WEBVTT - Encore: How to ask for - and get - a pay rise 0:00:00.440 --> 0:00:03.139 Hello and welcome to It All Adds Up the podcast 0:00:03.140 --> 0:00:05.239 where we chat about money, how to get it, how 0:00:05.240 --> 0:00:07.880 to spend it, and how to invest it. I'm senior 0:00:07.880 --> 0:00:11.750 economics writer Jess Irvine, and you're listening to our summer series, 0:00:11.750 --> 0:00:14.660 where we're replaying some of our hottest hits to help 0:00:14.660 --> 0:00:18.709 you get in shipshape financial form for 2023. It all 0:00:18.710 --> 0:00:21.740 adds Up will resume normal programming in February with a 0:00:21.739 --> 0:00:24.920 brand new season full of money saving tips and insights. 0:00:25.130 --> 0:00:37.630 So until then, sit back, relax and enjoy. Hello and 0:00:37.630 --> 0:00:40.120 welcome to It All Adds Up the podcast where we 0:00:40.120 --> 0:00:42.580 chat about money, how to get it, how to spend 0:00:42.580 --> 0:00:45.729 it and how to invest it. I'm senior economics writer 0:00:45.729 --> 0:00:46.500 Jess Irvine. 0:00:46.510 --> 0:00:48.729 And I'm money editor Dom Powell. And today we're going 0:00:48.729 --> 0:00:49.630 to get you a pay rise. 0:00:49.659 --> 0:00:51.610 Well, we're going to try anyway. We're going to give 0:00:51.610 --> 0:00:54.160 you some strategies. But do stick around to the end 0:00:54.160 --> 0:00:55.990 of the episode as well, because we're going to be 0:00:55.990 --> 0:01:00.220 answering our first listener question about investing in property. And 0:01:00.220 --> 0:01:02.470 of course, I'll be sharing my budget tip of the week. 0:01:02.950 --> 0:01:05.530 So just you've written recently that there's never been a 0:01:05.530 --> 0:01:07.869 more important time to think about asking for a pay 0:01:07.870 --> 0:01:10.330 rise because we've got official data that shows that average 0:01:10.330 --> 0:01:14.890 wages are rising around 2.6%, but inflation is at 6.1%, 0:01:14.890 --> 0:01:16.930 which is a lot higher than 2.6%. 0:01:17.260 --> 0:01:20.110 That means that your real wage is going backwards. So 0:01:20.110 --> 0:01:22.089 if you don't know what that means, that's you know, 0:01:22.090 --> 0:01:24.880 when the price of things are going up faster than 0:01:24.880 --> 0:01:28.360 your wage, you can afford to buy less stuff from 0:01:28.360 --> 0:01:31.120 your money. So you either have to, you know, slash 0:01:31.120 --> 0:01:34.809 your spending or find ways to increase your income and 0:01:34.810 --> 0:01:36.610 get a pay rise. So that's what I thought would 0:01:36.610 --> 0:01:38.320 be really great to focus on today. 0:01:38.560 --> 0:01:40.929 Yeah, and it's also a great time to ask for 0:01:40.930 --> 0:01:43.360 a pay rise because the unemployment rate is at a 0:01:43.360 --> 0:01:46.600 half century low. So the workers have never had more 0:01:46.600 --> 0:01:50.710 power in pay negotiations because businesses just need that need 0:01:50.710 --> 0:01:53.170 the workers. So it's a great time to be asking 0:01:53.170 --> 0:01:54.010 for for more money. 0:01:54.070 --> 0:01:55.480 You can always ask you. 0:01:55.900 --> 0:01:57.840 And you can always ask what's what's the harm? 0:01:57.850 --> 0:02:00.580 Exactly. And I think we did just want to acknowledge, 0:02:00.580 --> 0:02:02.680 you know, we're going to talk about pay rises today. 0:02:02.980 --> 0:02:06.610 Not everyone can negotiate their salary because you're on the 0:02:06.610 --> 0:02:10.240 minimum wage or you're on award stipulated wages, you know, 0:02:10.240 --> 0:02:12.460 and then you are collectively bargaining or you're having your 0:02:12.460 --> 0:02:15.160 wages determined for you. But you can always be sort 0:02:15.160 --> 0:02:18.910 of pushing for greater progression to be moving up the scale. 0:02:19.570 --> 0:02:21.610 And I also just wanted to recognize that we've also 0:02:21.610 --> 0:02:24.220 probably got some people running small businesses. And then you're 0:02:24.220 --> 0:02:26.560 not talking about going to a boss, but you are 0:02:26.560 --> 0:02:30.130 talking about setting your prices and negotiating with clients essentially 0:02:30.130 --> 0:02:32.170 for the work that you're doing. So it's an important 0:02:32.169 --> 0:02:35.800 conversation for everyone, whether you're a salary earner or earning 0:02:35.800 --> 0:02:37.389 income in those different ways. 0:02:37.660 --> 0:02:40.030 Yeah, and I think maybe the best way to start 0:02:40.030 --> 0:02:43.779 is to talk about the ways that you shouldn't ask 0:02:43.780 --> 0:02:44.740 for a pay rise, because. 0:02:44.740 --> 0:02:46.240 I've done a few of them. 0:02:47.200 --> 0:02:49.450 Yeah, well, I think we've all we've all been there. 0:02:49.450 --> 0:02:51.790 And I think number one is to not ask, because 0:02:51.790 --> 0:02:53.140 as we said before, you can always. 0:02:53.139 --> 0:02:55.270 Ask, you can always ask. And some companies, you know, 0:02:55.270 --> 0:02:58.630 have really highly structured pay reviews every set periods of time. 0:02:58.630 --> 0:03:01.180 And in some companies the topic just never comes up 0:03:01.180 --> 0:03:05.560 unless you raise it. So asking is really important. And 0:03:05.560 --> 0:03:09.310 then my other thing is don't wait so long that 0:03:09.310 --> 0:03:12.350 you are you have this sort of building resentment inside you. 0:03:12.350 --> 0:03:14.530 You have left it for so long and that you 0:03:14.530 --> 0:03:16.810 sort of just sort of get in this mood where 0:03:16.810 --> 0:03:19.480 you're really feeling resentful to your boss and then you 0:03:19.480 --> 0:03:21.400 sort of launch ad on them that I need a 0:03:21.400 --> 0:03:24.610 pay rise. I'm, you know, overworked, underpaid, because that's not 0:03:24.610 --> 0:03:28.180 a great mindset to to be going into the negotiations with. 0:03:28.540 --> 0:03:30.850 Yeah. And I think you should always make sure you 0:03:30.850 --> 0:03:32.320 have a bit of a sense of your market value, 0:03:32.350 --> 0:03:34.419 know your worth. It's always a good thing to do 0:03:34.480 --> 0:03:37.900 in pay rises in life, in everything, in relationships. So 0:03:37.900 --> 0:03:40.450 we get into that and you never want to have 0:03:40.690 --> 0:03:42.490 no back up. If they come to you and they 0:03:42.490 --> 0:03:44.600 say no, do you pay? Right? So you order you 0:03:44.600 --> 0:03:47.560 want to have something in the tank for Eve, which 0:03:47.560 --> 0:03:49.900 is not a you know, which is a particularly not 0:03:49.900 --> 0:03:53.110 an unlikely situation where they might say no. So you 0:03:53.110 --> 0:03:55.900 want to have something else to offer. So what should 0:03:55.900 --> 0:03:57.670 people do when they're asking for a pay rise? 0:03:57.880 --> 0:04:00.610 Yes. So let's flip it around. So there's a few 0:04:00.610 --> 0:04:03.520 things don't do. And another one is just don't go 0:04:03.520 --> 0:04:06.340 in and start whingeing about lettuce and saying that lettuce 0:04:06.340 --> 0:04:08.530 is very expensive and I can't afford it because the 0:04:08.530 --> 0:04:10.870 cost of living is true for everyone. But it's not 0:04:10.870 --> 0:04:13.960 a great argument as to why you specifically deserve a 0:04:13.960 --> 0:04:16.599 pay rise because you are competing with colleagues, I guess 0:04:16.600 --> 0:04:19.240 to get that extra money in a way. So yeah, let's, 0:04:19.630 --> 0:04:22.240 let's put it in the in the positive and we've 0:04:22.240 --> 0:04:25.600 come up with about ten, ten points here, ten strategies 0:04:25.600 --> 0:04:29.530 which should help people broach what is I think, you know, 0:04:29.560 --> 0:04:32.620 a lot of people find it difficult. Even the idea 0:04:32.620 --> 0:04:35.560 of asking for a pay rise will make some people cringe. 0:04:35.560 --> 0:04:37.780 And they're just you just don't know how to go 0:04:37.779 --> 0:04:40.270 about it. So you mentioned there, Don, what are the 0:04:40.270 --> 0:04:43.120 most important steps before you even have to summons any 0:04:43.120 --> 0:04:46.120 courage to ask your boss, what should people be doing? 0:04:46.540 --> 0:04:50.620 Well, they should be looking around and working out what 0:04:50.620 --> 0:04:52.960 the general sort of market value for the job that 0:04:52.960 --> 0:04:55.540 you're that you have, what job that you want if 0:04:55.540 --> 0:04:59.230 you're asking for a promotion is so total recruiters look 0:04:59.230 --> 0:05:01.660 on job websites like very often you can go on 0:05:01.660 --> 0:05:04.210 to seek and there will be, you know, a job 0:05:04.210 --> 0:05:05.830 that might be similar to yours and will have a 0:05:05.830 --> 0:05:07.710 salary range. And if you look at that job and 0:05:07.720 --> 0:05:10.570 you look, oh, my salary isn't like that, that gives 0:05:10.570 --> 0:05:12.520 you a bit of an indication of of maybe what 0:05:12.520 --> 0:05:15.040 you should be asking for, what you could be asking for. 0:05:15.550 --> 0:05:18.909 And you can also ask colleagues what they're paid. That's fine. 0:05:18.910 --> 0:05:22.110 You can do that sort of subtly. You know, it's, it's, 0:05:22.130 --> 0:05:24.130 it's alright to get a bit of a sense from 0:05:24.130 --> 0:05:25.900 people you work with or maybe other people in the 0:05:25.900 --> 0:05:28.210 industry that you might not work with to see what 0:05:28.210 --> 0:05:29.859 they're being paid to, to make sure that you're sort 0:05:29.860 --> 0:05:31.089 of on the, on the same page. 0:05:31.570 --> 0:05:34.089 I have done, that I'm the annoying friend. I ask 0:05:34.100 --> 0:05:37.140 all my friend. NS exactly how much they're being paid. 0:05:37.140 --> 0:05:39.330 So I know what all my good friends are being paid, 0:05:39.330 --> 0:05:42.510 which is awkward enough. But then I have also been 0:05:42.510 --> 0:05:45.090 sneaky and asked colleagues and you have to be careful 0:05:45.089 --> 0:05:48.300 because some companies do have pay secrecy clauses where you 0:05:48.330 --> 0:05:51.810 can't divulge what your salary is. So you have to 0:05:51.810 --> 0:05:53.670 be a little bit careful, but you can sort of 0:05:53.670 --> 0:05:56.700 just broach it in terms of a Oh, I'm curious 0:05:56.700 --> 0:05:58.960 to know if you would be interested in, you know, 0:05:59.550 --> 0:06:03.510 swapping information about a bit of a trade page, which 0:06:03.510 --> 0:06:06.060 might be awkward, but maybe you'll discover something or maybe 0:06:06.060 --> 0:06:09.690 I will. And we both get information. So and as 0:06:09.690 --> 0:06:14.099 a woman, I always say, don't forget to to ask 0:06:14.100 --> 0:06:17.010 your male colleagues what they're being paid. And I've actually 0:06:17.010 --> 0:06:20.250 found male colleagues are quite forthcoming and wanting to help, 0:06:20.250 --> 0:06:22.140 you know, because we do know there is that gender 0:06:22.140 --> 0:06:24.870 pay gap. So, yeah, just a little bit of sneaky 0:06:24.870 --> 0:06:26.580 research internally. 0:06:26.580 --> 0:06:28.530 I see nothing wrong with a bit of sneaky internal research, 0:06:28.529 --> 0:06:28.950 is that right? 0:06:29.640 --> 0:06:33.900 I'm all for it. But then once you've done your research, 0:06:34.560 --> 0:06:37.260 this is a mistake that I have made before into 0:06:37.270 --> 0:06:39.930 sort of lobbying, a pay rise, discussion on to a 0:06:39.930 --> 0:06:44.700 manager unprepared, you know, and managers are people too, and 0:06:44.700 --> 0:06:46.950 they need a bit of time to sort of be 0:06:46.950 --> 0:06:50.010 in the mindset to be thinking about your pay and 0:06:50.010 --> 0:06:53.280 not sort of doing rosters and other things. So I 0:06:53.430 --> 0:06:56.850 think if you are thinking of asking popping the big question, 0:06:57.210 --> 0:07:00.120 put it in an email or a message and get 0:07:00.120 --> 0:07:03.870 an actual time in the calendar, Schedule some time with 0:07:03.870 --> 0:07:06.600 your manager to sit down and make it really apparent 0:07:06.600 --> 0:07:08.940 from the get go that you want to discuss your 0:07:08.940 --> 0:07:13.140 pay and performance. So it's not a surprise when you 0:07:13.170 --> 0:07:15.750 do start talking about it. I think that's really important 0:07:15.750 --> 0:07:18.270 to help your boss be prepared for the conversation as well. 0:07:18.900 --> 0:07:21.300 And then once you've got that time in your calendar 0:07:21.330 --> 0:07:23.700 or you know, you've got a sort of a something 0:07:23.700 --> 0:07:26.730 lined up, it's great to sort of sit down and 0:07:26.730 --> 0:07:29.550 prepare a one page summary. Don't want to go too 0:07:29.550 --> 0:07:31.200 over the top. You know, you don't need to do 0:07:31.200 --> 0:07:35.370 a full resumé. They've already employed you. But summary of 0:07:35.370 --> 0:07:38.340 your sort of achievements, your current pay and the way 0:07:38.340 --> 0:07:41.070 that you might be sort of, you know, achieving over 0:07:41.070 --> 0:07:43.410 your current position. You know, that could be something like 0:07:43.410 --> 0:07:46.530 customer satisfaction ratings if you're in sort of that sort 0:07:46.530 --> 0:07:49.590 of job or your sales numbers, if you're in a 0:07:49.590 --> 0:07:51.989 sales job or anything that's anything you can sort of 0:07:51.990 --> 0:07:54.780 draw on to sort of really help make your point. 0:07:54.780 --> 0:07:57.000 So you can come at it from a sort of a, 0:07:57.030 --> 0:07:59.940 you know, cost of living and inflation and pay rise 0:07:59.940 --> 0:08:01.350 sort of angle, but then also sort of back it 0:08:01.350 --> 0:08:03.300 up with a bit of with a bit of solid data. 0:08:03.300 --> 0:08:07.230 So I think definitely worth making sure you have made 0:08:07.230 --> 0:08:09.420 a bit of a plan when you come into these 0:08:09.420 --> 0:08:10.080 sort of meetings. 0:08:10.500 --> 0:08:12.870 Yeah. And particularly if you are feeling a bit nervous 0:08:12.870 --> 0:08:15.630 about it, I think that's really helpful to literally have 0:08:15.630 --> 0:08:17.820 it in front of you. So you've got some key cards. 0:08:17.820 --> 0:08:18.270 Why not. 0:08:18.420 --> 0:08:20.130 Make some cue cards, PowerPoint. 0:08:20.130 --> 0:08:20.820 Presentation? 0:08:22.240 --> 0:08:24.180 But then I think that is pay rise. 0:08:24.180 --> 0:08:26.010 Worthy Yeah, I mean, that would be impressed. If I 0:08:26.010 --> 0:08:27.570 was a manager, I'd give someone a pay rise if 0:08:27.570 --> 0:08:30.180 they had a full on PowerPoint presentation. All the animations. Yep, 0:08:30.180 --> 0:08:30.510 that's it. 0:08:30.840 --> 0:08:34.830 More interactive graphics as to why I'm awesome. Yeah, but 0:08:34.830 --> 0:08:36.809 also if you do sort of stumble in the meeting 0:08:36.809 --> 0:08:39.480 or you get flustered and you don't manage to make 0:08:39.480 --> 0:08:41.490 all the points, you can also just send that to 0:08:41.490 --> 0:08:44.010 your boss afterwards. And I've just following up here, here 0:08:44.010 --> 0:08:46.050 is some more points that I didn't get around to mentioning. 0:08:46.050 --> 0:08:49.439 So I think that's a great idea. So moving into 0:08:49.440 --> 0:08:53.760 the sort of brass tacks of negotiation, one thing to 0:08:53.760 --> 0:08:58.229 just mention, everything is negotiable. So even when you're looking 0:08:58.230 --> 0:09:00.230 at the job ads and it says, you know, but 0:09:00.270 --> 0:09:02.340 usually it's a range, but if it says, you know, 0:09:02.340 --> 0:09:06.679 the salary is $70,000, nobody pays the ticket price or, 0:09:06.700 --> 0:09:10.200 you know, no, nobody. But lots of people do, unfortunately. 0:09:10.320 --> 0:09:13.380 And what we do see is, unfortunately, women tend to 0:09:13.380 --> 0:09:16.800 be more reticent in even asking for, you know, an 0:09:16.800 --> 0:09:19.260 increase on the starting salary. And I was looking at 0:09:19.260 --> 0:09:22.800 some gender pay gap statistics. And even for people under 0:09:22.800 --> 0:09:26.280 age 20 with no kids or any any other childcare 0:09:26.280 --> 0:09:31.140 responsibilities in there, women are still earning 3.7% less than men. 0:09:31.150 --> 0:09:34.860 And part of that is due to just not asking 0:09:34.860 --> 0:09:37.170 the question, not saying, you know, just taking the face 0:09:37.170 --> 0:09:39.750 value of being so grateful for the salary, but you know, 0:09:39.750 --> 0:09:40.620 ask for more. 0:09:41.280 --> 0:09:44.610 In the same vein, never make the first offer. Make 0:09:44.610 --> 0:09:46.950 sure that the employer is the one that's coming to 0:09:46.950 --> 0:09:49.410 you with with the offer of of a pay rise. 0:09:49.410 --> 0:09:51.510 And sort of they're suggesting what it is because that 0:09:51.510 --> 0:09:53.550 gives you more bargaining power. Like I've got a friend 0:09:53.550 --> 0:09:56.550 who's done a number of job interviews recently, and the 0:09:56.550 --> 0:09:59.099 employer would always ask him, what would you think the 0:09:59.100 --> 0:10:01.020 salary for this role would be? And he would go, Well, 0:10:01.020 --> 0:10:03.150 what's the salary on offer? And I would make sure 0:10:03.150 --> 0:10:04.829 that he was never the first one to put a 0:10:04.830 --> 0:10:05.670 number on the table. 0:10:05.850 --> 0:10:08.190 Exactly. Because you don't want to be just from the 0:10:08.190 --> 0:10:11.670 get go starting too low. And particularly if you're someone 0:10:11.670 --> 0:10:14.490 who is going to undervalue your skills, wait to see 0:10:14.490 --> 0:10:17.010 because they may offer you more than you would ever 0:10:17.010 --> 0:10:20.070 dream to ask for. So I think that's a good one. 0:10:20.820 --> 0:10:23.760 And so the next tip is if they do make 0:10:23.760 --> 0:10:26.890 an offer to you, never accept the first offer. So 0:10:26.910 --> 0:10:29.880 whatever it is, even if it's wildly above, you know, 0:10:29.880 --> 0:10:31.830 what you were thinking, you know, you've wanted a pay 0:10:31.830 --> 0:10:34.170 rise and they suddenly come back and say, yes, here's. 0:10:34.820 --> 0:10:40.309 $5,000 extra a year. Never accept that. Just go. Oh. Oh, 0:10:40.309 --> 0:10:43.640 Thank you. Thank you for that proposal. I'd like a 0:10:43.640 --> 0:10:46.190 little bit of time to think about that. If possible, 0:10:46.190 --> 0:10:49.430 you can do some delaying and then always come back 0:10:49.610 --> 0:10:52.400 and ask for more so you can say, I really 0:10:52.400 --> 0:10:55.160 appreciate you coming to the table with that. I think 0:10:55.580 --> 0:10:57.650 that I'm worth a little bit more. I think I'm 0:10:57.650 --> 0:11:01.250 worth $10,000 more a year and see how they go, 0:11:01.250 --> 0:11:04.940 because what they offer you is rarely the final of 0:11:04.940 --> 0:11:06.979 what they can truly pay you. 0:11:06.980 --> 0:11:09.079 And I mean, you know, in this it is power 0:11:09.080 --> 0:11:10.580 to the workers here. So we're just going to keep 0:11:10.580 --> 0:11:13.160 on table and hitting it with these with these with 0:11:13.160 --> 0:11:16.849 these strong sort of communist vibes here. But, you know, 0:11:16.850 --> 0:11:19.880 ask for double what you want. Like, you know, think 0:11:19.880 --> 0:11:21.830 about how much of a of a pay rise you 0:11:21.830 --> 0:11:25.340 want and then ask for twice that. And like I 0:11:25.340 --> 0:11:28.880 know that might sound like ridiculous and outlandish and whatever 0:11:28.880 --> 0:11:31.100 but again all you can do is ask and then 0:11:31.100 --> 0:11:33.290 if they come back to you and say, well, look, 0:11:33.290 --> 0:11:35.750 we can only offer you half of this, and then you. Right. 0:11:35.750 --> 0:11:37.460 What you started exactly getting what you want. 0:11:37.460 --> 0:11:40.400 So they go, Yeah, happy days. And don't forget that 0:11:40.400 --> 0:11:42.559 your boss is probably paid a lot more than you. 0:11:42.590 --> 0:11:44.449 Almost always, I think is the idea. 0:11:44.570 --> 0:11:49.130 Well, that's the whole point, you know. So use your 0:11:49.610 --> 0:11:52.190 view for what might be an audacious sum to ask 0:11:52.190 --> 0:11:54.199 for is still going to be smaller than what you 0:11:54.200 --> 0:11:56.240 know your boss is on. They're still going to think that, 0:11:56.450 --> 0:11:58.880 you know, it's not going to seem audacious to them 0:11:59.059 --> 0:12:01.100 unless you really are just walking in and saying, I 0:12:01.100 --> 0:12:04.699 want $200,000 for my retail worker position. 0:12:04.730 --> 0:12:06.530 Yeah, I mean, there are some caveats here. 0:12:06.530 --> 0:12:08.570 Yeah, but we're trying to get you to try. You 0:12:08.580 --> 0:12:10.730 got to have a have a crack. Yeah. 0:12:11.090 --> 0:12:13.069 Have a go to get a guy. Is someone famous. 0:12:13.070 --> 0:12:13.510 One said. 0:12:14.240 --> 0:12:14.630 Who said. 0:12:14.630 --> 0:12:17.000 That. I think some politician anyway. 0:12:17.270 --> 0:12:20.660 So I mean overall I think the mindset that you 0:12:20.660 --> 0:12:23.990 take into this is important and people sort of have 0:12:23.990 --> 0:12:26.720 a sense of oh, it's my boss is going to 0:12:26.720 --> 0:12:29.780 be annoyed with me, I'm going to be an inconvenience, 0:12:30.200 --> 0:12:33.440 but actually try to flip that. And, you know, having 0:12:33.440 --> 0:12:36.739 pay negotiations is a crucial part of the job of 0:12:36.740 --> 0:12:41.630 being a manager of people. And by by initiating the conversation, 0:12:41.630 --> 0:12:45.140 you know, they're expecting it. Bosses expect people to ask 0:12:45.140 --> 0:12:48.080 for pay rises. And if you are really a good 0:12:48.080 --> 0:12:52.220 performing employee, it's better for your work output, it's better 0:12:52.220 --> 0:12:54.199 for your boss that you do talk about it and 0:12:54.200 --> 0:12:56.780 you don't have that resentment that builds over time because 0:12:56.780 --> 0:13:00.290 you haven't asked for what you think you're worth. So 0:13:00.470 --> 0:13:02.569 just trying to have a mindset of, you know, this 0:13:02.570 --> 0:13:05.420 is a good conversation for everyone to have and not 0:13:05.420 --> 0:13:06.020 to put off. 0:13:06.530 --> 0:13:09.829 Yeah, and you can always come in with things that 0:13:09.830 --> 0:13:12.920 are not necessarily strictly pay rise related like a lot 0:13:12.920 --> 0:13:18.170 of jobs, offer perks, you know, personal development funds, some 0:13:18.380 --> 0:13:20.300 jobs give you free gym memberships and all that sort 0:13:20.300 --> 0:13:22.760 of stuff. Like there's a lot of things that, you know, 0:13:22.760 --> 0:13:25.610 if you don't necessarily or if you can't necessarily get 0:13:25.610 --> 0:13:29.450 a full monetary pay rise, you could ask for more 0:13:29.450 --> 0:13:33.110 annual leave or more flexible hours or more training or 0:13:33.110 --> 0:13:35.329 something like that. And then you can use those things 0:13:35.330 --> 0:13:38.450 to then maybe build your case for a pay rise, 0:13:38.450 --> 0:13:39.829 you know, in 12 months time. 0:13:40.070 --> 0:13:42.709 Yeah, and that's a really important thing to think about. 0:13:42.710 --> 0:13:45.500 If the boss does actually say no, you have to 0:13:45.500 --> 0:13:48.260 prepare some strategies for if they do say no and 0:13:48.260 --> 0:13:52.490 asking for, you know, those alternative things can be one 0:13:52.490 --> 0:13:54.890 of one of the strategies you do, you know, you ask, 0:13:54.950 --> 0:13:58.100 you know, they say no, but could I have this 0:13:58.100 --> 0:14:01.850 and that instead? Another good thing, I think if if 0:14:01.850 --> 0:14:05.120 the boss says, no, don't just let it slide until 0:14:05.120 --> 0:14:07.790 the next year. A great way to say follow up 0:14:07.790 --> 0:14:09.530 on that is like, well, can we talk about it 0:14:09.530 --> 0:14:12.650 in another three months, six months? And then could you 0:14:12.650 --> 0:14:15.200 give me some idea of what I would need to 0:14:15.200 --> 0:14:17.720 do in that time period to sort of have this 0:14:17.720 --> 0:14:19.940 conversation again and for you to feel that I've really 0:14:19.940 --> 0:14:23.120 demonstrated that I'm working at capacity and that I'm doing 0:14:23.120 --> 0:14:24.920 good things, you know, So come up with a bit 0:14:24.920 --> 0:14:27.590 of a a short term plan if they do say no. 0:14:28.640 --> 0:14:31.550 And then if all else fails, get up and leave. 0:14:31.850 --> 0:14:32.390 You can do it. 0:14:32.600 --> 0:14:34.310 Walk out the door, speak up the door. 0:14:34.730 --> 0:14:37.370 Stuff in a box, get your plan, put it in 0:14:37.370 --> 0:14:39.230 a nice box and walk out the door. You can 0:14:39.230 --> 0:14:41.990 do it. The job market is hot. It's so hot. 0:14:42.260 --> 0:14:44.900 You can you could you could find another job, depending 0:14:44.900 --> 0:14:47.780 obviously on your job, but you could probably find another 0:14:47.780 --> 0:14:50.600 job pretty easily. So don't be afraid to walk out. 0:14:50.720 --> 0:14:53.930 Yeah. I mean, have a plan, you should say, you know. 0:14:54.770 --> 0:14:55.910 Just go. Just leave. 0:14:56.090 --> 0:14:56.960 Just, you know. 0:14:57.320 --> 0:14:57.770 Okay. 0:14:58.790 --> 0:15:01.700 David, do you seriously have a plan? You know, if 0:15:01.700 --> 0:15:03.740 you've done your research, you know, maybe you've talked to 0:15:03.740 --> 0:15:07.430 the competitor organizations, maybe you've got an offer from an 0:15:07.430 --> 0:15:10.520 alternative competitor, or you just know that, you know, the 0:15:10.520 --> 0:15:13.700 employer down the street is paying more. Yeah, leave. I mean, 0:15:13.700 --> 0:15:16.490 it's it's it's just not the usual thing anymore that 0:15:16.490 --> 0:15:19.310 you would stick with one company for your whole career. 0:15:19.580 --> 0:15:22.010 And the surveys do show that people who do switch 0:15:22.010 --> 0:15:26.180 jobs more often to alternative employers, they do get paid more, 0:15:26.210 --> 0:15:29.180 you know, as their careers progress. It's a great point 0:15:29.180 --> 0:15:32.330 to negotiate your salary again and really go to where 0:15:32.330 --> 0:15:33.980 your skills are valued. 0:15:34.190 --> 0:15:36.640 Yeah. And that's the number one thing. You want to 0:15:36.640 --> 0:15:38.470 be valued. You want to be paid what you're worth. 0:15:38.470 --> 0:15:40.660 And that's why we're here trying to tell you and 0:15:40.660 --> 0:15:42.720 help you that you should be paid what you're worth. 0:15:42.730 --> 0:15:45.760 So go out there, ask for a pay raise and 0:15:45.760 --> 0:15:47.920 see how you go. Because as we've said a few times, 0:15:48.430 --> 0:15:49.490 all you can do is ask. 0:15:49.510 --> 0:15:50.320 You should ask. 0:15:50.620 --> 0:15:53.710 And you should. And you should. Now onto Allison, a 0:15:53.710 --> 0:15:56.890 question for the week. Our question this week is from Michelle, 0:15:56.890 --> 0:15:59.140 who's sent in her question, and we really appreciate it. 0:15:59.140 --> 0:16:01.360 So please send in all your questions. We would love 0:16:01.360 --> 0:16:04.720 to hear them or read them. Michelle asks, How do 0:16:04.720 --> 0:16:07.119 you get into the property investment market when prices are 0:16:07.120 --> 0:16:10.390 still quite high? Should I wait until interest rates go 0:16:10.390 --> 0:16:13.000 higher and prices fall? Jess, what do you think? 0:16:13.540 --> 0:16:17.710 Yeah, so this is trying to time the market, I think. 0:16:17.710 --> 0:16:20.680 And that is something that lots of people would tell 0:16:20.680 --> 0:16:23.350 you is very hard to do, trying to pick pick 0:16:23.350 --> 0:16:26.080 the bottom. I mean, I think and I have written that, 0:16:26.080 --> 0:16:28.840 you know, I may be interested in getting an investment 0:16:28.840 --> 0:16:33.070 property one day. The thing about that is that as 0:16:33.070 --> 0:16:37.030 interest rates are going up, we've got prices coming down. 0:16:37.330 --> 0:16:40.030 It's always a double edged sword. So that's might be 0:16:40.030 --> 0:16:42.820 great because prices might get cheaper. That is happening because 0:16:42.820 --> 0:16:45.070 interest rates are going up. And when interest rates go up, 0:16:45.070 --> 0:16:49.150 you can actually borrow less. So there's always swings and roundabouts. 0:16:49.210 --> 0:16:52.750 My view is that if you have considered what your 0:16:52.750 --> 0:16:56.560 alternative strategies are, whether you you know, if property investment 0:16:56.560 --> 0:16:59.470 is going to fit into your goals and objectives, if 0:16:59.470 --> 0:17:02.920 you've considered alternatives, if you've got, you know, your emergency 0:17:02.920 --> 0:17:06.010 fund of 3 to 6 months sitting there, you do 0:17:06.010 --> 0:17:08.470 know that you have some spare cash flow to invest. 0:17:09.190 --> 0:17:11.710 Then just try not to sort of get too absorbed 0:17:11.710 --> 0:17:14.730 in the noise of of property prices going up or down. 0:17:14.740 --> 0:17:17.500 You know, what's really going to determine whether property pays 0:17:17.500 --> 0:17:20.920 off as an investment for you is whether you borrow responsibly, 0:17:21.040 --> 0:17:23.680 whether you buy a property, you know, that is, you know, 0:17:23.680 --> 0:17:27.810 reasonably priced with good, you know, long term capital growth prospects, 0:17:27.820 --> 0:17:30.580 you know. And that's a really individual question as to 0:17:30.580 --> 0:17:33.730 which markets you're looking at buying into. So just doing 0:17:33.730 --> 0:17:36.669 all your research, getting a handle on your budget and 0:17:36.670 --> 0:17:38.890 realizing if you have the cash flow, if you do 0:17:38.890 --> 0:17:41.890 have it, and if you're a long term investor, you're 0:17:41.940 --> 0:17:45.040 planning to hold the property for decades, you know, it's 0:17:45.040 --> 0:17:47.920 all going to come out in the wash. So my 0:17:47.920 --> 0:17:49.540 tip is don't try to time the market. 0:17:49.780 --> 0:17:52.179 Yeah. And if you look at property prices in Australia, 0:17:52.180 --> 0:17:52.930 they tend to go up. 0:17:53.020 --> 0:17:55.750 Over time, but they can over time they can dip. 0:17:56.230 --> 0:17:59.260 So it's I think timing the market is is difficult 0:18:00.040 --> 0:18:00.370 to say. 0:18:00.369 --> 0:18:02.440 But be in it for the long, long term investment. 0:18:02.440 --> 0:18:05.110 Here. Yeah. Just around us off. What's your budget tip 0:18:05.109 --> 0:18:05.740 for the week Geoff. 0:18:05.970 --> 0:18:08.590 Yes. So petrol prices have been bobbing around a lot 0:18:08.590 --> 0:18:11.920 but if anyone is not using petrol price apps, you're 0:18:11.920 --> 0:18:16.240 making me cry. That's really bad. There are price comparison 0:18:16.240 --> 0:18:19.800 apps in every state, and when I fill up, you know, 0:18:19.810 --> 0:18:23.679 it can be the difference of 40 or $0.60 per 0:18:23.680 --> 0:18:26.830 litre for a station that is just across the road. 0:18:26.859 --> 0:18:28.959 So just like letting the people know if you're in 0:18:28.960 --> 0:18:32.560 New South Wales, your app is fuel check, download it now. 0:18:32.770 --> 0:18:37.300 If you're in Victoria, the RACV has a site as well. 0:18:37.570 --> 0:18:40.300 And for everyone else and including those states as well, 0:18:40.300 --> 0:18:45.490 this national sites like GasBuddy, petrol, spy and motor mouth. 0:18:45.490 --> 0:18:47.889 And I should also mention the 7-Eleven app, if you 0:18:47.890 --> 0:18:50.379 want to download that, it has a price lock feature, 0:18:50.590 --> 0:18:52.359 which means if you know that prices are about to 0:18:52.359 --> 0:18:55.030 take off, you can duck into a 7-Eleven or you 0:18:55.030 --> 0:18:57.190 just have to like drive past it and it scans 0:18:57.190 --> 0:18:59.980 for a 7-Eleven in your area and you can lock 0:18:59.980 --> 0:19:02.770 in a low price that you can then redeem over 0:19:03.010 --> 0:19:04.720 a seven day period. And then you do need to 0:19:04.720 --> 0:19:07.120 just check that the 7-Eleven price is still the cheaper. 0:19:07.359 --> 0:19:10.780 So you go back to your original price check app, 0:19:10.869 --> 0:19:12.040 but get on it. 0:19:12.460 --> 0:19:14.640 I love I use petrol spy all the time, you know. 0:19:14.859 --> 0:19:17.440 I do, yeah. Yeah. Big fan. And there's this little 0:19:17.710 --> 0:19:19.750 petrol station just around the corner from me, which is 0:19:19.750 --> 0:19:22.870 like independent and has like three pumps and it is 0:19:22.869 --> 0:19:25.090 the cheapest fuel. This is my secret for anyone who 0:19:25.090 --> 0:19:27.430 lives in the like Melbourne's north. There's a little, little 0:19:27.430 --> 0:19:30.490 petrol station in Ascot Vale. Cheapest fuel around this much. 0:19:30.700 --> 0:19:32.590 That's my guarantee. That's my budget. Tip of the week. 0:19:33.040 --> 0:19:36.400 All right, well, that's it. And don't forget, ask your 0:19:36.400 --> 0:19:38.650 boss for a pay rise. Let us know how it goes, then. 0:19:38.650 --> 0:19:41.530 US an email. Did it work? Are you now filthy rich? 0:19:41.800 --> 0:19:44.770 If so, give me some. And we'll see you next week. 0:19:47.220 --> 0:19:49.230 This episode of It All Adds Up was produced by 0:19:49.230 --> 0:19:52.620 Cheech Chong. The information discussed is general in nature and 0:19:52.619 --> 0:19:55.740 does not take into account your personal financial situation, goals 0:19:55.740 --> 0:19:58.590 or objectives. You should always do your own research or 0:19:58.590 --> 0:20:02.610 get professional advice before making any major financial decision. If 0:20:02.609 --> 0:20:05.070 you like today's episode, it follow a new podcast app. 0:20:05.100 --> 0:20:07.260 Leave a review and recommend it to all your friends. 0:20:07.530 --> 0:20:10.110 You can also submit your listener questions in text or 0:20:10.109 --> 0:20:13.880 audio form at. It all adds up at 9:00 today. 0:20:14.730 --> 0:20:15.480 Thanks for listening.