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Double your salary today💵!
Are you ready to give your bank account a boost?
We’ve got some clever tips to help you negotiate a better salary and benefits package whether you’re starting a new job or asking for a raise.
It may be a difficult topic, but remember, you miss 100% of the shots you don’t take.
1. Know your worth 🏆
First things first – research, research, research. Look up industry standards, consider your experience, and check out websites like Glassdoor and Payscale for salary benchmarks in Malaysia. Remember, knowledge is power, and you can’t negotiate if you don’t know your value.
For instance, the median salary increment in Malaysia is expected to hit 5% in 2023. This gives you a solid starting point, but don’t be afraid to ask for more!
2. Timing is everything ⏰
Pick the right moment to discuss your salary. Performance reviews or after a successful project are perfect opportunities. Strike while the iron is hot.
Pro tip 💡: Steer clear of Mondays – nobody likes Mondays.
3. Showcase your value
Start by preparing a list of your accomplishments and reasons why you deserve a raise. Use specific examples and numbers to strengthen your case.
Did you help increase sales by 15% last quarter? Don’t be afraid to flex those muscles, let your employer know they’re getting the ultimate ROI when they invest in you.
4. Perks matter 🎁
Don’t forget about the perks! Think flexible work hours, additional annual leave, or professional development opportunities, or a company car can also add significant value to your overall package. If you know there is a budget limit on your pay increment, do ask for some perks to boost your overall compensation.
Finally, if your boss isn’t ready to commit to a salary increase, try asking for a review in six months. In the meantime, keep slaying at your job and making those power moves!
Follow these tips, and you’ll be well on your way to doubling your salary today. After all, who says money can’t buy happiness? It can definitely buy that dream vacation or a new wardrobe!
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Word of the Week: Return on Investment (ROI)
Definition: Return on Investment (ROI) is a financial metric used to evaluate the profitability or efficiency of an investment. It measures the return or gain generated relative to the cost or investment amount.
ROI is calculated by dividing the net profit or gain from an investment by the initial cost or investment amount, and expressing it as a percentage.
Formula for ROI:
ROI = (Net Profit / Cost of Investment) x 100
Example:
Let’s say you invest $10,000 in a stock and sell it after one year for $12,000. During
the holding period, you also received $500 in dividends.
To calculate the ROI, we need to determine the net profit. The net profit is the total
gain minus the initial investment.
Net Profit = Total Gain – Initial Investment
Net Profit = ($12,000 + $500) – $10,000
Net Profit = $12,500 – $10,000
Net Profit = $2,500
Now we can calculate the ROI using the formula:
ROI = ($2,500 / $10,000) x 100 = 25%
In this example, the ROI for the investment is 25%. It means that for every dollar invested, you gained 25 cents in profit.
Key Economic Dates:
- 14th June: PPI (May), Fed Interest Rate Decision
- 15th June: Retail Sales (May)
- 23rd June: Services PMI (Jun)
What I’ve been reading:
Here are the top stories that caught my eye:
- S&P 500 enters new bull market
- Abdul Rasheed Ghaffour appointed Malaysia central bank governor
- US will buy 3 million barrels of oil for emergency reserve
- Binance will stop trading US Dollar after SEC lawsuit
- General Motor will use Tesla’s charging network
You’re all caught up!
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And if you have any questions, don’t hesitate to reach out to me by replying to this email. We are also delighted to receive your feedback.
Cheers,
Ziet
