031 Beyond Your Wedding Day Podcast-How To Increase Your Income

by mike on April 26, 2011

031 Beyond Your Wedding Day Podcast- How To Increase Your Income

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In this episode of the Beyond Your Wedding Day Podcast, we continue discussing the book Smart Couples Finish Rich by David Bach. We discuss step 9 (chapter 9) entitled “Increase Your Income By 10 Percent In Nine Weeks”.

-Chances are, you deserve more money @ work

*your boss or customers are not just going to offer to pay you more money on their own

*the goal is to raise your income 10% in 9 weeks

*if you got a 10% raise every year, you would double your income in 7 years

*it is must less expensive for an employer to give a very good employee a 10% raise than to find a new employee and train them only to hope they are as good as you

*the key is that you MUST be a good employee and make your employer money

*it’s hard to have passion for a job that has set pay increases no matter how your perform (like a union).  If that’s the case, maybe you should look for a different job

*don’t get discouraged if your first request is rejected.  They may agree on the second or third request

*if you’re self-employed, simply raise your rates 10%

-Week 1: Get real

*you must accurately, for real, figure out how much you are making per hour of work

*ask yourself if you are working for a good company where there is room for grow

*transition from complaint mode to action mode

-Week 2: Write down exactly what you want

*write down your current salary, what raise you want, and what your new salary will be

*the key is to write down a finish date

-Week 3: Clean up the mess

*spend one full day on a weekend cleaning up/out your office/desk

-Week 4: Get clear on how YOU add value

*call a five minute meeting with your boss telling him you are on a mission to improve the quality of work you do

*ask him 1) what you currently do that adds the most value to your company and 2) what else might you do that will add more value to the company

*listen and take notes on what he says.  Take those notes, create an action plan, type it all up, and go over it with your boss

*if you’re self-employed, you can do the same thing with your clients

-Week 5: Focus on the 80/20 Rule

*figure out which of your efforts account for 20% of your productivity during your day and increase those efforts to 30%

*focus on and figure out what it is that you do that comprises your top 20 percent

*how do you spend the time at work that really produces the results that are responsible for the bulk of your income?

-Week 6: Put yourself in play

*you don’t know how much you are worth in the market place until you put yourself out there to other employers

*you can attend a job fair to see what’s out there

*search online job sites to see what’s out there

*tell your good friends what you’re looking for

-Week 7: Practice asking for the raise

*write down on a summary page exactly how much of a raise you want, why you believe you are worth it, list what you’ve done to add value to the company, and how you see yourself adding value in the future.

*practice out loud asking for the raise (you can practice with a spouse or just say it out loud yourself).  You really need to hear yourself asking at least half a dozen times ahead of time

-Week 8: Ask for the raise

*it sounds better to ask for a percent instead of a dollar amount (this goes for both an employer or a customer)

-Week 9: Celebrate your success

 

I’d love to help you and your spouse or fiance get on the same page financially. Here’s how.

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