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There’s no question that frugality is an important part of personal finance — you can’t outearn dumb spending — but trying to get rich by pinching pennies is like trying to win a car race by conserving gas. If you want to reach the finish line fast, you can’t be shy with the accelerator!

Today I want to explore a better way to boost your savings. Let’s talk about how you can earn more money. Whether you’re self-employed or working for somebody else, your income is determined by three factors:

• Your knowledge and skills. If you want to earn more, it pays to learn more.
• Your productivity. Both the quality and the quantity of your work affect how much people are willing to pay you.
• Your ability to sell yourself. To be paid what you’re worth, you have to ask for it.

If you want to earn more money, you have to become more valuable in the job marketplace — and demonstrate that value for the market to see. Let’s look at how to make that happen.