Raise Or Asking For A Lot Of Money: The majority of people harbor the hope that one day they will become wealthy. The question that needs to be answered is, what does that mean?
The reality is that opinions can vary widely regarding monetary matters. There are only a select few people in the world who can call themselves billionaires, so it is safe to say that one billion dollars are a significant amount of money. Is a million dollars a lot? No, if we are talking about total wealth; a sizeable portion of the population does not have a million dollars or more in assets that they can pass on to their descendants. This is largely attributable to the rise in the value of the real estate. If one were, however, to make one million dollars annually, that person would be among the highest-paid individuals in the entire world.
A person’s expectations for themselves about the amount of money that they can make play a significant part in the overall equation. The reason for this is that an individual’s level of demonstrable skill and the amount of money they request from an employer are two of the most important factors that determine earnings. Both of these factors are highly dependent on the person. In addition, even though a person’s level of skill is partially dependent on the individual’s level of self-assurance and partially determined by their innate ability, the amount of money that a person requests from an employer is entirely up to the individual.
- Actively putting your request in writing helps ensure all achievements and key points are listed, boosting your chances of getting the raise you deserve.
- Consider asking for a raise when you’ve made significant contributions to the company, such as:
- Taking on additional responsibilities
- Exceeding performance goals
- Developing new skills or processes
Tips for Asking for a Raise
- Research the market to determine a fair salary range for your position
- Keep track of your accomplishments and prepare specific examples of how you’ve added value to the company
- Schedule a meeting with your supervisor and be confident but respectful during the conversation
- Be prepared to negotiate and consider alternative benefits, such as additional paid time off or professional development opportunities, if a salary increase is not possible
Role-Playing and Preparation
- Practice asking for a raise with a friend or family member to prepare for common questions and concerns
- Anticipate questions about your salary research, contributions to the company, and potential areas for improvement
- Focus on your achievements and the value you’ve brought to the company, rather than simply asking for a raise
Timing and Considerations
- Typically, it’s best to wait at least a year from your last salary increase before asking for another raise
- Ensure you’ve been doing excellent work and your supervisor has acknowledged your contributions
- Be prepared to discuss specific goals and objectives for future performance and how they align with company needs
Remember, asking for a raise is a normal part of career development. By being prepared, confident, and focused on your value to the company, you can effectively request a significant salary increase.
There is no question that the two are connected. It is unrealistic to expect a high salary if one possesses only the most fundamental of skills. However, despite possessing exceptional skill sets, a significant number of people earn a pay level that is significantly lower than that of their contemporaries. Why?
The fact of the matter is that they most likely did not make their request, and even if they did, how they made their request did not give the impression that they truly believed they were entitled to what they desired. In many situations, the employer is aware of the maximum amount of money that they can pay, but they are willing to pay less if an employee is willing to take it.
Naturally, the employer will not reveal to the worker the amount that he or she can pay at this time. In this day and age, however, coping with this issue is relatively straightforward thanks to the availability of salary guidelines for specific positions and geographical areas on the internet. The true obstacle is not requesting a high level of compensation; rather, the true obstacle is convincing yourself that you are deserving of the high level of compensation that you are requesting.
To accomplish this, one needs to have a firm grasp on the value of money in comparison to other currencies. We have established that being a billionaire is truly remarkable, whereas accumulating one million dollars throughout one’s lifetime is not remarkable; however, making one million dollars annually is remarkable. What about people with lower incomes, the kind that we typically encounter in our day-to-day lives?
In 2006, the Federal Poverty Guideline for a family of four was set at a value of $20,000 by the United States Department of Health and Human Services. A family is considered to be living in poverty if they make this amount or less each year.
However, the reported median income for a family of four in 2006 ranged from a low of $45,867 in New Mexico to a high of $87,412 in New Jersey. The lowest reported income was in New Mexico. These numbers account for both single-income and multi-income households.
Take into consideration a candidate in the state of New Jersey who possesses a degree in a field with average demand. Will they agree to work for a salary of $20,000 per year? Almost certainly not. However, requesting a salary of $87,412 may appear unreasonable given that this individual would be requesting, as a sole wage earner, the amount of money that is typically earned by a family of four.
However, does it go too far? This is not the case; if the median salary is $87,412, which indicates that there is an equal number of earners above and below that mark, then the candidate could request $90,000 or more with complete assurance. The response of a hiring manager would be contingent, in part, on the business sector as well as, in part, on the specific skill set that the applicant possesses. On the other hand, a different candidate for a different job could inquire about it and be granted it. The challenge lies in mustering up the courage to inquire.
Someone I knew started making $40,000 annually not long after I had finished my education. It was stated that he wanted to earn a salary of $50,000 by the end of the year. He devoted a lot of effort to furthering his education as well as his professional development, and he volunteered for a variety of unique projects to broaden his skill set.
His next job offer took him by surprise: $73,000 in annual salary. Naturally, he accepted it, and he was shocked at the amount of money he could now make. However, after only a few months, he realized that others in the industry made a significantly larger salary than he did. He continued to participate in professional development activities and worked diligently to acquire new abilities.
After working there for a year, he presented his employer with data from salary surveys as well as other information in support of his request for a raise in pay. He was offered a performance-based incentive plan in addition to the raise that brought his total salary to $89,000.
After three years, he decided to depart. He had interviews with several prestigious companies, all of which were eager to get to know him better. The first offer he received was for $110,000, and then he received an offer for $115,000 from the second party. After concluding that he preferred the first company, he approached them with the request of increasing their offer. Even though he was aware this would need to be approved, he proposed accepting an initial salary of one hundred thousand dollars until he completed his probationary period. They agreed to the terms.
When he was younger, he had the goal of one day earning $50,000. As of right now, he makes $115,000, and he believes that in just a few more years, he will easily be able to earn $200,000. To what end?
Because you asked, I will.