A finance expert has shared his top strategies for boosting your salary, emphasizing one crucial consideration that should not be overlooked.
Joel Matthews began his finance career at 20, with no formal qualifications, earning a modest £15,000 a year.
Fast forward eight years, and he’s now a finance director pulling in a remarkable £90,000 annually. But his journey wasn’t a smooth ride.
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At 28, Joel remembers the struggles he faced, including living in his parents’ loft for several years, just to make ends meet.
Now, he’s using TikTok, where he’s amassed 1.5 million views and 42,000 likes, to candidly discuss his income, offer a “realistic” view of career progression, and challenge the often “distorted” salary expectations seen online. He also shares valuable advice on how others can increase their earnings.
“I genuinely believe society has a skewed perception of what a good salary looks like,” Joel, who hails from Cornwall, explained to Absolutely Business.
“At first, I wanted to showcase a realistic journey because there are so many unrealistic ones out there that distort people’s thinking. It’s easy to find average salary figures online, but it’s much harder to know how long it might take to reach them.”
In the UK, the Office for National Statistics reports the average salary is £34,963, while finance directors are estimated to earn around £119,288 according to Glassdoor. Joel, known as @the.tech.cfo on TikTok, has set his sights on a salary of £150,000 – or even higher. He believes there are specific steps that anyone can follow to achieve this goal.
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Want to be compensated fairly for your hard work? Here’s what you should do.
DON’T BE AFRAID TO ASK FOR MORE
Joel’s primary advice is to not shy away from asking for a raise.
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“Actually sit down with your boss or manager and have a conversation,” he advised.
“Too many people miss out on salary increases simply because they’re afraid to broach the subject. The worst that can happen is being told no – but don’t just approach it as if you’re asking for more money.
“Instead, try to avoid making it a ‘yes or no’ question. Ask for actionable steps you can take to increase your salary. That way, you can return and say: ‘I’ve done these things, and now I’m ready to move to the next level.’
“Progression isn’t solely about how much you’re earning; it’s also about how you’re growing and improving within your role.”
TALK TO YOUR COLLEAGUES
Although it’s often considered a taboo topic, Joel argues that it’s important to have open discussions with others in your industry.
“I think people should feel empowered to do this,” the finance director said.
“The problem is that people are afraid to talk about it because they associate their salary with their self-worth. But that’s not the case at all. You’re not comparing your life to theirs; everyone is on a different path.
“By being open about salaries, you can learn what skills and attributes helped others reach higher pay and apply that knowledge to your own career.”
DISCUSS MONEY WITH FRIENDS AND FAMILY
Talking about money can be uncomfortable, but Joel believes it’s a necessary conversation.
Even though we all have different jobs and income levels, Joel points out that people rarely hesitate to share costs when recommending services. He suggests adopting the same openness in discussions about salaries and finances.
“People need to be more willing to talk about money because it’s the only way to understand your own situation and find ways to improve it,” he said. “Talk to others and be open about it. If you need a plumber, for instance, you’d expect whoever you ask for a recommendation to tell you how much they paid – why shouldn’t this approach apply to other areas of life?
“While comparisons can evoke positive and negative emotions, having these conversations is often the best way to make progress in life, and in the most meaningful way.”
Joel’s journey in finance began from scratch after he dropped out of university to move closer to his girlfriend. With no qualifications, he started at the bottom, entering numbers into spreadsheets, before moving on to roles as an accounts coordinator and assistant accountant.
Determined to advance and earn more, Joel juggled full-time work with evening and weekend courses and exams. His dedication paid off as he climbed the ranks to finance manager, head of finance, and eventually, finance director.
Despite earning £75,000 more than he did when he started, Joel often hears from people online who believe he should be earning even more.
“I’ve seen comments on my videos from people saying that wages in the US are double or triple what I make,” he noted. “Some have asked why I would even accept a job for £15,000 a year at the beginning. Others have mistakenly thought my annual salary was actually my monthly income.
“I think people only hear about these guys online hyping up unrealistic numbers, which makes everyone believe that’s the norm. This is why it’s so crucial to have conversations about salaries.
“I’ve had many university students reach out, asking how they can follow a similar path. My biggest piece of advice is to keep improving yourself and make sure you keep talking to others.
“Right now, I’m relatively new to the top job, so I’m working with a mentor who’s guiding me. I’m also still taking courses to fill gaps in my knowledge and asking others in the industry how I can progress faster and reach my salary goals.
“But ultimately, my long-term goal isn’t just about the money. That’s what covers my day-to-day expenses. What’s most important to me is the long-term growth of the company and myself, which will lead to a much more rewarding form of success.”
