With all the talk of economic instability, it may seem untoward to be thinking about how to ask for a raise but if you have demonstrated the value you bring to your company, it very well may be feasible.  In fact, smart companies are more likely to want to keep their top talent satisfied in challenging times.

The May/June issue of Pink Magazine (cited here before) included 2007 survey results which indicated that 51% of women had asked for a raise, perk or promotion (down from 54% in 2006).  And it paid to ask - of those who did, 79% heard “yes”.

When you get ready to broach the subject, start by benchmarking what you should be paid.  Penelope Trunk (The Brazen Careerist) mentioned a few online sources she recommends in a recent post. This step is critical for women who get much better outcomes when they negotiate for themselves armed with good information. 

TAGS: Economy, income, income disparity, negotiating pay, Negotiation, negotiation skills, Penelope Trunk, recession, strategies for success, Women and Money, women's equality

All the bad economic news prompted me to write a column for MSN called “Is your money making you crazy?” I culled suggestions from therapists and financial planners about how to deal with the anxiety caused by volatile markets, a rapidly decelerating economy and plunging home prices.

Psychiatrist James Gottfurcht talked about the importance of snapping the physiological feedback loop that can make anxieties and tension worse. One of his suggestions: have a good laugh.

So along with taking a multivitamin, exercising daily and getting enough sleep (other ways to combat stress), I try to get in at least one good belly laugh a day. My secret weapon: podcasts of “Wait Wait Don’t Tell Me,” the NPR news quiz. At least once a show, someone pops off a one-liner that brings me to my knees (sometimes almost literally–I can’t count the times a “Wait Wait” wisecrack has nearly caused me to fall off the elliptical trainer at my gym).

Laughter may not technically be the best medicine, but it’s a great weapon to have in your arsenal as we get through these interesting times.

TAGS: coping skills, Economy, recession

When we lived in Laguna Beach, my husband met a man who had two pre-teen daughters. The dad talked about the girls’ latest adventure: learning to scuba dive. My husband wasn’t a parent yet but wondered aloud if the man worried about the risks involved. The father replied that of course he had concerns, but that he wanted his daughters to learn how to gauge and take calculated risks.

Risk is a key part of anything worthwhile. When we fall in love, we take a risk. When we ask for a promotion or start a business, we take a risk. When we invest, we take risks. A life lived without risk, or one lived in constant search of elusive security, is a life unlived.

These may feel like risky times, with the economy in trouble and housing prices in free fall. You may feel like yanking your money out of the market and stuffing it in your mattress. But in risk lies opportunity, and you can bet the seeds of future fortunes are being sown right now by people who have learned to take calculated risks.

TAGS: Economy, Investing, recession, Risk-taking

Consider this:

“Since 1975, practically all the gains in household income have gone to the top 20% of households.”

“Long-term problems [for the U.S. economy] include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits, and stagnation of family income in the lower economic groups.”

“Real median earnings of both men and women who worked full-time, year-round declined between 2005 and 2006 (1.1 percent and 1.2 percent, respectively). This is the third consecutive year that men and women experienced a decline in earnings.”

These quotes may sound like propaganda to some, but the sources are pretty sound. The first two statistics are quoted verbatim from the CIA World Factbook (yes, CIA as in Central Intelligence Agency). The third is from the U.S. Census Bureau’s latest “Income, Poverty and Health Insurance Coverage Report.” I added the italics.

I would add another statistic that is alluded to but not quite spelled out in that report: That median income, which was $48,201 in 2006, still hadn’t returned to its 1999 peak.

Plenty of people today are feeling the economic headwinds. It’s not their imagination, or necessarily their failure. More and more of the financial pie has been going to those at the top. Although pay disparity is of particular interest to women, income disparity should be of concern to everybody.

As individuals, we should do everything we can to succeed, including saving, investing and getting the best education we can for ourselves and our children. But we also should be mindful that wide income disparities are a destabilizing force in society. Real progress means gains for all groups, not just those already at the economic pinnacle.

TAGS: Economy, income, income disparity, income stagnation