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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
- Watch this video on negotiating your salary first!
- Research the salary potential for your job title within your industry.
- Write down five qualities, skills, or successes you’ve had at work that can help you negotiate your raise.
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.
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:
You can reach out to me here:
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.
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