So I just read this article on yahoo! finance about how to approach your boss and ask for a raise. They advise assessing what you are worth inside and outside of the company, using websites that list average salary information for your position, and formulating your request by possibly asking for other non-monetary perks, such as extra vacation time or having them pay for conferences, etc. It seems that the days of being a top performer and being able to walk into your boss's office and ask for a raise and have an open conversation about it are long over. I've gone through professional negotiation training in the past, so I'm pretty comfortable negotiating in just about any situation, but when it comes to your salary, as an employee, your power is pretty limited, especially here in Texas. The only leverage you have is you can leave at anytime (for most employees, the at-will law in Texas holds legal precedence over anything). However, your employer can also terminate you at any time with or without cause. You have no additional leverage in your job (short of threatening to leave) unless your employer is nice and feels like you deserve more money. Here is the link to the article.
Rather than having to go to a boss and asking for a raise, wouldn't it be much more empowering to first strengthen your financial education and then build your own passive cash flow outside of your employment? That way, if you want a raise, you can find an opportunity out there and build it yourself. There are many ways that people can strengthen their financial education. If you would like some guidance on first or next steps, please feel free to send me an email and I will be happy to help.
Good Luck!
Jacob
