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Then you’re working for FREE!
You don’t make a lot of money in retail unless you’re in sales with high earning potential or in management. The rest of the folks usually don’t earn much. Yet, many folks will happily spend their paycheck on their employer.
When I worked at American Eagle, they offered employees a 50% discount on their products. Many of my coworkers thought this was a steal, but they didn’t realize that spending their money was essentially working for free (unless you were reselling the product, which many of them weren’t doing).
Financial Hacks For Retail Employees
1. Save
When you’re working minimum-wage or lower-paying jobs, the last thing you need to do is spend your money.
Focus on saving.
Focus on investing.
Focus on acquiring other streams of income.
And don’t waste your paycheck on buying products from your company. They’re already getting your time. Don’t let them have your paycheck, too.
2. Use Time And A Half To Your Advantage
Though I never encourage people to trade time for money, if you’re temporarily in a situation where you need to trade your time for money, you might as well maximize the opportunity.
Many people want to spend time with family and take time off during the holidays. You can do both! I worked during the holidays to get paid extra and didn’t shop for gifts. I saved and invested that money-even though it was considerably modest.
3. Self-Discipline
If you work in retail and stores frequently, self-discipline is essential because you’re surrounded by opportunities to make purchases.
While at American Eagle, I didn’t make a single purchase.
While at other retail stores, I only accepted what products they gave for free.
When you’re working for lower pay and have limited income and expenses, you want to protect your capital as much as possible, or you will not develop a sound foundation for wealth building.
The more you spend, the less you have.
4. Keep It Temporary, Unless…
I only worked in retail for two years. I used it to supplement my income and increase my income streams. I knew it wouldn’t be long-term, but a friend stuck with it moved into management and successfully achieved societal standards.
If you’re not passionate or interested in retail, don’t stay; find something that pays better and satisfies your interest. Many don’t move up in retail management or have limited sales opportunities. The lateral growth can also be limited.
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.