We all work for a variety of motivators. Success, personal growth, status, fame, and for a good portion of us, fortune. Or at least a salary that's acceptable to us. There will come a time, or a multitude of times throughout our careers when we'll desire more money. We could seek a job that pays more than what we're doing currently, or ask for more money from our current employer.
Asking for a raise can be daunting. Actually getting one can be a challenge. Neither has to be. With these 3 steps you can take to help you ask and receive the raise you feel you deserve, your confidence and commitment will shine through and your employer will feel good about adding some more moolah to your paycheck.
Before you burst into your boss's office, take time to get raise-ready with the steps below. It's as easy as 1, 2, 3!
Timing Is Key
Just because you're ready to ask for a raise doesn't mean your boss wants to hear it. When you ask for a raise could be just as important as what you're asking for. It could be as simple as planning to chat before the work day is in full-force or when you know your boss is in a good mood. But there's more to timing than the obvious.
As per Lydia Franks, editorial and marketing director for PayScale as told to Business News Daily, "If your company has a regular performance review schedule, try to have a conversation about your compensation a couple months in advance so that your boss has time to make a case and advocate for budget ahead of that process." If you wait too long, there may be nothing the company can do about your request, even if they agree you indeed deserve a raise.
Plus, consider how the company is faring as a whole. As per Leslie G. Griffen, an HR consultant and career coach as told to Monster, "Asking for a raise while the company is in the middle of layoffs, for example, could send a signal that you're not tuned in to the business." That alone could be a red flag that you're not raise-worthy material.
Keep abreast of how well your company is meeting its quarterly goals and if things are positive, set a meeting with your boss at his or her convenience. Make sure you're clear as to what the conversation will be about so the timing is right for everyone involved.
When you walk into your boss's office, come with a spiel that's well-rehearsed and carefully put together. If you don't appear confident in the content of what you're requesting or your delivery for that matter, distraction could get in the way of the end goal – a raise. Heck, if you don't think you deserve a raise, why should anybody else?
As per Business News Daily, carefully plan your approach. Think about how your boss best processes information. Have a good understanding as to what information will be the motivating factors in agreeing to give you a raise.
Kathleen McGinn, professor of business administration at Harvard Business School as posted on Harvard Business Review notes, "As in any type of negotiations, you should try to put yourself in the other person's shoes, and design your approach accordingly. You have to think about why your boss should even consider granting your request. By understanding your boss's interests and goals, and aligning those with your own case, you are more likely to get what you want."
Harvard Business Review also shares advice from Diana Faison, a partner with leadership development firm Flynn Heath Holt Leadership, "Rehearse out loud, practice it with someone else, record yourself, and play it back. Listen for weaknesses in your argument or signs that you aren't getting to the point quickly enough."
With this in mind, there's only so much prep work you can do before pumping yourself up and going for it. You don't want to spend all your time overthinking, just make sure you've got a solid plan. Like Your Office Coach says, "Rehearse your request, convince yourself that you're worth it, and take the plunge. The worst thing that can happen is that your boss says no. But most managers will not be surprised or offended by the request."
Know Your Value
Your past accomplishments and the ways you've helped the company meet its goals and make money are more than just part of the job. They make you an asset to the company that's worth keeping around, and that may mean by agreeing to a raise in salary. As per Monster, "If you're considered indispensable, you'll have a stronger case."
According to Hannah Morgan of Career Sherpa, "A great way to keep your current boss up to date is by sending him or her a weekly or monthly email update. State what you accomplished in objective, measurable terms. And always try to tie your achievements back to organizational goals or how those accomplishments benefit the bottom line."
Harvard Business Review adds, "First, and most important, are facts about your own unique contributions that bolster your case: money-saving efficiencies you implemented, results from a project you've just overseen, positive customer testimonials, or praise from higher ups."
Just because you know all the hard work you've done doesn't mean your boss is fully aware of everything. He or she is busy with lots of other things after all. Plus, when everything is presented as a whole, your case is more compelling and impressive.
In addition, be sure to know what others in the field are raking in and that your salary and raise request jive. As per Harvard Business Review, "You should also gather information about company- and industry-wide salaries so you can go in with a reasonable target figure in mind. Your professional network, HR department, and sites like PayScale and GlassDoor are all helpful resources for determining your worth in the marketplace."
With these tips in mind, asking for a raise will be easier than you may have anticipated. Be sure to keep yourself together and show your true investment in the company. Honesty and honor will get you to the next phase in your career!
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.