Money Management: HOW TO ASK FOR A RAISE

Perfect Pitch:

How to Ask for a Raise (and get one!)

Whether it’s due in part to getting through the pandemic or Great Resignation, or simply a matter of timing, many Americans this year will breach their supervisor’s offices in order to request a raise.

The great news is that even though only 37 percent of all workers request a raise, 70 percent of those who do ask will receive one, according to a survey by Payscale. The odds are good.

So, if you’re one of the 37 percent, set yourself up for success. Here are a few tips on how to perfect your pitch.

Get Feedback

Best done throughout the year, getting solid feedback from your peers and direct leadership can often give you the positive step up you need for an ask later on — whether that’s to prove that you’re doing well, or to take constructive criticism and get better.

Note Your Wins

After you have feedback, make a short list of your wins. Were there big projects you helped bring to life? Did you help solve a significant problem, or can you point to your impact on the company’s bottom line? The more you can do that — and offer proof of your wins and their significance to the company — the better chance you have to get the numbers where you want them to be.

Do Your Research

Before you go in, know what a reasonable wage to ask for is for your position. With websites like Payscale and Glassdoor, you can research similar job descriptions and determine what a reasonable range may be. Remember, however, to keep your searches local — big cities tend to pay more simply to cover a cost of living, and those wages aren’t typically accounted for in smaller markets.

Practice your Pitch

Let’s get real: asking for a raise might make you anxious! While you don’t want to sound like a recording, practicing beforehand helps remove the anxiety and emotion from the situation, and make you comfortable in actually asking the questions necessary.

After the ask, a decision will no doubt be made. And whatever it is — ”no,” “not now” or “yes” — you’ll want to have considered your next steps prior to even asking. If you get a “no”, take a minute to ask the hard question: what would make it a yes down the road? Once you have some firm objectives in front of you, you can make a decision as to whether or not the job is still a good fit, and how you can tackle your new challenge.

On the other hand, if you get the big “yes,” congratulations, but you’re not done yet! Before you wrap the conversation up and plan your new budget, make sure you are clear as to whether or not the increase comes with any strings attached — be that new responsibilities or job requirements. This will help manage everyone’s expectations and make asking for your next raise in the future an even easier task.

ONLINE INVESTMENTS:

How to Grow Your Financial Funds with Robo-Advisors

The investment industry has come a long way since the 20th century. Today, with a renewed focus on retirement, entrepreneurship, cryptocurrencies and wealth-building, robo-advisors—a type of software-based investment manager that manages investment portfolios through computer algorithms—have become the go-to for those just getting started in the investment process, or for those who are diversifying their options.

While many will worry about the safety of these automated investments, the roboadvisement market is a rather safe way to build an investment portfolio. Not only do most require a two-step verification process, but robo-advisors are typically backed by what is called a “custodian bank,” or the entity which actually retains your investment.

However, with all the security protecting their users, it is important to understand that investing, in and of itself, is still a risk-based environment, and it is still possible to lose money with a bad investment. So, users need to be conscious of this as they make investment decisions. Generally speaking, however, robo-advisor portfolios utilize a more passive investment approach, rather than a high-risk one.

While there are many options for robo-investing out there (payment portal CashApp even allows stock buys!), not all robo-investors are built the same, so you’ll want to do your research to ensure the safety of the company, and the options it provides. Here are a few high-rated options.

1. SO-FI AUTOMATED INVESTING

With a platform that promises “all-in-one investing”, SoFi allows for stocks, ETFs (exchange-traded funds), cryptocurrency purchases and IPO investments.

2. BETTERMENT

Focused primarily in the ETF space, Betterment’s main draw is ease of use, with a simple survey and account set-up within minutes.

3. VANGUARD

With a high regard for their investors, Vanguard is one of the top picks across ratings from NerdWallet and others. Their focus on portfolio performance, as well as a personalized approach to investors, makes them stand out from the crowd.

4. WEALTHFRONT

While Wealthfront offers services similar to all the others on this list, they also offer curated portfolios for special consideration. As an example, one such portfolio, their Socially Responsible Investing, focuses on investment in diversity, equity and sustainability efforts across the world.

5. ELLEVEST

Laser-focused on getting more women into the investment game, Ellevest prides themselves on building wealth for their female members. They also offer live coaching and retirement and investment education as part of their membership.

6. ACORNS

Offering a point of entry that would work for anyone, Acorns uses change to make big investments. As each purchase is rounded up, the remaining “change” goes into a pot ready for investment. Acorns also offers banking, retirement plans and advice as part of their membership.

Regardless of what your own investment strategy looks like, we at Spero can help you make plans for the future. Call us or come in to one of our convenient branches, and we’ll help you identify your goals and best options now, and in the future.

PO Box 10708 Greenville, SC 29603

www.spero.financial