Tip 4: Decide the lowest number you’ll accept
Before you enter the salary negotiation, decide what your lowest acceptable salary is. An easy way to find this number is to sum your total yearly expenses like rent, car payments, groceries, loans, etc.
You’ll want to be accumulating wealth over time, so multiply this number by 1.5 (keep one-third of your income) or 2 (keep half your income). This amount will be the lowest salary you can accept and still progress financially.
You should also consider your next best alternative before going to negotiations. The stronger your backup plan is, the stronger your position and the more ambitious you can be with your lowest salary.
If a company offers you a number that is lower than your minimum, don’t outright tell them the number you want them to reach.
Instead, pause, and say “that is not quite what I was expecting. I’d be willing to accept [stretchGoal]. How can we get closer to that number?”
If you’ve already asked for more and they’re sticking to their original figure, it might be time to walk away. Let them know that you’ll need some time to think about it, and they may find a way to raise it.
Never give a yes or no answer during the meeting.Wait until the last few days to respond with your answer. The period between will lean a bit of pressure on the interviewer and they may reach out with additional benefits.
If not, refuse the offer. It’s important to know the value of your work and when to avoid jobs that won’t improve your financial situation.
