Don't Waste Your Money: Avoid making salary mistakes

(Toledo News Now) - Hunting for a job or hoping for a raise at your existing one? Before you talk money, you need to do some homework to make sure you avoid mistakes people make when it comes to their paycheck.

With companies starting to hire again, at least a little bit, many people are starting to look for new work. Or it may be time to sit down with the boss for your annual review. In either case, you will want to know about the top salary negotiating mistakes that could cost you thousands every year.

Despite the latest weak economic news, consumers are shopping, auto dealers are selling cars, and home sales are better than they have been in three years. That could all mean job opportunities, but U.S. News and World reports said many of us are so thrilled to get a job that we make big mistakes in the process.

According to the report, the top salary mistakes include:

  • Not knowing the salary range for the particular job; do your homework first.
  • Relying on salary websites for information; instead, talk to people in your line of work.
  • Discussing salary in your cover letter or resume.
  • Accepting their initial pay offer; you'll be stuck with it forever.

From the doesn't that stink file, failing to ask about benefits in the job interview.

Like to visit Disney World during school break? You better make sure the new job allows that time off. Visit the doctor frequently? Find out what the company's health plan covers.

While a lot of families have struggled the past three or four years, prospective employers do not want to hear about it. U.S. News said a salary conversation needs to be about your value to the company, not the mortgage you are behind on, or how deep you are in debt.

That way you don't waste your money.

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