February 28, 2008

Embracing Your Vice... Getting the Raise You Want and
Deserve... The Difference Between Cheap and Free... Show
Your Value to Keep the Money Rolling in... and More.

** Embracing Your Vice
By Adrian Newman, Founder of e-Wealth Daily

My wife is a pretty sensible person. But she has one vice that goes against her personality: celebrity gossip.

Because of that vice, last year, I bought my wife a one-year subscription to "People Magazine." I can't remember the exact price, but it was somewhere around $120.

It recently was about to expire, so I asked my wife if she wanted me to renew her subscription.

I was surprised when she said, "No thanks!" Her reason was even more surprising. Here's what she said:

"All year, I would go to the grocery store and see the newest 'People Magazine' on the rack at the checkout. I would want to buy it, but I realized that it'd be getting delivered through the subscription in a few days.

However, this was frustrating for me since the newest issue appears on the newsstand before it arrives in our mailbox. So, I would prefer to buy it at the grocery store instead of getting it delivered."

So, now, my wife is buying "People" for $4 a shot while waiting to pay for groceries instead of getting it at home for about $2.15 a copy, all because she wants her celebrity gossip (which is already old news by the time it hits the magazine) a couple of days early.

So basically, it's costing us an extra $100 a year to feed her "gossip addiction."

You see, when you want something... no, feel the NEED for something... so bad and so urgently, money is no object.

Like someone who only buys expensive bottles of wine yet doesn't know the difference between the cheap stuff and the pricey stuff. Or the lady who just has to buy the latest designer purse to add to her collection of 50. A vice laughs in the face of sensibility.

And these vices are, relatively speaking, okay. Sure, my wife is spending an extra $1.85 a week. Now, if it were an extra $18.50, we'd have a problem. If it's not going to destroy your back account, then a little loss of sensibility is pretty harmless.

Don't doubt the power of persuasion. Though you most likely won't be able to get a raise from your employer every other month, there is the idea to consider that if you don't ask for what you want, you may not get it.

It's never fun to be faced with the prospect of your employer rejecting you and possibly feeling that you're not worth as much as you think you are. But in that thought process lies the key to getting a raise: You need to know that you're valuable enough to deserve the raise you want.

Once you've determined that you are going to ask for a raise, you should make sure that the process runs as smoothly as possible for both you and your employer. Approach him/her professionally and simply ask for what you want; you want the opportunity to discuss your future with the company and you wish to know if they have an hour or so of time to set aside for a meeting.

The most important part of getting a raise is asking for one. After all, if you appear satisfied to your employer and you haven't said anything about a salary increase, then why would he/she think differently?

Negotiating a raise is like any other business deal, and it should be taken with the same level of preparation and seriousness. Take time before your meeting to determine what amount you want your salary increased to.

As this is a negotiation, you can leave yourself room to come down. The best way to do this is to calculate what you think is reasonable and then add 10% or so. This will give you a good window for negotiating.

Though your personal drive and desire will get you far in the process, it will certainly not guarantee you a raise. You should be prepared to go into this meeting and convince your employer that you deserve an increase in salary and be ready to explain why.

For various reasons, like management changes, promotions or just time, your employer may not have on record every accomplishment you have made over your tenure with the company.

Before the meeting, it's a good idea to make a record of your achievements. Think about tasks you have completed, times when you've gone above and beyond the call of duty, responsibilities you've taken on, etc. You don't have to be ashamed to tell your employer about the things that you have done to benefit the company.

Also make sure you express that you enjoy your work. After all you are there to discuss your future, so let your employer know that you want this raise because you see yourself with this company for a long time. Focus on your achievements, work habits, skills and abilities.

You want to go into this meeting with the thought that you are valuable to the company. The meeting should not be approached with an aggressive and pushy attitude, but rather with goodwill and confidence. There is a fine line between arrogance and confidence, so make sure you know where it is.

If you don't get what you want, don't let it get you down. See a rejection as a reason to catch your employer's attention by working harder. If you keep up the good work, you will be recognized for it. Don't be afraid to ask your employer what you have to do in the future to get a raise. As I said before, it never hurts to ask.

** The Difference Between Cheap and Free
By John Hurd, Chief Wealth Researcher

Recently, while shopping for new furniture, I've come face-to-face with a lot of different promotional offers.

Each offer that stores present is made in the hopes of making a sale by triggering a thought in my brain that will get me to take out my wallet and hand over my money.

Since furniture is expensive, many of these offers include elaborate ways to pay for the furniture over any number of months and sometimes even years.

However, if you have the cash on hand to make that purchase right away, there are other promotional offers to consider.

Free delivery is one offer. Another one that I've seen more often is the option to get a free television with your new living room set.

For me, the offer of free delivery really holds a lot of value. You see, I don't have a large van at my disposal and, living in the city, I don't know too many people who do.

So, for me, the cost of renting a van, convincing a few friends to help me haul a bulky and awkward couch up a flight of stairs and do this all without destroying the paint on my walls... well, you can see that free delivery is very valuable.

Now, on the other hand the promise of a free television is also nice, but there's a problem with it. If you have the large moving truck and a team of helpful movers, then free delivery isn't of much use to you. So going for the free television may be a lure.

Now, as we all know televisions can be very expensive. There are walls of them in the store. We also know that technology seems to be already outdated by the time we get the product home.

The question that comes into my mind is, "Why are these televisions being given way?" Is it because they are unable to sell these older models... or are they free because they are also cheap and more likely to break?

When it comes to deciding on the best deal, it is important to consider the value to you personally, because no two free items are worth the same amount.

Unemployment in the United States is rising and the economic conditions are worsening. Although you may feel helpless against the spiraling economic conditions facing our country, it's important to know there are things you can do to lessen the impact.

The best way to keep your head off the chopping block is to prove your value to your company by exceeding your employer's expectations. With unemployment rates on the rise, you'll want to take every step possible to ensure you don't help that number grow.

For starters, start showing your boss that your skills are needed and that you are one of their greatest assets. You can do this in a number of ways. Showing up early and staying late is one way to prove your worth. It shows you're working hard and are committed to the success of the company. It's important however, to be productive in this extra time.

It's one thing to lengthen your days by just hanging around the office, and quite another to be productive. After all, if your boss notices you're at the office more but your production is not increasing, they might think you're not capable of handling your job. Put those extra hours to work and increase your output. This will really showcase your value and make it much harder for your boss to hand you a pink slip when cuts need to be made.

In addition to putting in more productive days, try showcasing your versatility. If your boss is looking for some additional help on a project or needs some help in another area of the company, volunteer your time. This shows your boss that you are capable of performing tasks across departments and are a very valuable tool to the company. As with anything, the more skills you can bring to the table, the better.

Another way to show your value to the company is by making it obvious that you care about its success and well-being. This can be done finding ways to cut costs through phone plans or other services the company is paying for. It shows that you're not just showing up for a paycheck and that you care about the business.

In some cases, however, cutbacks may be inevitable. For instance, if you don't have seniority, it can work against you, even if you're a hard worker. In this case, it's good to keep your industry contacts close. If you don't have many, start making them. Start talking to colleagues at other firms and build relationships. This way, if you get fired, you may have an opportunity waiting for you elsewhere.

Just because more Americans are losing their jobs these days than they have in years, it doesn't mean you should worry. Try these tactics and make sure you continue to collect a check through these difficult times.