• Don’t get complacent. Even if all of this helps you get a substantial raise, don’t sit on your laurels. For one thing, you want to always be earning your next raise. For another, your work performance and credentials are part of your professional identity, an identity that you can pick up and take with you when you leave your company. The better your reputation, and the more it spreads from interactions with your industry colleagues outside the company, the more likely you’ll be to get job offers. In an uncertain employment environment, there’s nothing that can help you more.
Continuous employment, with steady salary growth while keeping your spending in check, is the best route to greater investment capital, building greater wealth and, ultimately, a secure retirement. It all starts with becoming financially empowered and resolving to get raises. But you have to ask for them. First, be sure you deserve them.
Any opinions expressed here are solely those of the author.
Laura Mattia is a partner with Baron Financial Group, and a fee-only financial advisor. She's a Certified Financial Planner professional (CFP®), a Chartered Retirement Plan Specialist (CRPS®) and a Certified Divorce Planner (CDFA™) and holds an M.B.A. in accounting/finance. Her Internet radio show is Financially Empowering Women™ with Laura Mattia. A professor at the Rutgers University Business School, Mattia is completing a Ph.D. in financial planning from Texas Tech University; her dissertation is on how to help women plan for retirement.