You want to supercharge your Freedom Generator by increasing your Cash Flow. So you summon the courage to ask for a raise . . . and you’re completely shut down. Maybe your boss doesn’t think it’s time for a pay bump. Or maybe there’s just no money for one in the company budget. But don’t give up on your goal to make more money just yet!
With a MindShift and the right approach, you may still be able to get some awesome extras from your manager. And those perks can translate into real cash value for you.
Ask For More Personal Days
How many paid sick or vacation days does your job currently offer? Don’t think your number is set in stone. Instead, negotiate an increase with your manager. Shoot for a 10% – 20% bump in the number of days you can bail on the office. Use your newfound time off to work a profitable side hustle
How it translates to cash: There are two ways you can increase your hourly pay rate at the office. One, of course, is to augment your annual salary. But the other is to decrease the number of hours you work for the same rate. By getting more personal days, you automatically give yourself a raise!
Increase Your Work Flexibility
Maybe your boss can’t up your salary, but they may be in a position to offer you some sweet incentives in the form of flexible working arrangements. Before you pitch your idea, read up on your company’s policies so you know what a reasonable ask is as an employee.
How it translates to cash: The value of your job isn’t just in the amount of money that you bring home. For you, a great job may mean the ability to work non-traditional hours to accommodate your family’s needs. Or it may be that working from home a day or two each week will save you hours of commuting—something for which you definitely can’t get paid!
What About Tuition Reimbursement?
Many businesses encourage their employees to pursue advanced degrees that relate to the job. And to do that, those companies actually pay part or all of your pricey university tuition when you keep up your grades.
How it translates to cash: As with professional development classes, a degree is something you can take with you anywhere. Additional education may be just what you need to get that promotion or land your dream job. And the right major may even allow you to transition into a different, but related, area of work without footing the bill.
Request Professional Training & Conference Fees
In many companies, the budget for professional development is entirely separate from the compensation budget. In other words, there may be no cash available for a raise, but there could be plenty for company-sponsored training. Look into job certifications, off-site meetings and multi-day conference events.
How it translates to cash: Professional training isn’t cheap, so you’re definitely getting a monetary value when your company foots the bill. Moreover, by participating, you make yourself more valuable. And that puts you in a better position to ask for additional compensation down the line or find a great-paying job elsewhere.
Don’t Forget Workplace Freebies!
While many have disappeared since the Great Recession, most larger businesses still offer some special, paid perks for employees. Or there may be exclusive, no-cost perks that are only available to a select few. Talk with your manager to see whether you can get complimentary access to some of your office’s benefits. Look into free gym passes, lunch vouchers, country club memberships, invitations to swanky events and more.
How it translates to cash: Obviously, when you get to enjoy something you normally buy at no cost, you save money! Think what it would mean to get gym time at zero cost. Or not have to shell out for your cafeteria lunch every day.
If you think making more money just means begging for a raise, you’ll feel discouraged if you’re turned down. But, with a little creativity and a MindShift, you can negotiate your way to extra cash, bonus time and even some sweet perks.
Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.