an industry report that was packed with fresh insights not widely known in our field,” said Stubbendeck. “Sharing these insights with my team at [my company] not only helped us make smarter investment decisions but also demonstrated my commitment to staying ahead of the curve. This proactive approach was a key factor during my own performance evaluation.”
Invest in Your Brand
“A professional headshot is a must in today’s job market,” said Huffman. “For $20, you can find a local photographer advertising headshot mini-sessions.”
“A professional headshot elevates your online image and professional appearance on sites such as LinkedIn, which can be the difference between getting or not getting a promotion or raise,” said Huffman.
The Bottom Line
According to experts, showing initiative in self-directed learning demonstrates your ambition and can help you argue your case for a raise.
“The secret is to spend your time and money on visible indicators of proactive professional development,” said Huffman. “Go to networking events, build your personal brand, or acquire a new micro-skill, and you communicate your commitment to your employer, and your worth as an asset to the organization. A raise becomes far more likely.”
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