For many financial blogs, the focus is on creating wealth with what we have, mainly our savings. We write millions of articles about the reasons to save, the ways to save, where to put the money in the form of investment advice etc. However, most of us forget that you need to earn the dollar before you can decide where to put it. For many of us, our primary job is where the income comes in, so it makes sense to try to increase your salary as much as possible, but how?
My boss told me a few years ago that ??t doesn?? hurt to ask?? so the most direct and obvious way to get a raise is to??ASK! Before you do that though, just realize this is not as easy as it sounds. Here are a few suggestions you should do and know.
Market Value of your position
This is almost common sense but many of us just are too lazy to find out or do not really know how to find out. Websites all over the web like salary.com provide an excellent resource on what the market is willing to pay for the position that you are currently holding. Just be as specific as possible as categories like experience, geography and company size affects the salary average.
Help your boss get promoted!
Look, first of all you need to be worth the raise. I have read before that the way to succeed is to be really good at your job, and learn to do the next job you are after. This is usually your boss??job so learn what he or she does on a daily basis, and slowly take over some/all of his responsibilities. You need to make your supervisor look good, so the person will be promoted. In the end, you need to remember that if he/she is still in the position, it will never be open for you!
Remind your boss why you are good
This sounds like shameless self promotion, but it works! Just beware that there is a fine line between reminding and it being completely annoying so don?? over do it. For example, when I do my quarterly presentation, I will focus more on the positives than the negatives that happened in the past quarter because I want to be remembered as the person who is helping the company succeed! No one has as good of a grasp about the negatives or positive of yourself as you do so don?? help the others remember your negatives. If you consistently highlight more of your positives, your supervisor will remember your positive more! This again is a delicate matter, so you need to make real strong cases at appropriate times.
Do these suggestions make sense? Stay tuned for part 2 of the series.
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{ 4 comments… read them below or add one }
I agree that there’s so much focus on saving and investing. Earnings are key. A business without revenue is really no business at all.
Aside from increasing your salary though, try and get creative and think of other ways to earn money. Starting a part-time business could help.
-limeade
That’s a great idea. Honestly, I’m always thinking of increasing my wealth, and I will probably write an article about what I’ve done through the years apart from my job to earn more money.
But regardless of your income, it is important to have good personal finance habits. These do not depend on income, but rather on self-discipline. I would take a modest salary with good finance habits over a bigger salary any day. A dollar in the bank is worth two in the hand!
I agree that finance habits are more important but I personally would take a bigger salary though. For one, I believe I already have pretty good financial habits but is always happy to earn more money. I also think it’s easier to develop good financial habits since everything can be self-controlled while it’s not necessarily the same with earning a bigger salary as you mostly have to depend on factors you can’t control (timing, luck, opportunity).