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What are some effective strategies to overcome the fear of asking for more money?

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Many people struggle with the fear of asking for more money, whether it's in a job offer, a promotion, or a raise. This fear can hold you back from achieving your career and financial goals, and make you feel undervalued and insecure. However, you can overcome this fear by applying some effective strategies that will help you prepare, communicate, and negotiate with confidence and professionalism. Here are some tips to help you ask for more money without fear.

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Aaron Thweatt, CHPC

Executive Coach | SpaceX Alum | Investor

1 Know your worth

The first step to overcome your fear of asking for more money is to know your worth. This means researching the market rate for your role, industry, and location, and evaluating your skills, experience, and achievements. You can use online tools, salary surveys, industry reports, and networking to gather this information. Knowing your worth will help you set a realistic and fair salary range, and justify your request with facts and evidence.

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Aaron Thweatt, CHPC

Executive Coach | SpaceX Alum | Investor
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If you can’t advocate on your own behalf, how can you advocate on behalf of the company in your role? The irony is this is actually true. Many people take a job without negotiating and then come in and do a really good job. But imagine how much further you would go if you employed your full voice, used your full agency, and develop the skill set to manage the conversation for yourself first? You would have no fear about addressing what is needed once you’re in the role and that could lead to increased sales, promotions, and just overall well-being in your career.

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2 Practice your pitch

The second step to overcome your fear of asking for more money is to practice your pitch. This means rehearsing your salary negotiation script, anticipating possible objections and responses, and refining your tone, body language, and delivery. You can practice with a friend, a mentor, or a coach, and ask for feedback and suggestions. Practicing your pitch will help you boost your confidence, clarity, and persuasiveness.

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3 Choose the right time

The third step to overcome your fear of asking for more money is to choose the right time. This means finding a suitable opportunity to initiate the conversation, and avoiding inappropriate or inconvenient moments. For example, you can ask for more money when you have a performance review, a new project, or a positive feedback. You should also consider the timing of your employer, such as their budget cycle, their priorities, and their mood. Choosing the right time will help you increase your chances of success, and show respect and professionalism.

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Aaron Thweatt, CHPC

Executive Coach | SpaceX Alum | Investor
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Timing is crucial. If you ask for a raise during your annual performance review meeting, it’s potentially too late. The budget has been set and performance has been calibrated amongst peers across the organization. The real masterstroke is to meet with your manager regularly throughout the year and understand what the priorities are in your organization, and your team, and how you were performing against those. That way you have time to course correct before the performance review. And ideally about 5 months before your actual performance review, you communicate to your manager that you’re very interested in getting the highest performance ratings so that you have the best opportunity for an outsized increase in your compensation.

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4 Focus on value

The fourth step to overcome your fear of asking for more money is to focus on value. This means emphasizing how you contribute to the organization's goals, challenges, and needs, and how you can add more value in the future. You should also highlight your unique selling points, such as your skills, achievements, and potential. Focusing on value will help you demonstrate your worth, and create a win-win situation.

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5 Be flexible and respectful

The fifth step to overcome your fear of asking for more money is to be flexible and respectful. This means being open to negotiation, compromise, and alternatives, and avoiding ultimatums, demands, or threats. You should also respect your employer's perspective, constraints, and interests, and acknowledge their offer and feedback. Being flexible and respectful will help you maintain a positive relationship, and find a mutually beneficial solution.

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6 Celebrate and follow up

The sixth step to overcome your fear of asking for more money is to celebrate and follow up. This means expressing your gratitude, appreciation, and excitement, and celebrating your achievement. You should also follow up with a written confirmation, a thank you note, or a reminder of the next steps. Celebrating and following up will help you seal the deal, and reinforce your commitment and professionalism.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are some effective strategies to overcome the fear of asking for more money?

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3

4

5

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1 Know your worth

2 Practice your pitch

3 Choose the right time

4 Focus on value

5 Be flexible and respectful

6 Celebrate and follow up

7 Here’s what else to consider

Salary Negotiations

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What are some effective strategies to overcome the fear of asking for more money?

1

2

3

4

5

6

7

1 Know your worth

2 Practice your pitch

3 Choose the right time

4 Focus on value

5 Be flexible and respectful

6 Celebrate and follow up

7 Here’s what else to consider

Salary Negotiations

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