On the one hand, Scripture says: "Money is the root of all evil." On the other, Scripture states that "Money answereth all things," which is commonly interpreted as "Money makes the world go around." We may never know which one of these statements rings true for most people, but one thing is certain: Money is necessary to live.
We pursue degrees and careers we think will allow us to provide for ourselves and our families. Some people make the correct choice. Others select careers or jobs that don't generate enough income to cover basic expenses and necessities. This leads some of us to "rob Peter to pay Paul," or live paycheck to paycheck. In today's economy, especially with inflation, many in the Black community have multiple jobs. Working multiple shifts or jobs leaves many Black children to take care of themselves at home while their parents work. This also greatly impacts the family unit and relationships within it. Earning more money might increase the potential for more meaningful connections, less stress and the ability to see generational wealth as not just a dream but a reality. One of the most basic steps to wealth is earning what you deserve. If you aren't working for yourself, you don't have the power to unilaterally "raise your rates." So that means you have to ask your employer for a raise, which can be an intimidating process. Following are a few things to consider when asking for a raise, as well as some steps that can be taken. How has your performance been on the job? Good attendance and job performance, great quarterly or annual reviews will definitely help support your case for a raise. Are you open to promotion? If you're able to express interest in furthering your career with the company, your employer may view you as an asset that could pay off for years to come. Know how much you need Do not go into the conversation blindly. Know how much or the percentage you need to help your financial situation. Calculate your actual expenses (rent/mortgage, utilities, groceries, car payment and insurance, child care if applicable, money for savings, self-care, an emergency fund and at least a cushion so that you aren't living paycheck to paycheck. Take your hourly wage and multiply it by the number of hours worked per week then multiply that by 52. This will give you your yearly salary or gross income. Doing this with your desired rate and subtracting it from your initial total calculation of expenses let's you know if you're making enough or not. Regardless of the outcome, I encourage you to ask for the compensation you deserve and need to take care of yourself and your family.
First published in Black Mental Health Today, Winter 2023 (Vol. 6).