“Money, so they say
Is the root of all evil today
But if you ask for a rise it’s no surprise
That they’re giving none away”
Money Pink Floyd

Asking for a raise is never easy. But the fact is that you can get them to give that money away, if you approach the situation professionally and with facts and figures in hand.

First, assess your position honestly. If you have issues that might hamper your being granted a raise, work on improving them first. What might be key objections? Attendance? Some area of your job in which you don’t meet expectations? Do you lack certain skills? Work on improving any areas that you can identify as possible problems and then be prepared to show your boss proof of the improvement in your job performance.

Next, check the market. Find out what others in similar positions with similar education and skills are being paid. Look at your skills and their value to the company. Keep a list of your accomplishments over the past year. Show the boss areas in which you have excelled, and those in which others rely on your skills.

Decide what you want and what you are willing to accept before you go in. Be prepared to negotiate, and consider other benefits besides money. In some cases, a boss may not be able to offer you a raise but may be able to reward your hard work with some perks that are just as appealing.

Don’t threaten. Ultimatums can backfire. Don’t bring emotions into the discussion. Your approach should be businesslike. You are marketing your skills. Discuss any extra classes you are taking, any new tasks you have taken on at work and occasions when you have been singled out for praise on a project or a job well done.

Some tools to help you prepare:

Salary dot com

Economic Research Institute

If tomorrow you were out of a job, could you continue to pay for rent, utitlities, food and other necessary expenses until you secured another position?

The only problem with The Micawber Principle is that it doesn’t allow for savings. Sixpence is not much to save over a year’s time. The guideline is to have 3 months of expenses saved to tide you over in case of financial emergency, such as loss of a job. This 3-month figure is separate from your retirement savings.

The only way to save successfully is to have a surplus after you have paid all expenses. If you find you never have anything left over to save, then the next entry in this series is for you. It’s time to make a budget.

Does early retirement appeal to you? Are you counting on your Social Security benefits as all or part of your retirement income? Then understanding the effect that early retirement has on your benefits is essential.

Regardless of what year you were born, you can retire at age 62 and receive Social Security benefits. But your full retirement age is determined by your year of birth and taking retirement before your full retirement age will reduce your benefits for every month between 62 and full retirement.

For instance, if you were born in 1944, your normal, or full retirement age is 66. If you retire this year at 62, you will retire 48 months early. You would suffer a 25% reduction in your monthly benefit. If your monthly benefit would have been $1000 at age 66, it will be reduced to $750 due to collecting your benefits before your full retirement age. In planning for early retirement, these reductions need to be calculated and considered carefully.

To figure the reduction that would be applied to you, see the chart at the Retirement Planner at the Social Security Administration’s website.

RadioShack was there first. There was a time when Radio Shack was the first and foremost chain of retail electronic outlets. In 1977, Radio Shack became one of the first companies to offer a mass-produced personal home computer, the TRS-80.

So is it any wonder that, when RadioShack Corp decided to trim its workforce by 400 jobs, the unfortunate employees were notified by email? Selected employees were greeted Tuesday morning by the message: “The work force reduction notification is currently in progress. Unfortunately, your position is one that has been eliminated.”

Years ago, when an employee was fired he got the news when a “pink slip” arrived in his wage envelope along with his check. As companies increasingly use computer technology and the internet in their daily operations, can this be the wave of the future in termination notification?

RadioShack Uses E-Mail to Fire Employees