How To Talk About Money

Starting a conversation about money can be a delicate matter, but it’s essential for your financial well-being and career growth. Here are some tips on how to initiate a conversation about money effectively. This skill can help on your career path or landing that new job.

  1. Choose the Right Time and Place:
    • Pick a moment when both you and your manager can focus without interruptions.
    • Avoid bringing up the topic in a stressful or busy environment.
  2. Prepare and Research:
  3. Be Positive and Professional:
    • Begin the conversation on a positive note, expressing your commitment to the organization.
    • Use professional language and maintain a respectful tone.
  4. Express Gratitude:
    • Acknowledge the opportunities you’ve had and express gratitude for the support you’ve received.
    • Make it clear that your intention is to continue contributing positively to the organization.
  5. Use “I” Statements:
    • Frame your points using “I” statements to convey your experiences and perspectives.
    • This can help to avoid sounding accusatory or confrontational.
  6. Link Salary to Performance:
    • Connect the discussion of money to your performance and achievements.
    • Highlight specific examples of how your work has positively impacted the company.
  7. Provide Evidence:
    • Present any market research, industry benchmarks, or data supporting your salary expectations.
    • Share positive feedback you’ve received from colleagues or clients.
  8. Request Feedback:
    • Ask for feedback on your performance and how you can continue to improve.
    • Demonstrate your commitment to growth and development.
  9. Be Open to Discussion:
    • Approach the conversation as a discussion rather than a demand.
    • Be open to negotiating and finding a mutually beneficial solution.
  10. Consider Non-Monetary Aspects:
    • If a salary increase is challenging, be open to discussing non-monetary benefits.
    • Explore options like additional vacation days, flexible work arrangements, or professional development opportunities.
  11. Follow Up in Writing:
    • After the conversation, send a follow-up email summarizing key points discussed.
    • This provides a written record and helps ensure clarity.

Remember, initiating a conversation about money can be a positive step towards aligning your compensation with your contributions. Approach it with professionalism, preparation, and a focus on building a collaborative relationship with your employer. There some some other great tips on how to unlock your earning potential.