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10 Tips To Master A Salary Negotiation

Aug 13, 2023

Hello Stoic Investors,

Today I want to talk about salary.

 

Asking for more money sucks.

But, so does being stuck with earning the same wage every month.

 

Let’s be honest. Most people have jobs they hate.

But how many of those people hate the salary and not the job?

If this describes you, then it’s time for a change.

You need to negotiate

If you’re fortunate enough, your employment contract has some sort of an inflation clause.

But most don’t.

 

Let’s say you earned $100,000 in 2020.

You are happy with that amount as it allows you to live comfortably (and invest in your future).

But now, you have realized that things got a bit pricier.

So, your $100,000 doesn’t quite buy the same number of things it did three years ago.

Why is that?

In one word. Inflation.

 

You see, with the 10% inflation we were seeing, your $100,000 salary is now actually $90,000 in real terms.

So, by skipping negotiations, you’re essentially accepting a pay cut.

If you refuse to accept that, here are a few tricks to get back on the horse.

 

10 tips to master a salary negotiation

Do Your Homework

Research is key! Find out the average salary range for your position and location. Websites like Glassdoor and Payscale can provide valuable insights. Armed with this information, you'll have a solid foundation for negotiation.

 

Highlight Your Value

During the negotiation, emphasize your unique skills, achievements, and the value you bring to the company. Be confident and showcase how you can contribute to their success. Provide specific examples that demonstrate your impact.

 

Don't Be the First to Mention a Number

Avoid stating your desired salary first. Let the employer make the first move. This way, you can negotiate based on their initial offer and potentially aim higher.

 

Timing is Everything

Choose the right moment to initiate the negotiation. When your boss is in a bad move is likely not the right moment.

 

Consider the Total Package

Salary is important, but don't forget to consider the entire compensation package. Think about benefits, bonuses, vacation time, and professional development opportunities. A well-rounded package can enhance your overall satisfaction.

 

Leverage Your Skills

Think outside the box by highlighting any additional skills or experiences that could benefit the company. Maybe you're fluent in a second language or have a certification relevant to the role. Showcasing these extras can strengthen your negotiation position.

 

Practice Makes Perfect

Role-play the negotiation with a friend or mentor. Prepare responses to potential counteroffers and practice your delivery. The more confident you are, the better your chances of success.

 

Show Enthusiasm, but Be Willing to Walk Away

Express your genuine interest in the position, but maintain a mindset of self-worth. If the offer doesn't align with your expectations, be prepared to graciously decline. This mindset can give you more leverage in the negotiation.

 

Be Open to Non-Financial Perks

Think beyond the paycheck. Consider negotiating for additional perks, such as flexible working hours, remote work options, or opportunities for growth and advancement. These can enhance your overall job satisfaction.

 

Stay Positive and Professional

Throughout the negotiation, maintain a positive and professional demeanor. Remember, it's a conversation, not a confrontation. Be respectful, listen actively, and seek common ground for a mutually beneficial outcome.

 

Before you go, I want you to realize something.

Salary negotiation is not about asking for more money.

It’s about asking for what you deserve.

 

So, note down these points and start negotiating today:

  1. Hating your job and hating your salary is not the same thing
  2. Not getting a pay raise is like taking a pay cut when considering inflation
  3. Salary negotiation is about asking for what you deserve

 

See you again next week.

 

Whenever you're ready, here is how I can help you:

1. Take advantage of all our Free Resources and start your journey as Stoic Investor 

2. Book a Free Consultation to ask your investing questions and we will point you in the right direction

3. Watch hundreds of Video Testimonials of Stoic Money Clients from 25 different countries

About Me

I am Vittorio Rigato, the Investing Coach behind Stoic Money.

I invested for more than 8 years, both for myself and by managing the 7-figures retirement account of my family.

After my¬†Master Degree in¬†Finance & Management,¬†I worked in the FinTech industry in Frankfurt (Germany) and managed financial products with value up to ‚ā¨100 Millions.

In 2021 I have founded Stoic Money to teach employees and professionals worldwide how to invest to reach $1,000,000 Net Worth and beyond. Many of them reviewed Stoic Money service with a video testimonial here.

Multiple Finance News Websites like Yahoo Finance and Euronews talked about Stoic Money mission and services.

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