Ask The Money Coach

A Facebook fan who saw me giving career advice on the Tyra Banks Show had a question about whether to leave a well-liked job simply to earn more money elsewhere. My answer, simply put, is: NO. Here’s my advice for that person and others contemplating making a job or career switch solely to snag a higher paycheck.

If you’re working in a “dream job” in the career you planned for, I wouldn’t suggest job-hunting as your first course of action in order to become more financially stable. Plus, you’ve indicated that you’ve looked around at other jobs and don’t want to try any of them. Since you went to college for your current job, and are working in your chosen career, the best strategy is to try to maximize your pay and financial incentives at your present employer. You say the pay is “low” — and indeed your $23,900 a year paycheck falls below the average annual salary of $31,824, according to Sept. 2009 Labor Department statistics. So why not request a raise?

Get a raise by constantly documenting your work accomplishments to demonstrate your performance and what you offer to the organization. In other words, do not just walk into to your boss and say, “I want a raise,” or “I think deserve a raise.” Your boss won’t care that you’ve been doing good work, or that you’ve come to work every day on time. That’s not good enough. That’s a basic minimum level of expected performance. You have to show—in numerical terms—how you benefit the organization. If you saved the company X amount of dollars, if you created a new program that has generated a certain amount of income for the business, if you have been instrumental in training, if you have done hiring, if you have been a sales superstar or a technology whiz, whatever it is that you have done, document that. Then go ask for – and get – the raise you’re due.

Alternatively, why not try to get other fringe benefits and perks from your employer that could be valuable? I’m thinking of extra vacation days, a year-end bonus, or perhaps some freebies — like your employer paying for a host on things on your behalf: ranging from gym memberships to financially planning services to any student loans you may have. It doesn’t hurt to ask. The worst that can happen is that your employer says “No.” And then you’re in the same position. Ditto for asking for a raise.

You can read more about this on a related article I wrote titled, “How to Negotiate for a Raise – Even in a Bad Economy” by following this link – http://www.associatedcontent.com/article/2256855/how_to_negotiate_for_a_raise_even_in.html?cat=31

Related Questions:

• leaving a low paying job
• money vs low paying career