negotiate a raise

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Missed some of the Challenge tasks this week? Catch-up then come back…

Day 8: HERE: Ways to Increase Net Worth

 

Week 2: Increasing Your Net Worth

Today’s Easy Financial Task: Learn how to negotiate a raise at your job.

How to rock this task:

  • Watch the video on negotiating your salary
  • Research the salary potential for your job title within your industry
  • Identify five skills or qualities you bring to your job that you can highlight in negotiations

 

Hey, hey there Dream Catcher!

Welcome to Day 9 of the Live Richer Challenge: Net Worth Edition.

Today is a super fun day for this Challenge. Why?

We’re talking about makin’ bacon, cheddah, and benjamins!


If your current income is making it difficult to invest in assets and to reduce your liabilities, bringing in more money is the answer to increasing your net worth.

There’s no way to escape this truth: If you’re living paycheck-to-paycheck it’s going to be veeeeeery difficult to achieve financial freedom. When we discuss bringing in more income often we first think of side hustles.

But guess what?

You may not need to take on a part-time job or start a side hustle right now to earn more money. This fact may come as a relief if your time outside of work is already tied up with family, hobbies, or activities that you don’t want to give up.

Instead, you can look to your full-time job to explode your income to new heights.

 

Research shows that women are less likely than men to negotiate their salary which means you could be leaving money on the table.

Let’s be the change we want to see, Dream Catchers!

Be aware that closed mouths don’t get fed. You probably won’t get more money if you don’t ask for it even if you’re worthy of a raise.

 

In today’s task is coming to you through a video to give you tips on negotiating your salary.

I also have an amazing resource from my good friend, Patrice Washington aka the Money Maven, on how to go about negotiating a raise.

You can find her excellent advice on negotiating here.

 

Your Tasks Today

  1. Watch this video on negotiating your salary first!
  2. Research the salary potential for your job title within your industry.
  3. Write down five qualities, skills, or successes you’ve had at work that can help you negotiate your raise.

 

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How to Have Success with Negotiation

Here’s some additional tips…

  • Be realistic: According to Patrice, you’ll have the most success with negotiating a raise if you have proven yourself to your employer. Put plainly, if your performance has been lacking, you’ve been taking loooooong lunches on the regular, or coming in consistently late, you’ll probably have a lot less leverage in negotiations. Work on improving your performance before seeking more money. Also be realistic with how much money you’re asking for in a raise. Researching the average salary of people with your job title in your area can help you here.
  • Do an audit of your skills, qualities, and successes on the job: Dig deep to think of what you bring to the job that your employer can’t do without. This step may be hard. Even the most successful women have doubts about their awesomeness. If you have trouble identifying the areas where you’re THE BOMB, ask a friend or co-worker. Often it’s easier for others to see amazing things about ourselves that we can’t see.
  • Ask for an appointment and be confident: Prepare for and schedule an appointment with your boss to discuss your salary. Take this appointment seriously because your demeanor sets the tone for the meeting. Lay out your negotiation points clearly. Practice your pitch in the mirror if necessary.
  • Know when to move on: It may be time to consider other options if you’re in a job right now where there is no salary or growth potential. Here are some things to think about:
    • Does your current employer offer free or affordable training in another discipline so you can transfer to a department where there’s more earning potential?
    • Can you seek work within your industry at another company that pays better?
    • Can you go back to school and learn another skill or trade that can increase your earning potential?

 

Asking for a raise or coming to terms with the lack of opportunity in your present career can be uncomfortable.

However, you should take comfort knowing there is always time for change!

Seek options for yourself through learning, training, and networking. Other job opportunities will present themselves when you have the wherewithal to seek them out.

Trust me!

 

Research Average Salaries in Your Field

There’s a wealth of information online about salaries for job titles in different locations. Your second task today is to do some digging around to get a feel for salary averages.

After taking this step, you can go into salary negotiations with realistic expectations.

Here are some sites you should check out to research salaries:

 

Share Your Special Skills, Qualities, and On-the-Job Successes

Your third and final task today is to write down at least five great things you bring to your job that you can highlight when negotiating for a raise.

I would really LOVE to hear all of the amazing things our Dream Catcher family is doing on the J-O-B.

Comment below with the very best gifts that you bring to the workplace!

It’s your time to shine!

Make sure to follow up with your accountability partners to keep the momentum going.

And of course… share what you’ve learned today with your tweeps:

Today, I wrote down qualities I bring to the workplace that I can reference when negotiating a… Click To Tweet

Live richer,

Tiffany

 

You can reach out to me here:

Twitter: @thebudgetnista

Instagram: @thebudgetnista

Facebook: The Budgetnista

Private Forum: Dream Catchers : LIVE RICHER

P.S. Don’t forget to get your free Live Richer Challenge: Net Worth Edition Starter Kit. GET IT HERE.

P.P.S. Here’s a copy of the Challenge Calendar. It’s a fun way to keep track of your progress.

LRC Net Worth Calendar

Want to work through the Live Richer Challenge: Net Worth Edition in a workbook? It’s part of a bestselling series!

Click the link below and get your copy.

  • Jamie Cheatwood

    I am able to come up with 2 maybe 3 things, but I’m having some trouble after that…

    Also, I am pretty much making in the realm of what the current market is for my job. I have some wiggle room and my eval coming up, so we’ll see how it goes! I am making a conscious effort to kick it up a notch at work. I’m not slouching by any means, but it still couldn’t hurt right?

  • Diana Howell

    I personally feel that I will have to wait a good amount of time before I ask for a raise or seek other opportunities that pay higher.
    I just started my job as a paralegal 4 months ago and I was able to negotiate my starting salary to be way more than what they initially offered. Other companies require at least 1-2 years of experience so I may need to wait

  • Joyce Humphreys

    For the last fourteen years I have been a Business Owner (Childcare). So, I do not have a boss that i can negotiate my salary. I am constantly networking and researching ways that I may make my business more profitable.1.Weekend care on Saturdays 2. second shift availability 3. Summer Camps 4. Transportation. although these ideas can bring more money i also see myself spending more;to make more. and even though i could use some of my retired friends to volunteer to save on hiring expenses I still think that i may be creating more expenses than making more money….. The only other idea i have is to just go up on the cost of childcare. but, I work really hard in keeping it the same price for my parents.

    • BeingMom24

      Yep, i think you are right, you will make more but also work a lot more. I think it would be advantageous to charge more – not much, say maybe a $10 per week increase. If you have 10 students that would be $100 a week, $400 a month – (a car note!). As a parent, I’m used to the increases and though I don’t like them, I pay them, especially if it’s a good service and my kids like the atmosphere and they are well taken care of. And you DO have a boss – all those parents that pay your tuition (salary). Another suggestion is to maybe stay open one hour later in the evening – as an optional service. Charge the parents that need it an extra $5-10 per day for the hour. It should be optional, and paid in advance (per week or day, whatever). If they need the service and didn’t reserve in advance, charge $10-20 per hour, payable at pickup.

      • Joyce Humphreys

        Thank You so much you have been very helpful.

  • Karlene Ramsden

    I am self- motivated; confident; very analytic, a great team- player; I have great communication skills to name a few. I tend to shine more in complex job projects, where there is a coming together of like mindset, to meet multiple pressure deadlines
    I currently work in Government. There is no negotiating salary, and the system is set-up for yearly increases based on the contract term✌🏽👍🏽

    • Ah, ok. You’ll learn other ways to earn more later on in the Challenge. 😉

  • Lee Hernandez

    Not to show off but here it goes I started with the new company Nov 2016. Initially I was told they could not offer me what I earned at my previous job which I thought was low to begin with, but the opportunity to develop professionally was there. I was told if I could prove myself in 6 months I will get a raise. Six months later I did I worked hard and I got the raise. Three months later after going through medical issues I was called into my boss’s office and was told my productivity numbers were high and was given a raise without asking. It was a confidence booster but I also knew I deserved more of a raise based on the numbers but I didn’t want to push it. I have developed alot more confidence in my role. I know I’m a great worker and I’m very good at what I do. I know I’m a great addition to the team. I am a hard worker and determined. I’m dedicated. So that being said I am busting my behind even harder so that come June I can ask for an increase. Looking forward to get to the other side 🙂 Thanks Tiffany and DCs 🙂

    • Yeeees! PUSH for what you’re worth @@disqus_4BCqeXaKi5:disqus . Well done.

  • Monica W.

    This is what I’m bringing to the table!
    • Created fire plan and accompanying graphic
    • Drafted warning classification system
    • Provide self-starter initiative and practical troubleshooting
    • Reduced spending below budgeted amount
    • Proactively attend trainings and communicate with other service providers for wrap-around service

  • Michelle Twix George

    How does this apply to teachers if our salary is not set by the principal but according to your credentials and years of experience? However, I do private tutoring after work and work early morning periods for extra income

  • Keyasha

    So I’m picking up a small gig, processing payroll for a construction company. All 1099 employees and checks are processed 1x a month.

    Since this won’t be an help position I’m not sure how to bid this job. All I have to do is input hours for each employee and press send. How do I negotiate a cost for a task that takes me less the 30 minutes?

    Thanks for help

    • Lyvonne

      They don’t need to do that! Research market rates and charge according to your location and the size of the firm. You could do hourly or one flat rate (whatever works better for you!). Sometimes people don’t want services if they’re “too cheap.” Trust you, Sis!

  • Debra Chavrier Cowler

    Great video! I bring a depth of experience in my field (healthcare insurance), leadership and training of junior analysts, strong collaboration skills, and a commitment to doing the job right the first time! No duplicity is my motto! 🙂

  • Layla

    1. Ability to work alone or in a group
    2. Great at multitasking
    3. Can learn independently
    4. Very resourceful and a quick thinker
    5. Very organized and detail-oriented
    6. Creative

    I also realize that I need to improve my overall job performance. This is something that I will immediately start working on.

  • Nicole Garris

    I am determined, focused and I’m a challenge accepter.

  • Deborah Ivey

    I work in the government so there is really no negotiation. They can give QSIs, time off awards or cash awards. I am a team player, work well under pressure, great communication skills, problem solving skills and can juggle multiple projects.

    • Lynn Edmonds

      I also work for the government with no ability to negotiate salary. However, I can get a performance award, which often requires submission of a written self-assessment. This challenge is a great way to reflect on strengths, qualities and skills. I would say that I am a great on the job trainer, planner and organizer, team player and collobrater, multi-taskr and confidant.

  • Tamisha Binky Williams

    I’m catching up on my tasks, but here are my 5 great things I bring: 1. coordinate new and successful programming for employees professional development, 2. support parents in launching affinity based networks, 3. partnered with colleague to develop faculty meeting programming, 4. created a program that supported adults in having conversations about challenging topics that is still running, 5. got accepted to present locally at other schools and nationally at conferences which is good publicity for the institution

  • Lisa

    Love the video. I work for an university, but you can’t really negotiate after you been hired. However, I’ve been working on certification for my career move. So one perk is the pay for my courses.
    My shine moment
    Write proposal –$20,000, in 2017
    Good at public speaking
    Good at Develop training materials
    Good at saving money
    Provide one on one consultation

  • Ginger Ricks

    I bring 1) a great attitude 2) fun 3) professionalism 4) a great example 5) great customer service

  • Jeanette

    The gifts I bring to my workplace as an educator are sharp analytical skills; the ability to guide, mentor and lead; passion and dedication to empowering youth; knowledge and skillful use of educational tools and best practices; and the ability to connect with and inspire youth.
    As an Educator with the NYC Department of Education, I cannot negotiate salary, however I can augment my salary via various educational opportunities.

  • LaChandra Parker

    I loved this video, however I am skeptical as I am in the education field, which leaves little room for negotiation. Are there any others in the same predicament? If so, what other suggestions do you have?