{"id":235316,"date":"2018-01-22T05:00:27","date_gmt":"2018-01-22T13:00:27","guid":{"rendered":"http:\/\/getrichslowly.org\/?p=235316"},"modified":"2023-05-22T20:31:44","modified_gmt":"2023-05-23T02:31:44","slug":"salary-negotiation","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/salary-negotiation\/","title":{"rendered":"How to negotiate your salary (and earn an extra half-million dollars in your lifetime)"},"content":{"rendered":"
Some folks claim that if you do what you love, the money will follow. Others say that a job is just a job \u2014 you’re not meant to like it. The truth lies somewhere between these two extremes. There are few things worse than a job you hate<\/a>; and many people enjoy fun, fulfilling careers while earning a good living.<\/p>\n Whatever the case, any job is more bearable if you’re paid well. Plus, a high wage means more money to pursue your goals and dreams. One of the best ways to increase your income is at the source: during salary negotiations when you land a job.<\/p>\n <\/a>For many people, salary negotiations are awkward or scary. But in his book Negotiating Your Salary: How to Make $1000 a Minute<\/em><\/a>, career coach Jack Chapman argues that those few minutes during which you ask for more money in an interview can make a difference of tens of thousands of dollars over your lifetime. Maybe even hundreds of thousands. He says you can literally earn $1,000 per minute if you do this right.<\/p>\n Research backs him up. According to a 2010 study conducted by George Mason University and Temple University, failing to negotiate on an initial job offer could mean missing out on over $600,000<\/em> in salary during a typical career.<\/p>\n “We spend years thinking about what we’ll be when we grow up,” Chapman writes. “But when it’s time for a raise, most of us just accept whatever we’re offered. How many minutes do we spend negotiating the money? Zero.”<\/p>\n Only about half of all applicants negotiate their salary; don’t be one of these folks. If you don’t ask for more money, your employer certainly won’t just give it to you.<\/p>\n Before we look specifically at negotiating salary, let’s review the basics of negotiation in general.<\/p>\n In his book You Can Negotiate Anything<\/em><\/a>, Herb Cohen writes that there are three crucial variables in every negotiation:<\/p>\n Now let’s look at two (very similar) methods for negotiating your salary. <\/p>\n Note:<\/strong><\/em> Remember that these techniques are generally applicable for discussions during a performance review. You can use these ideas to ask for a raise, not just to negotiate your salary for a new position.<\/p><\/blockquote>\n In Negotiating Your Salary<\/em><\/a>, Jack Chapman offers five rules for getting what you want.<\/p>\n First, postpone salary negotiations until after you’ve been offered a job<\/strong> (or finished a performance review). Chapman says the hiring (or evaluation) process consists of two phases: judging and budgeting. You can only hurt yourself by dealing with salary when the employer is judging instead of budgeting.<\/p>\n Second, let the other side make the first offer<\/strong>. According to Chapman, it’s tough to win by being the first to name a number. For many people, it can be awkward to evade direct questions about salary expectations. Chapman recommends preparing for this situation. His website includes a short video<\/a> on how to answer the question, “What are you earning?” (You might also read Penelope Trunk’s advice on how to answer the toughest interview question<\/a>.)<\/p>\n<\/span>Why You Should Negotiate Your Salary<\/span><\/h2>\n
<\/span>You Can Negotiate Anything<\/span><\/h2>\n
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<\/span>How to Negotiate Your Salary<\/span><\/h2>\n