Little Raise, Big Difference
It takes guts to ask for more money. It’s uncomfortable. But once you look at the impact a single raise can have on your Bigger Financial Picture—you’ll decide that asking for more money, whenever you can, is a big shiny priority.
You’ll look at the numbers and say, “OMG, if one single raise can make that much difference, what on earth am I waiting for?!”
“What if I charged X% more for my services!”
“What if I looked for a higher paying job!”
Here’s the equation:
If you and a friend were both offered salaries of $25,000 at age 22, but she pushed for a bump to $30,000, by age 65 she would be earning more, of course, about $107,000 compared to about $89,000 for you.
That’s roughly an $18,000 difference. So?
Let’s assume your smart pal took advantage of having a little extra in her paycheck, and banked the $5,000 each year until age 65, in a retirement or other account earning about 3% (nuthin’ fancy, just enough to cover inflation).
She would have $784,000 more than you would.
For a chart and more on this phenomenon, read the article on DailyWorth.
-MP Dunleavey for Daily Worth
GIRL TALK TIME: Have you ever asked for a raise? How did you do it? What do you think of asking for a raise in this challenging economy?
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17 Comments
Post a Commenti need a better job first………….
I need a raise and have asked but work in an environment where the group performance dictates raises…(my company subcontracts for larger firms) I am looking to change departments and get what I’m worth!
I ALWAYS ask for my worth and every smart person should NEVER accept the first salary offered @ job offer time. (especially woman, since we are paid a certain % less than men, simply because we have viginas!) Grrrrrrr….don’t get me started….LOL!
BE smart people….& know your worth! I sure do and smile when looking at my bank account! CHA CHING!!!
It’s tough to ask for a raise in this job market. The best time to negotiate is when you get hired. If they won’t raise the salary, ask if they’d be willing to re-evaluate in 6 months, then follow-up at that time.
love this wish I could forward it to the penny pincher’s I work for
wow!
wow lol
i need help in asking i dont know when a temp should ask
need a real job first =
I never asked for one, but I’ve been thinking about it though. It is definitely a tricky thing.
In this economic crisis it is hard for employers to give a raise. We should be happy we have a job!
I have yet to get a raise, but it would be a great self esteem booster if i did get one
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I finally received a raise after 3 years.
Working at a non-profit, the yearly increases are small, but the benefits are amazing. However, I hope to receive a designation in my field of work, which I’m hoping will also come with a raise.
So far I haven’t had to ask for one. I’ve been fortunate to have wonerful bosses who looked out for me and gave me good raises without me having to ask.