Jim Hopkinson is an author, writer, and speaker living in New York City. His focus is on career development for the new economy, showing how new media, technology and branding are changing how people look at their career and lifestyle. Read more...
When asking for a raise or promotion, many people ask the wrong way and ask for the wrong reasons.
The wrong way to ask is to walk into your boss’ office and beg for a raise, demand a raise, or give an ultimatum. The wrong reasons to justify an increase are excuses like you need the money for rent, you heard that a friend of yours makes more than you, or you want to buy that new Jaguar convertible you saw on TV.
In fact, if you’re like many Americans, even if you get that raise, you’ve already spent the additional money before it even clears direct deposit. According to a CNN/Money survey, 76% of Americans are living paycheck to paycheck, 50% have less than a three-month cushion, and 27% had no savings at all.
Here are 4 benefits of negotiating a huge raise – and then not spending it.