NerdWallet's Smart Money Podcast
Boost Your Income and Career: Negotiating Salary, Navigating Promotions and More
Mon, 25 Nov 2024
Discover career growth strategies to boost your income, including negotiating raises, and navigating career growth and mentorship. What are some of the best ways to increase your income? What are strategies for negotiating a higher salary and excelling in your current role? Hosts Sean Pyles and Alana Benson discuss career growth techniques and salary negotiation strategies to help you understand how to maximize your earnings and achieve financial stability. They begin with a discussion of the importance of increasing your income rather than solely focusing on cutting expenses, breaking down the long-term financial difference that seemingly small increases in your income can make over the course of your career. Then, “The Job Doctor” Tessa White joins Alana to discuss how to excel in your current role and position yourself for promotions and raises within an organization. They discuss the necessity of understanding the true expectations of your role, measuring your contributions through tangible metrics and effectively communicating your value to your organization. Additionally, they explore the importance of informal mentorship and how to enhance your skills by observing and learning from those who excel in specific areas. In their conversation, the Nerds discuss: career strategies, income potential, salary negotiation, financial stability, career growth, job market, financial future, career success, career advancement, career coaches, raise negotiations, job offers, informal mentorship, skill enhancement, job promotion, financial goals, earnings increase, career metrics, value proposition, workplace visibility, career mentors, market value, career coach, industry experience, job stability, promotion strategies, income jump, salary bump, corporate growth, financial planning, income investment, and company red zones. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: What are the best strategies for increasing your income?
Hey folks, Sean here. We are taking the week off for the Thanksgiving holiday, so please enjoy this episode from our archives. In the meantime, we hope you all have a wonderful, relaxing, food-filled week. We'll be back soon with brand new episodes for you. Enjoy. You've heard it one million times. Just cut out the daily Starbucks run and you'll be rich.
But more often than not, your financial situation is going to be better aided by fixing what's coming into your budget versus what's going out.
If you're, say, 35 years old and you negotiate an extra $5,000 for your job, it's not just $5,000 because in lifetime earnings, that's several hundred thousand dollars in lifetime earnings. And if you invested that difference, it's even more.
Welcome to NerdWallet's Smart Money Podcast. I'm Sean Piles.
And I'm Alana Benson.
This episode kicks off our nerdy deep dive into what we're calling investing in your income. Another way to say that is investing in yourself by seeking out more ways to make more money.
Yeah, Sean, you alluded to this at the beginning, but there's just so much advice out there giving people flack for spending on like straight up normal stuff like going to Starbucks or like getting some tacos at a food truck instead of making them in your kitchen. And like, yes, technically, all of these things can have a negative impact on your bottom line. But like you have to live.
Absolutely. And I mean, we've had a foot in this camp on the show, advising people to take a hard look at their expenses and see what they can pare back in an effort to get themselves to a better financial situation. We haven't told people to forego a morning latte, but there certainly is a time and place for examining your spending habits.
That said, there is another way to affect that bottom line.
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Chapter 2: How can you effectively negotiate your salary?
All right. Well, we want to hear what you think too, listeners. To share your thoughts around ways to boost your income, leave us a voicemail or text the Nerd Hotline at 901-730-6373. That's 901-730-NERD. Or email a voice memo to podcast at nerdwallet.com. So Alana, who are we hearing from today?
We are going to the doctor for a checkup, Sean.
Oh no, what's the copay gonna be?
Well, hopefully nothing, because today we are talking with the job doctor, also known as Tessa White, who spent a good chunk of her career heading up HR departments, mostly for tech companies. She's now founder and CEO of The Job Doctor and author of The Unspoken Truths for Career Success.
That's coming up in a moment. Stay with us.
Tessa White, welcome to Smart Money. Hello, thank you for having me. In this series, we are really focusing on ways to increase your income in kind of any form. So what would you say is the easiest way that people can increase their income?
Well, I think they need to be very mindful that they are their best advocate for making money. The company's not gonna magically go in and decide that they need to pay them more money. Because a company's always going to err on the side of, they'll take as much as you'll give. So making sure that you're advocating for yourself is probably the greatest way that you make money.
And you mean that in terms of salary negotiation or like looking for another job?
Yeah, salary negotiation, asking for money, which is uncomfortable for people to do sometimes. Understanding what the value of your role is or the position that you're applying for. versus just kind of going with the first thing that people ask. I mean, a little bit of discomfort on the front end of negotiating on behalf of yourself really has a massive impact on the back end.
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