Our Money

Monday, January 14, 2008

Wife gets a promotion at work

A couple of weeks ago we were excited to learn that the wife would be getting a rather big promotion at her work and a sizeable raise in pay to match.

She was initially approached to fill a recently vacated position and was offered a 10% raise which would have increased her annual salary from $53,000 to $58,300. She smartly asked for some time to consider the offer.

That night we discussed the proposal together and decided we should try to counter the offer since it appeared we had the leverage to do so and, as mentioned earlier, the wife had been toying with the idea of leaving her current employer anyway, so we had little to lose if they rejected her proposal. It was decided she’d try to negotiate a larger raise along with some additional incentives.

The next day she explained to her company that she was very appreciative of the offer, but a 10% increase in salary would not be enough for her to take the position. Again, she was very smart as to not give her hand on what the exact figure was ($60,000). Her company was very understanding and asked for some time to make a decision. Later that day the hiring manager proposed a salary of $64,000 and the fulfillment of all of her requested incentives. She gladly accepted.

With the increase our salary income now totals $144,400 which should put us back on the aggressive path of our long-term plan for 2008.

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