JULIA: Picture a very nervous 17-year-old Julia.

My heart was pounding, my mouth was dry, and my hands were sweaty because I was about to walk into my boss's office and ask for my first pay rise.

Somehow, I managed to negotiate my rate from $7.25 an hour to $7.75.

10 years later when I found myself in a similar position, you'd think I might have felt a bit older and wiser going in-- but I didn't.

Negotiating your pay isn't something you get a lot of practice doing.

And it's not like they teach in high school or college.

And most people don't even like to talk about how much they make with anyone, even their boss.

A study in Australia found that only 48% of men and 32% of women thought their pay was even up for discussion.

But your income is the most powerful tool that you have to grow your financial stability.

So you owe it to yourself to exert some control over it.

[theme music] The first step in getting a pay raise is to decide to ask for one.

In a perfect world, your boss would notice all your hard work and say, hey, that employee is a real benefit to this company.

I should increase their salary.

And I'll give them a company car and a corner office while I'm at it.

But this just doesn't happen in the real world.

Your boss might even recognize your value, but he or she probably has their own budget to worry about.

So they're unlikely to increase their expense without you initiating the conversation.

However, before you do that, you've got to prepare your case.

How are you especially valuable to the company?

What achievements or successes have you had recently?

Have your responsibilities expanded beyond the original job description?

Any extra training or education relevant to your work?

It's best not to compare your pay to other employees.

That's not considered professional.

And don't include personal needs like "my rent went up" or "my dog got sick."

Employers will only care about your individual merit.

And remember that just doing your job is not a good enough argument.

After all, you already agreed to do that when you first took the position.

You have to show that you're more valuable now than you were when you were hired.

Although you're arming yourself with arguments, keep in mind that it's not a battle.

Replacing an established employee is very expensive and time consuming.

So if you're a good worker, your boss probably wants the same thing you do-- for you to be happy enough to stick around.

Unless you're an abusive jerk, in which case would getting a raise really make you happier?

Maybe you should be looking for a different job instead.

Have a specific number in mind.

Researchers at Columbia Business School found that workers were more likely to get a raise if they asked for a decisive amount, probably because they seemed more confident about their worth.

But you do have to be realistic.

Most pay raises are between mean 1% and 5%.

And you can use web sites like PayScale or Glassdoor to find out the market rate for your position in your area.

Timing is key.

If the company is in the middle of a big project and your boss is stressed out, you might want to wait for things to calm down before asking for a raise.

Plan your request soon after you've completed a big achievement or have shown that you can successfully handle more responsibilities.

And if you've recently taken a vacation or missed a deadline, you should probably allow some time to re-establish your reliability.

Asking at the right time will only make it easier for your boss to say yes.

Even if your employer thinks you deserve it, they just might not have the ability to increase your salary, which is why you should be ready with alternate options.

Salary only typically accounts for about 70% of an employee's total compensation, which leaves lots of room on the negotiating table for other benefits and perks.

And you can get creative.

There's gym membership reimbursement, professional development funding, commuting expense coverage, more flexible work hours.

Heck, maybe it's just a cubicle that's as far as possible from the obnoxiously loud coworker.

Come up with the top three things you would change about your job and see if they're amenable.

When you've got your presentation planned out, it's time to rehearse.

The thought of explaining why you deserve more money makes most people want to crawl under a rock.

But it's important that you appear confident in your self-assessment.

So have a friend or family member sit down with you and just get some stumble-throughs out of the way.

The mirror isn't going to cut it here.

You need to sit across from a human being who can ask you questions that your employer might bring up during your talk.

And don't ask for feedback from your rehearsal partner until you've gone through it at least a couple times.

And lastly, be prepared to hear "no."

Even if you walk out of your boss's office with nothing more than what you went in with, it's not a defeat.

You have successfully communicated your expectations about your career and shown your investment in the company long-term.

Trust me, your employer will remember these things the next time you're up for review or a promotion becomes available.

You'll also be giving yourself practice at asking for what you want, something that is difficult for a surprising number of people but essential to feeling like you have control over your life.

As my mother-in-law always says, if you don't ask the answer is always no.

So there's no harm in trying if you do it with preparation and professionalism.

And you won't have to wonder whether you could be making more than you are.

BOTH: And that's our two cents!

If you've successfully asked for a raise, share your story in the comments below.

We'd love to hear what worked for you.

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