I came across this interesting article by Perri Capell that gives ten ways to fatten your paycheck. According to the article, getting a raise may not be as hard as one might think it is.
1. Listening to boss: It would help you to understand what would the boss wants from you and also give you the opportunity to tell him what you have done so that he remembers your contributions.
2. Betting on yourself: Set a target bonus for yourself and make sure that you achieve it.
3. Seeking professional financial advice: This will enable you to keep your taxes to a minimum and pay more to the exchequer more than you ought to.
4. Learning about special commissions or awards: If you don't know achieving a particular goal or completing a particular task would earn you some extra bucks, chances are you would lose out on that money. So educate yourself on what will get you what. Most special bonuses are overlooked, so don't be in the dark.
5. Changing tax holdings: You must make sure that your company deduct only what you will owe the government, else it would be like 'loaning to the country'.
6. Mopping up the free money: Putting money in your retirement account reduces the pay; and the tax-free account will pay off if you participate in your company's 401(k) plans. In addition, discount stock-purchase plans of your company translate into free money!
7. Paying off as much as you can with the 'earned' free money: This is simple, paying off as much as you can with the free money as stated above and you will find that your dear money is saved that you would have otherwise spent. It is basically stretching your dollar.
8. Asking for a pay re-evaluation: Check if there is a demand in the market for people with your skill-sets. Chances are that you might not be bothered. So, if you ask for a re-evaluation and there is indeed a demand for people with your skills, your employer might just give you a raise for retaining you.
9. Turning down benefits that costs the company: For example if you turn down the benefits that costs the company like medical benefits because your family pays for it and you don't really need it, you will increase your paycheck because size of the payments usually varies depending on whether your health insurance was for a single person, couple or family.
10. Remembering taking the small freebies: A lot of employers don't know what the company will pay for and what it won't. So, it pays a lot to collect the freebies like small reimbursements etc.
So next time you sigh over your paycheck, think of the above advices. It may go a long way to make you a happy employee.
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