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You’re Cheating Yourself out of a Raise

Whether you’re evaluating a job offer or approaching your annual review, the question of money will come up. Perhaps it’s more accurate to say that money should come up. Far too many workers punt; they will not press the question. Negotiating pay is fundamental to your long-term financial success. Discussing salary may be temporarily uncomfortable, but it pays off. Individuals who negotiate receive higher salaries—on average 7% more. The Muse explains,

“That may not sound like much, but as Stanford negotiation professor Margaret A. Neale puts it, ‘If you and your counterpart who negotiated are treated identically by the company—you are given the same raises and promotions—35 years later, you will have to work eight more years to be as wealthy as your counterpart at retirement.’”

Don’t leave money on the table. The folks at The Muse break down negotiating for a raise step by step, in wonderful detail. Read the entire article here.