How to Ask for a Raise

Hi mamas-

Let’s talk money and POWER. Money conversations can feel uncomfortable, as women. We’ve been told we’re not good with it (false), we’ve been actively legislated against when it comes to money (true) and we don’t ask for raises nearly as much as our male counterparts (also, true).

But you know what? Talking about it is necessary. Whether you’re asking for a raise, trying to get to the bottom of salary transparency, or teaching your teen how to budget their first paycheck, financial confidence starts with knowing your worth.

This week, we’re digging into some tools and tips that can help women (and their kids) take charge of their money story.

Enjoy!

 This week in The CARRY™ ALL, we’re talking about:

• 🤑 How to Ask for a Raise

• 🔎 All About Salary Transparency

• 💵 Women + Money

THE BIG 1️⃣ 2️⃣ 3️⃣

1️⃣ 🤑 How to Ask for a Raise

Sound familiar? You’ve been working in your current position for a while. You’re exceeding expectations, you’re a team player, and you know the company inside and out. But you haven’t had more than a standard annual salary increase to match inflation since you started. You haven’t asked for a raise because you’re afraid of what your manager might say, or you don’t know how to go about it. In reality, men are FOUR times more likely to ask for a raise than women. And when they do? They typically ask for 30% more than women would. And men have no problem asking for something even when they don’t feel fully qualified (this is a not a knock on men, btw), however, we won’t ask for it unless we check every…single…box.

If we want to be properly compensated for our hard work, sometimes we just need to ask for it. Not sure how? Check out this incredible resource from CARRY™ Media: a 5-Step Guide to Prepping to Ask for a Raise. Get ready to earn what you’re worth.

2️⃣  🔎 All About Salary Transparency

We know the deal: you’ve found a job opportunity on LinkedIn but there isn’t a salary included in the job description. Or you’re ready to finally ask for a raise or change jobs within your company, but don’t know the range for the position. Rather than undercut yourself and ask for a lower amount “just to be safe,” you should first be aware of the salary transparency laws in your state. Many states require employers to disclose salary ranges for open positions, and they also prohibit retaliation against employees who discuss their pay with colleagues. Check out this resource to see where you stand, and then go request a range that is fair!

3️⃣ 💵 Women + Money

Even though women account for about 80% of consumer spending in the U.S., only about 48% of them feel confident about their finances. How does this tie into asking for a raise? There’s a history of systemic bias against women in this country when it comes to money:

• Before 1963, wage discrimination based on sex for the same work was permitted

• Before 1974, women were required to have a male co-signer for credit cards and loans

• Before 1988, women couldn’t obtain business loans without a male co-signer

And if we want to continue being treated equally and taken seriously, we need to step into our power when it comes to finances. Check out this great episode of The Paula Faris Show with guest (and shark 🦈) Barbara Corcoran, talking all about women, money, and why we’re insecure handling it.

📰 IN THE NEWS

The work from home gender gap is wider than ever as women continue to resist return-to-office

➡️ Our founder Paula Faris was quoted in this Fortune Magazine article about the increasing number of RTO mandates we’re seeing, and how they’re affecting women disproportionately. Are you facing RTO mandates? Let us know in the comments! 👇🏻

BEEN THERE, DONE THAT 🤎

for working moms with older children

• If your kid’s got a phone, a part-time job, or an Amazon wish list a mile long, it might be time to talk financial goals with them. Despite the fact that many of us were raised in the dark about money and how our parents managed it, it’s NEVER too early to discuss finances with your kids. 

  This quick read from U.S. News breaks down four key habits teens should build:

  • Setting priorities

  • Earning their own money

  • Learning to budget (saving, giving, spending)

  • Choosing smart financial tools

  This can help with teachable moments, like when they earn their first paycheck or splurge on something they regret…