Posted by Maneesh Sethi :: December 17, 2007 @ 11:02 am

Are you interested in getting a bonus? Lobbying for a bonus can be one of the most difficult and scary things that you have to do in life---I know that I’ve always been scared to take the leap and ask my boss about a raise or a bonus. In many cases, however, it’s necessary.

When you know that you deserve a bonus for the excellent work that you’ve done, the best thing you can do is talk to your boss about it. Depending on how much you receive, a bonus---especially an unexpected bonus---can really add to your savings. If you are willing to put in all the money you get from a bonus into your Roth IRA, you can max out your contribution for the year, just with money you weren’t even planning on having. You can also use your bonus to invest in P2P loans on Lending Club and earn great rates of return on that money.

However, as you probably know, asking for a bonus is an incredibly difficult task. Asking for money is one thing that no one really ever teaches---how do you go about it? What are you supposed to say?

Fortunately, there is a great article from The Wall Street Journal on this very subject that offers great advice. For example, the first step is to know your goals. Do you know what your company expects from you? Ask them! Make sure you know what you are expected to do, because meeting unknown goals is almost impossible, but meeting specific goals is doable. By having specific goals, it’s a lot easier to meet them, and in doing so, earn your bonus.

The article also recommends that you check up on your progress with your company as time passes. At my last company, my boss and I met weekly to discuss my progress towards my goals. Doing this really helped focus me on what I needed to do, and it helped me earn my bonus.

Read the article and ask yourself, “What do I need to do to achieve the bonus I desire?” Often, all it takes is a little conversation and a little work to make your dreams come true.