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The Personal Finance Podcast

How to Negotiate Your Salary and Get a Raise (The Step-By-Step System!)

In this episode of the Personal Finance Podcast, we are going to talk about the step by step guide on how to negotiate your salary.

In this episode of the Personal Finance Podcast, we are going to talk about the step by step guide on how to negotiate your salary.

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Transcript:

On this episode of the personal finance podcast, the step by step guide to negotiating your salary. What's

up everybody. And welcome to the personal finance podcast. I'm your host, Andrew founder of master money. co and today on the personal finance podcast. We're going to be going through the step by step guide on how to negotiate your salary. If you guys have any questions, make sure to hit us up on Instagram, Tik TOK, Twitter at master money co and follow us on Spotify, Apple podcast, or whatever podcast player you love listening to this podcast on.

And if you want to help out the show, consider leaving a five star rating and review on Apple podcast, Spotify, or your favorite podcast player. I cannot thank you guys enough for leaving those five star ratings and reviews. They truly mean the world to us. And they are something that can really massively.

Now, today we're going to be diving into the step by step guide on how to negotiate your salary at your job. In a separate episode, we're going to be talking through how to negotiate a new job offer salary, because these are two separate things that you need to do. And so we're going to talk through both of these today.

Now at the top of the show, we also have written a free ebook for you guys. If you go to master money. co slash resources. We have a free ebook called finally get that raise. And that's going to actually walk you through some of these steps that we're going to be talking through today. In addition, it also gives you these scripts to talk through some of these situations with your boss now, and, or if you want to go out and negotiate your salary, you can also do that as well.

Now we talked through this. On a very early episode of the personal finance podcast, one of the first episodes that we ever had, but there are some things that we are adding in. And when we talked through that first episode and when we wrote this ebook, we had so many of you write in over the course of the last couple of years saying it is absolutely amazing how well this step by step system works.

And I'm so thrilled because Increasing your income is the most powerful thing you can do in order to build wealth. And you're going to see exactly why that is as we go through this episode. But one of the most important things, and one of the biggest levers that you can pull in order to make a major impact on your personal wealth is a learning how to increase your income.

And this system is going to help you do that. I'm going to grab your hand and I'm going to walk you step by step on exactly how to do this. So you don't have to worry about it whatsoever. All you do is follow the system, create some scripts, do a little research on salaries in different companies. And you're going to be able to knock this out of the park.

And this is not a really quick way to ask for a raise. You're not going to get a raise tomorrow by going through this system. This is a six month system. Why is it a six month system? You'll see exactly why, as we go through this episode. Now, the amazing thing about this is most people actually don't ask for more money at their job.

They sit there and they take whatever their boss will give them, which is like a 2 percent raise or a 3 percent raise. In fact, 58 percent of young professionals do not negotiate higher pay. However, 87 percent of those who do negotiate higher pay are usually at least successful in some additional compensation.

So 87 percent of people who actually will negotiate or 87 percent more successful. And according to Pew Research, women are less likely to ask for more pay than men are. So 61 percent of women do not ask for higher pay, and 58 percent of men did not ask for higher pay. And of those who did ask for higher pay, they were successful, again, 87 percent of the time.

Now here's a very interesting statistic because they looked at who asked for higher pay by age and it's very interesting. So age 18 through 29, 46 percent did not feel comfortable asking for higher pay and 32 percent were satisfied with the pay that was offered. Of age 30 to 49, 37 percent did not feel comfortable asking for higher pay of age 50 to 64, 34 percent were not comfortable asking for higher pay.

And 65 plus 19 percent were not comfortable asking for higher pay. So part of this is experience and understanding negotiation. Part of this is as we age, we probably get a little grumpier at our day job. And we just want more money for the time that we are putting in and the time that we have Actually put in, uh, at this job and the value that we provide.

And so we kind of understand that part of it as well. And it's really important to ask for more. I want you to know this at the top of the show. We are always here as wealth builders going to ask for more every single time, because it is not your job to say no. It is your employer's job to say no to you.

So even if you're an introvert, we're always going to ask for more pay. Every single time we have some sort of job review, uh, and we're going to try to do that every time. Now, if your company is struggling. We'll talk through that. We'll talk through exactly what you need to do when you go through that process.

Now, how much do you ask for when you go through this range? Well, they did a little study at LinkedIn and LinkedIn said the most successful range was anywhere from five to 10 percent and increased pay. I want you guys to get more than that, but of those who asked for five to 10 percent more, 70 percent of those people who asked for that in that range were usually successful and getting that.

So I think this is something where I think this is something where that gives you like the bottom of what you should be asking for. Typically companies right now, we're going to want to give you 1, 2, 3 percent increases. That's not how we're going to do it here. We're going to try to get more money than that because 1, 2 to 3 percent doesn't even keep up with inflation.

And that's what I really want you to understand here on why you can't afford to do this. Think about this over the last couple of years. Inflation. Since 2020 has caused prices to grow about 20%. Okay. So prices have grown 20 percent over the course of the last year. If you got a 2 percent raise every single year, or you got a 3 percent raise every single year, you just took a pay cut because the prices of living are significantly higher.

And the amount of money that you make is lower than the pace of those prices increasing. So groceries are going to go up 20%. And then all of a sudden you are making 12 percent more over the course of the last four years. That is a problem. This is why we have to get this system into place. Otherwise inflation is going to eat away at your buying power.

And we want to at least bare minimum, we want to maintain our buying power. So if you're looking for a bare minimum amount to ask for at least make it the inflation rate. So that, you know, Hey, at least my buying power is staying the same over time. We want way more than that, but we're just talking through bare minimum.

If you're trying to think through in your head, how much do I ask for? That is where you want your bare minimum to be is at least at that minimum inflation rate, really important to understand because inflation will eat away at your buying power. This is why we invest our money. We invest our money so it can grow over time.

So inflation does not eat away because investing usually outpaces inflation. And so that is a really important. Thing we have to do is we have to allow our money to continue to grow. We have to invest our dollars so we can outpace inflation. We have to ask for more money at our job and try to get increases every single year so that we can outpace inflation.

This is the only way that you can build wealth in a sustainable way. So you have to have these skills in place. Now, why is it so important to have these skills? Let's talk about that next. So what most people do is they sit on their hand and they wait for their yearly review and they wait for their job to say, Hey, You got to raise, you got a two to 3 percent raise, and you're going to sit on your hands and you're going to let somebody else dictate how much money they're going to pay you every single year.

Instead, what we're going to do here as wealth builders is we are going to focus on the things that we can control and what can we control the way that we negotiate our pay, the output that we actually give towards this company in order to earn money. Earn that pay, and we're going to focus on this framework, this system that's going to allow us to make more money.

There are things that are in our control. There are things that are outside of our control. Let's look at some things that are outside of our control. A, if a company is struggling and they cannot pay us more, well, that's not really our problem, is it? That is the company's problem. And so when it comes to this, this may be one reason why we want to leave at some point in time, if a company is struggling and they cannot pay us more money, you're putting the same amount of time in day in and day out for your eight to five job.

And so you need to make sure that you are being compensated correctly for that eight to five job. And so this is why this is so incredibly important to learn this system. Now, what we're not going to do is we're not going to sit on our hands because. Negotiating your pay and earning more money can cost you a million dollars.

If you do not want to do that. Now, introverts, listen to me here. I'm an introvert. I feel your pain. You don't want to get into any confrontational conversation whatsoever. You don't want to get into a conversation that's difficult and hard because you don't even want to talk to people in general. It's too people out there in the first place.

And now you've got to go talk to somebody and ask them for more money and have this. Incredibly uncomfortable conversation. I get it. But what if I told you that having this conversation every couple of years would earn you an additional million dollars over the course of your lifetime and earnings.

Imagine if you could take that extra million dollars and invest those dollars. That is how powerful this can be over time. So there was a study done and it was posted in business insider. And if you've been listening to this podcast for a long time, you've heard me talk about this study, but it's just a very simple thing that just kind of shows the math behind all of this.

And when we talk through the math behind all of this, there was a study with employee a and employee B. An employee A negotiates a 5, 000 higher salary than employee B. An employee A can earn an additional million dollars over their career due to the compounding effect of the salary and increases. This is without even investing these dollars.

This is just the compounding effect of this increase in salary over time. So employee A is Kira and employee B is Dave. So Kira negotiates for a slightly higher raise every three years while Dave does not. And Kira ends up earning six figures while Dave earns slightly less. And Kira ends up earning significantly more than Dave.

Over this time frame. So here is a comparison of their salaries over that time frame. So the first year, Dave is going to make 45, 000 and Kira is going to make 50. In year two, Dave makes 46, 350 and Kira makes 51, 500. That's a 3 percent increase. In year five, Dave is making 50, 000 and Kira is making 57, 915.

This is just by negotiating every couple of years. In year 30, Dave is making 106, 000 and Kira is making 152, 569. And over the course of that 30 years, Kira makes over a million dollars more because she decided to negotiate just a small amount. So she negotiated up front 5, 000 in additional salary and then negotiate every couple of years.

This, my friends, and we'll link that study up down below in the show notes. This, my friends, makes a massive, massive difference. Why? Because if you do this negotiation properly, and if you take those extra dollars and you start to invest those extra dollars, even if you invested 50 percent of them and you compounded that over time, it is going to have a massive result.

In fact, let's look at what that result would be. Let's just say, for example, you only took 50 percent of them. 50 percent of your increases. Okay. Over the course of 30 years. And let's say that that contribution is going to be an additional 500, 000. Okay. So we're going to do this over that timeframe and over the course of 30 years.

If you did that and you invested that additional amount at a 7 percent rate of return, you would have 1. 948 million. If you did it at an 8 percent rate of return and you invested those dollars, just 50 percent of those raise increases. If you just ask for a little bit more money, you'd have 2. 3 million.

If you did it at a 9 percent rate of return. You'd have 2. 8 million and at a 10 percent rate of return, you'd have 3. 4 million in additional retirement income just by deciding, I'm going to take 50 percent of these raise increases and I'm actually going to ask for a raise. This is where it is so powerful how much more money you can make if you actually follow systems like this.

And this is just for a small raise increase every couple of years. Imagine if you master this, you master the art of negotiation, you This is your super bowl every single year. And you realize, Hey, I'm going to try to earn more money every time I do this. If I can't earn more money, I'm going to reference back to the job hopping episode, and I'm going to see, I can make more money somewhere else.

This is a world where you can make a lot more money in the corporate world. If you move around and you learn how to negotiate, these skills are so incredibly valuable and you can see right here, invested the opportunity cost is millions and millions and millions of dollars, multimillion dollars, just to learn how to do this stuff.

That my friends is what we talk about. When we say invest in yourself, that's exactly what we're talking about is right here. Investing in yourself allows you to become a very wealthy person, but you got to have the skills to do it. And let's give you some of those skills today. So we're going to dive into the step by step guide here.

All right. So here's what most people do. Most people, they decide to go out and they wait for their yearly review before they ask for more money. That is the last thing that you want to do. I watched countless people do this when I was in the corporate world, where they would just get fed up. They would wait for their yearly review.

They'd get fed up and then they'd ask for 20 percent more at their yearly review. What does this do? What this does is a, this catches your boss off guard, meaning that a, you're going to ask Maybe for a little bit more money is what they expect. You're asking for 20 percent more. You're making 100, 000.

You're asking for an additional 20, 000 per year. This is going to catch your boss off guard and they're going to say, well, where did you even get this number? What did you do to deserve this? The company can't pay for this right now. They can give those one line answers very easily. If you just ask for this up front without doing any preparation work and actually working with your boss to get this race, and I'm going to show you how to work with your boss to get this raise here.

Yeah. So most people just go in cold Turkey. They throw out some random number because that's what they want, or that's what their friend over at Acme widgets gets. And so this is why we really need to make sure that we are instead preparing our boss to know we're going to be asking for a raise. This is not some ambush instead.

What we're going to do is we're going to work at collaboration with our boss. And guess what? We're going to get that race. Let me hear you say it with me. We're going to get that race. And so this is something where when we start this process, we are going to start this process six months out before our yearly review, you heard me, right?

This is a six month process. There's no get rich quick thing here. We are going to go through a process that actually works. So that you can make sure, and you're going to know the day you walk into that, your boss's office, that you're going to be getting a raise. And if they don't give you a raise after this process, then you may be, you're going to have to have a conversation with them and, or you're going to have to think through if you actually want to stay at that company.

So we're going to talk through that next. So let's go through this process. Step one. You're going to identify the date of your yearly review. So the first thing is you're going to target those yearly reviews. Just look at when yours was last year and try to figure out, is it going to be around the same time, the same month, and then we're going to try to do this process early.

Now, if your yearly review is eight, 10 months out, even better, because if you just had one. You can go back and have this conversation with your boss that we're going to talk about, where you can have more time to really make this stuff work. And the more time you have, the better off you're going to be, because you can really become a very high performer and show your stuff to your boss.

Now, this is not a one time conversation that you're going to have up front, but it's crucial to figure out when exactly this date is going to be so that you can develop this plan and you can build out this plan that we're going to be talking through today. So step two is what I want you to do is I want you to set up a calendar invite with your boss, and I want you to sit down at least six months before your yearly review.

If it's eight months, good. If it's 10 months, fine, but six months before your yearly review, I want you to sit down with your boss and I want you guys to have a conversation. And this is something I want you to do in collaboration. If they ask, what is this about? I want to say, I want to collaborate and figure out a way that we can work together so that I can increase a, the productivity of this team, be increased revenue for this company, see increased revenue for this department or increase productivity for this department to make this department the best it can possibly be.

And so we're going to have this conversation. We're going to sit down and see if we can do that. Now, before you go into the meeting. I want you to identify some of the areas that you think that you can improve within the company. So say, for example, you work in finance. Okay. The reason why I'm talking about finance is because your boy used to work in finance.

And so he knows a lot about those departments. And so in finance, there's a number of different things that you can do here. You can figure out ways to increase revenue within the company. You can figure out ways to reduce and mitigate risk within the company. You can figure out ways to increase productivity within the company by reducing certain expenses.

And lastly, you guessed it. You can reduce expenses. And so of those four things. When you have this conversation with your boss, figure out which of those areas you want to improve. Or if you want to improve all of those areas because you want to be the high performer, you can absolutely do that. And I want you to have a list of stuff that you want to be doing.

And I want this to be impressive stuff that you're putting together here. Do it on work time if you want to, but put this together in a doc or a sheet so that you have something to reference. And I want you to practice through some of this stuff. Now I want you to identify those areas. And then I want you to have a conversation with your boss.

When you go to that initial meeting. So when you go to that initial meeting, step four, I want you to ask your boss what you need to accomplish to get to the next level. This is the conversation you're having say, I want to do everything I possibly can to get to the next level. And I want to either be able to earn more money and, or I want to get promoted at some point in time here within this company.

And so I want to know what I need to do to get a promotion or race. Now I have a script for this in the ebook that we talked about. So how to, if you go to mastermoney. co slash resources, you'll see the ebook and the script in there. I'm actually going to read it out loud here on the podcast, but the script in there is going to help you put together some sort of script that you can actually ask this with.

So thank you again for meeting with me. And then you put your boss's name. My goal is to bring as much value to the company as possible. Buy and you say a specific date, that date is going to be the month of your yearly review. So if you know when your yearly review is going to be, it's going to be in that month, which areas do you see that I need to improve on?

So first you're asking this question, why? Because you want to know what they think you need to improve on. This is really, really important. So they're gonna be like, is this a yearly review? No, I want to know what you think I need to improve on because you can guess all day long on what you think you need to improve on, but it's really important to note that you need to know what your boss thinks you need to improve on very important stuff here.

So that's the first question is what areas do you see that I need to improve on? The next question is they're going to answer, you're going to write this stuff down, everything they say, you're going to be writing it down. And if you don't write this down, you're going to screw up the whole plan. So I want to make sure that you know exactly what they say.

Next, what areas do you see we as a company need to improve on? Meaning that you're going to get all of the things that we think we as a company need to improve on. And then you're going to say, well, I want to grow with this company and show how valuable of an asset I am with your expertise and guidance.

I know I can help in maximizing the company's mission and core values. So you're going to take these items that they give you. And so you want to say, Hey, I want to earn more money and I want to get to the next level. Are these the items that I need to be accomplishing in order to do so? Then they will say yes.

So you have this conversation with your boss. You're setting the expectations. You're setting the bar now. And setting the bar is the most important thing, because now nobody is surprised when we have this next conversation, which we're gonna have a conference conversation about compensation coming up.

And so when we have this next conversation, it's gonna be really important to note that once you have this set up and you set the bar. Then what I want you to do is start accomplishing some of this stuff. I want you to start working on some of this stuff and showing that you're working on some of this stuff, because now we're going to go to three months before your yearly review.

And so now you have this list of things that you need to do, and you need to knock these things out of the park over and over and over again, maybe it's stepping up and leading more meetings. Maybe it's stepping up and increasing productivity within your department. Maybe it's becoming a team lead within that department and really showing your stuff.

You're going to be the, the boss's pet here, and you're going to play the game. You're going to play the politics game as well. Hey. I know how annoying corporate politics are. I absolutely hate them, but they are absolutely necessary in order to get ahead in your career. They are absolutely necessary and they're absolutely necessary in order to get ahead in a blue collar environment as well.

You need to play the politics game and in order to do that, you've got to build up that skill. It's a skill. It's a muscle. It's a networking skill that you need to put into place. Now, what I want you to do. Is I want you to start preparing the numbers that you're going to be asking for. Now, there are three numbers that I want you to bring to this meeting.

It's not just coming up with one single number. I want three numbers. So number one is your want number. The real number that you actually want, the number that you think that you can actually. Most likely get to so you're one number. So, for example, maybe you're making 50 grand right now. You think you should be making 65, 000 bucks.

Okay, so if you think you should be making 65, 000 bucks, that's your one number. Number two, the second number I want you to have is your wish number. This is the number you really think you deserve. You're not sure if you can get it, but you think you deserve this number. So maybe it's 75 grand in this example.

So you got your want number and you got your wish number. Lastly, number three, I want you to come up with a dream number. And this dream number is going to be fun to play around with as we start to have these conversations. Because this dream number is something that may be a little bit higher. It's really high end on the spectrum of what you really want.

And what the average is out there. So maybe you look across the board and you go to glass door or some of these other places and you figure out, Hey, people in this line of work, they're making 70 to 90, 000 per year. So put 90, 000 as your dream number, maybe 95. Let's bump it up a little bit and see if we can get a little bit above the top end of the range.

And so that's your dream number right there is the number that you have in place. Now, before you wrap this up and you get these numbers put together, when you would get that initial meeting with your boss and you have all of those ideas into place and what you're going to be doing and you start to execute those ideas right after that meeting, I want you to give a followup to your boss.

Say, Hey, I'm going to be doing this, this, this, this, and this. And I want you to put it in writing. I want you to put it in an email and immediately after that meeting, you send that off to your boss because we need a paper trail with a lot of this stuff. Your boss is super, super busy. They're going to be doing a ton of different things.

And the last thing you want to do is have them forget the meeting that you had three months ago when you set up this next meeting. Because this is really, really important. So make sure when you have the initial meeting, you also ensure that you send out an email to your boss. Then what we're going to do is we're going to set up the three month review meeting, and we're going to do that next.

All right. So we had the initial conversation with our boss. We had this initial conversation. We identified the things that we are going to be doing. And we identified the things that are going to bring the most value to this department. And we followed up with him with an email and said, here's all the things I'm going to be doing so that I can get to the next level.

And we are both on the same page on this. We sent that follow up email and we set this whole thing up. Now, what we're going to do is we're going to set up another meeting. And in this meeting, we're going to say, Hey, I want to set up another meeting to make sure I'm on track. I've been doing this stuff for the last three months.

I want to make sure I'm on track and doing the correct things as we go through this process. This meeting is absolutely crucial because what we're going to be doing is a, we're going to take those numbers that we set up. We have our want number, our wish number, and our dream number. And we're going to have this available to our boss.

And this is going to be the check in to make sure we're on track to make that jump to the next level. Okay? So I want you to prepare a list of your accomplishments that you have had since the last meeting, because in those three months, you're working hard, you're putting together all this stuff. And you have this list of accomplishments that you have accomplished over the course of the last three months.

And then what we're going to do is we're going to discuss expected pay increases over the course of the next 12 months. Now, the reason why we're doing 12 months is because this shies away the automatic response that people have, but we just don't have the budget right now. Well, guess what? You're going to have the budget in the next 12 months.

Otherwise, I'm not staying here is what you're saying in the back of your head. But what you're really doing is saying, Hey, I'm putting this together. I'm doing all of these things. I expect to at least earn more money. And so that's what we're going to do. So here's what you can say is based on the market, or you can say, based on the goals I have set for myself, I would expect to be in the blank to blank range in the next 12 months.

Now, when we set up this range, this is really important to understand is you want the bottom number. To be more than your want number, meaning I want you to make it a couple of grand more than your want number. Okay. So say for example, your want number is 75 grand and your dream number is 90 grand. Now this needs to be within the confines of a reasonable compensation.

It cannot be something where you're just making these numbers up. You need to go on glass door. You need to go on some of these other websites and make sure you do your research in order to ensure, you know, what the pay ranges are for this exact job. And you can look at other companies in your area because it is very specific.

location. So if you live in Florida, you need to look at the pay ranges within Florida. You don't need to be looking at the pay ranges in New York or California. I've had employees come to me with pay ranges in New York or California and say, Hey, this is how much people make in New York and California.

And I look at them and I say, Well, how much do they make in Florida where we live and they have no idea. So you got to make sure it's within the location that you are actually looking at. Okay, so that's step one. And when you have these numbers set up and you have this range set up, you're going to say, Hey, I expect my salary.

And this is a big range. So don't utilize a range like this. The range needs to be like within the 10, 000 range, but I expect my salary to be 80 to 90, 000 per year within the next 12 months by accomplishing all these things. But I want to make sure I'm on track and doing these things. Here's the conversation we had three weeks ago.

Here's the list of things we put together, and here's exactly what I've been doing over the course of the last three months. Am I on pace and am I on track? Based on your expectations, and then you sit there and you wait and you listen and you take notes and you see what they're saying, because what this is doing is reminding them, Hey, we had this conversation three months ago, you said, I need to be doing these things to get to the next level to make more money.

Now I've been doing this for the last three months. Now I'm asking, I want to be within this pay range. Am I on track to be within this pay range? Okay. So this conversation is going to be happening. They're going to give you feedback. You take that feedback and utilize that feedback to ensure that's where you need to be.

Okay. Next one month before your yearly review, you're going to check back in again. And this is a quick check in. It could be a 15 minute meeting, but you're going to say, Hey, here's all the things I've been doing over the course of the last few months. I just want to check in and make sure I am on track.

This is to ensure that they remember again, the conversations that you've been having. The more frequently you remind them, the better off it's going to be for you and your boss. And so having this conversation and being open with this conversation about your expectations and what you are looking for is going to be really, really important.

So it's one month before your yearly review, you're going to check back in again. You're going to touch base again to use a corporate term. And then you're going to have this conversation going forward, just to make sure you're doing the right thing. You don't have to have a compensation conversation during this time.

You just have a conversation of, am I on track accomplishing these goals that we set up five months ago? Then lastly, it's time for the yearly review. And when the yearly review day is here, that is where we're going to go in and we're going to have a conversation about all this stuff. And there should be no surprises here.

If your boss acts surprised, they're bluffing because you just had multiple conversations with them. And you already talked about compensation months ago. And so this is something where we have seen so many people just walk into their yearly review relaxed. And they get the pay increase that they want because they actually followed this system.

Now you're going to get a good indication as if they're going to actually pay you more or not, if they're not willing to pay you more, then this is where you have a separate conversation with you, your family, and everybody else saying to yourself, am I going to stay at this company? Because if I did all of these things, I am increasing productivity, I am increasing revenue.

I am accomplishing every single one of my goals. And if you do those successfully, and they said you did it successfully along these lines, and then they don't pay you more, guess what? We may need a change of scenery. And so that's where we have to have that conversation. Now, there are other things that you can also do.

Also negotiate, including like flexible hours and flexible compensation. And when we talk about negotiating a salary offer at a new job, we'll talk through some of that stuff as well. And we'll dive deeper into that, but you can also negotiate other things. You can negotiate more vacation time, more flexible hours, working from home.

All that stuff can be added into this equation. But it's really important to make sure you both know you've had enough conversations that this is going to be happening. And so you anticipate and expect this to happen. And so when we've talked to people and people have done this system, I used to do this system all the time.

Then we know we walk in there and it should be an easy conversation. And a lot of times your yearly reviews are much shorter. You don't have to sit in there for an hour because you've already done the grunt work up front. And so this is a beautiful, beautiful way to be able to work towards getting that race.

Now, what if you don't get the race? First of all, if you don't get the raise, the conversation then becomes, Hey, I accomplished all of these things. So when can I anticipate earning more money? And so you leave it open ended that way. Um, and then you continue this system. If you want to stay at that job, if you love your employer, you love where you're working, then continue on having this conversation and keep this moving forward.

If you can start to have this conversation for A year and a half, two years, and still nothing is happening. Then we're going to have to have a real look at what's going on. But if you love where you are, keep continuing doing this exact system. You can start to do it every six months over and over and over again, and make sure you have this conversation.

And if they do not pay you more, that's a real problem. Now, if you're shy, use our scripts in the ebook to make you more comfortable. And we're going to develop even more scripts on some of this stuff. We have some cool stuff on negotiation coming out. Um, and so we're going to be developing more scripts on this stuff.

And so stay tuned for that because I want you to be able to practice. And one thing I want you to do is if you're really shy, make sure you practice with other people. It's really, really helpful when you practice with other people to ensure that you were actually on the right track. Now there are some things that you should never say when you're actually talking about pay and you're negotiating your pay.

Number one is don't ever talk about another colleague or person's pay. If you notice how much somebody else makes, don't ever bring that up in these negotiations. That's not a thing that you want to do whatsoever. It is counterproductive to your goal. Your goal is to show your value, show all the things that you're doing and how you can earn this company more money or increase productivity.

Next thing is don't get too personal. This is not about asking for a raise solely for your benefit. Instead, what you're going to show is how your performance benefits the company. So you're showing the benefits to the company. You're showing the benefits to your boss. And really, if your boss is a person who really likes to look good, you're going to show as many benefits to the, in their favor as you possibly can.

Because that is what the department is there to do, and you want to make them look good. So try to make them look good. Use psychology in this equation to see how your boss reacts to different ways that you propose this. Don't give an ultimatum is another one. Meaning, I don't want you going in there and saying, Hey, you give me this raise, otherwise I'm leaving.

That is not the way to do this whatsoever. Instead, you want to work in a collaborative way. This is a collaboration. This is not some sort of face off that you have with your boss. This is a collaboration where you and your boss are working together, get you a raise because your boss is the person that has to go up to bat to their boss to actually ask for that raise, or they have to go up to bat to HR to actually ask for that race.

And so this is why it is so important to make sure that the person going up to bat for you is on your side. How do you do that? By making them look good and their department look good. So that's how you make sure that person is going up to bat for you. And so making sure that you can do this and effectively communicate your skills.

Really, really important stuff here. I know you guys can do this. I know you guys can ask for this raise. I know it's slightly uncomfortable, but the more you practice this and the more conversations that you have, maybe you want to take it on a year long. You want to stretch it out for a year because you have a year until your yearly review.

Fantastic. Stretch this thing out. If you want to start getting comfortable having these conversations, the more you have these conversations, the better you're going to be at it. Maybe the first time you don't get the largest raise that you wanted. But as you get better at this, this is a skill you can develop.

You're going to be constantly doing this. This is playing the game. My friends, this is how you play the game to earn more money and do the exact things that are going to allow you to earn more money or allow you to get that promotion. You're going to figure out exactly what you need to be doing.

Instead of just trying to guess in your brain, what you're going to be doing. I know how it is. You're sitting in that office or you're sitting in your cubicle or you're on the job site. And you're saying to yourself, I don't know what I need to be doing next. I don't know what the boss thinks of me. I don't know what I need to be doing.

And all of a sudden the anxiety sets in. What if you just knew, well, this is going to allow you to know exactly what's going on and stay in communication. This is healthy communication with your boss. And that's what we are looking to do here as we want to increase the amount of money that we are going to be making.

And so I'm so glad that you all are here. And I'm so excited to see you guys go through this system and see how this works for you. If you guys have any questions, please make sure to reach out to us and we will help you in any way we can because that's entire goal of this podcast is to bring you as much value as we possibly can.

This episode could earn you millions of dollars or more over the course of your career for a free podcast episode. How amazing is that? And that is why I am so excited for you guys to test this out. So please, please, please, if you could share this episode with a friend who, you know, wants to earn more money as well.

And I cannot wait to see the results you guys get. We'll see you on the next episode.

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