Should You Ask for a Raise? How to Tell When It's Time
When thinking about improving our financial health, most of us focus on our spending. We resolve to create a budget and stick to it, skip the daily latte at our favorite coffee spot, become a one-car family, cut cable or trade an exotic vacation for a staycation.
And it’s true: All of those actions can improve your financial health. But they only address one side of the financial health equation: spending. The other way to improve financial health is to increase your income (while keeping your spending in check, of course).
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But increasing income is often overlooked by my clients. Somehow, reining in spending seems more virtuous and doable than negotiating a higher salary. However, many of my clients aren’t earning as much as they could be.
I’ve seen hundreds, if not thousands of salaries — and I’ve seen some huge deltas. Even accounting for education and experience, company size, cost of living and industry, salaries vary wildly. For example, I’ve seen client salaries for what appear to be pretty similar jobs range from $60,000 to
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