Are You Making This $1 Million Mistake?

Are You Making This $1 Million Mistake?

There are lots of ways to make $1 million.

You could win the lottery. You could tap into your entrepreneurial spirit and launch—then sell—a killer startup.

Or you could just be a little more confident at work.

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If that last route to riches sounds too simple, get this: A survey by Salary.com found that workers who negotiate even small salary bumps every three years earn an extra $1 million over the course of their careers than those who don't.

With that in mind, you’d think employees would be banging down their boss’s doors, demanding meetings to discuss compensation. Yet other research, by PayScale.com, finds less than half—43%—of workers have ever petitioned for a raise in their current field.

So who are the folks brave enough to request more cash?

According to the PayScale data, there are a few key factors that determine how likely you are to ask for—and score—a raise. First up? How much you make in the first place.

Just 31% of those earning between $10,000 and $20,000 have asked for a raise—and just 25% of that group received what they wanted. On the other hand, more than half of those earning at least $150,000 have requested a pay bump, and 70% of workers were granted the full amount.

Interestingly, the survey also found that your college major has a considerable impact on your chances of petitioning for a raise, too.

English majors were found to be most likely to ask for and receive a salary increase—possibly because they end up working in business and other professional fields where requesting a raise is relatively common. Meanwhile, those who studied law enforcement and other protective services are least likely to make the case for higher pay.

Regardless of your college major or your current salary, you can up your chances of receiving a raise by following a few key guidelines, like timing your request right and tailoring it to your manager’s personality.

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