What Issues Should I Consider If I Get a Promotion or Raise at Work?

When you receive a promotion or a raise at work, this change can come with a number of changes that might impact your financial situation. 

In this checklist we focus on reviewing the potential financial impact of a raise or a promotion, including:

Cash Flow and Income

  • Will your cash flow change due to the raise or any additional compensation that comes with the promotion?
  • Will this change impact your ability to save for retirement and other goals? If so, work to increase savings in areas like your retirement plan, HSA and others. 

Employee benefits

  • In the case of a promotion, does the new job come with added benefits you need to consider?
  • These additional benefits might include stock-based compensation or deferred compensation.

Retirement Plans and Deferred Compensation  

  • In the case of a promotion will you now have added benefits, such as stock-based compensation, deferred compensation, and/or an equity position in your company? If so, there are a number of planning issues to consider. 
  • Will your higher income affect your ability to make contributions to a Roth IRA or deduct contributions to a traditional IRA?
  • Be sure you are fully funding your employer-sponsored retirement plan.
  • If you will receive non-qualified stock options or restricted stock options as part of your promotion, there are a number of planning items to work through.

Tax and Insurance Planning

  • Your higher compensation may present some additional tax planning issues. At the very least, you will want to ensure that your withholding is adjusted to ensure you don?t have a hefty tax payment due.
  • Your new income might merit increases in life insurance coverage and /or disability insurance coverage. 

This is a comprehensive checklist of the types of issues you should talk with your advisor about when you receive a raise or a promotion at work. This change can have a great financial impact, and your planning can help make the most of this career advancement. 

Click Here: What Issues Should I Consider if I Get a Promotion or Raise at Work?

Investment Advisory Services are offered through Crafted Finance, LLC, a registered investment adviser. Please remember that securities cannot be purchased, sold or traded via e-mail or voice message system. This advertisement and any documents, files or previous advertisements may contain information that is confidential or legally privileged.  If you are not the intended recipient, you are hereby notified that you must not read this transmission and that any disclosure, copying, printing, distribution, or any action or omission of this transmission is strictly prohibited.  If you have received this advertisement in error, please immediately notify the sender by telephone at (650) 336-0598 or return and delete the original advertisements and its attachments without reading or saving in any manner.

Share This Blog Post:

Kristin Harad

Marketing Coach

Step right up and meet Kristin Harad, the Marketing Coach wizard! Guiding businesses through the intricate maze of marketing, Kristin combines her smarts, pizzazz, and a hefty portfolio of wins to show she’s the real deal. Ever wonder what makes a brand pop and a strategy rock? Kristin’s your answer, lighting up the marketing world and turning potential into prowess.

Boasting three decades in the marketing arena, Kristin’s more than just a seasoned pro – she’s a beacon. Whether she’s spotting the next big trend or identifying a golden opportunity, she’s always got her finger on the pulse. And the cherry on top? Her rock-solid commitment to catapulting her clients right to the top of the business game. Dive into the marketing world with Kristin, and watch magic happen!

Jon Fogg

Content Creator

Jon Fogg is a dynamic and innovative content creator who has been making waves in the digital realm. With a passion for creativity and a flair for storytelling, Jon has captivated the financial world through his engaging and diverse content.

When he’s is not working on an SEO blog or case study, you’ll find him enjoying local art galleries or a phenomenal read. Friends and colleagues often commend him for his clear enthusiasm and dedication, which is evident in every project he undertakes. 

Kingston Hollman MBA

Compliance

Meet Kingston Hollman, the compliance guru everyone’s been talking about. With a sharp mind for regulatory ins and outs, Kingston is all about keeping businesses on the straight and narrow. That’s why he’s a go-to in the compliance world!

Sporting an MBA under his belt, Kingston’s not just about book smarts. He knows the fine dance between business strategy and staying in line with the rules. And guess what? He’s mastered it. Ensuring companies sail smoothly through the often-stormy waters of compliance is his game.

From the get-go, Kingston’s been crafting top-tier compliance programs, tailored just right for all sorts of industries. It’s his eye for detail and that knack for spotting the little things that make him stand out. He doesn’t just set up a system; he fosters a whole vibe of staying compliant, making sure everyone’s on board.

Jessica Martineau

Client Operations Manager

Jessica is a seasoned professional with a diverse background, bringing a decade of expertise across multiple industries. A proud graduate of SPU, her journey in the professional world is marked by significant accomplishments.

With nearly eight years dedicated to managing projects in the graphics and built environment sectors, Jessica has honed her skills as a meticulous Project Manager. This tenure has instilled in her a knack for thriving within organized structures while fostering robust client relationships, a hallmark of her professional ethos.

Her experience in the Finance industry spans almost a decade, where she has held pivotal roles as Lead Client Operations Manager and Director of Operations. Notably, her FINRA SIE Certification stands as a testament to her commitment to excellence.

Jessica’s strengths lie in cultivating enduring client connections, fueled by her passion for delivering thorough solutions. She finds joy in understanding and engaging with her colleagues, nurturing a cohesive work culture.

As a Pacific Northwest native, Jessica enjoys hiking, camping, and skiing. She loves reading, attending live music, plays, and comedy shows. Always a foodie, she delights in discovering new restaurants and revisiting old favorites, especially if there is a water view.

Most importantly, Jessica’s world revolves around her family—her amazing husband, Lee, and their two great kids. They are her inspiration and the anchor to her life outside of work.

Dionne Kelly

Executive Assistant

Let’s dive into the world of Dionne Kelly! Born in St. Kitts and with her roots deep in Barbados, Dionne’s been globe-trotting from her island homes to Canada, the USA, and Belize. Got a love for tropical spots? So does Dionne. Her passport’s got stamps that tell tales of sun, sea, and a bunch of awesome adventures.

Now, when it comes to her profession, Dionne’s the real deal. Over 20 years in the game as an Executive Assistant, she’s been the secret ingredient for bigwig C-suite execs. Think of a challenge, and Dionne’s likely tackled it head-on with her unbeatable organizational skills and eagle eye for detail. 

Oh, and did we mention she’s a foodie? Dionne’s taste buds have danced across diverse culinary landscapes, adding a sprinkle of global flavor to her persona. In the world of executive support, she’s a powerhouse, always two steps ahead and ready to make things happen. 

Joe Wride CFP®

Founder & CEO

Meet Joe Wride, the president and founder of Crafted Finance. With a knack for pension and investment management, insurance, and financial planning, Joe’s all about offering top-notch services without breaking the bank. That’s why he started Crafted Finance!

A proud Finance major from Washington State University, Joe’s got the credentials to back it up as a Chartered Life Underwriter and CERTIFIED FINANCIAL PLANNER™ Professional. Since 2009, he’s been helping individuals, families, and pension plans make sense of their finances. Joe’s even on the board of the Financial Planning Association’s Puget Sound chapter. Check out his LinkedIn profile here.

Joe gets that everyone’s got their own money story. That’s why he’s crafted a unique process to help folks of all stripes manage their finances, whether they’re flying solo, raising a family, or running a company. He’s all about learning and growing to make sure his guidance is just the right fit for his clients.

When he’s not crunching numbers, you’ll find Joe enjoying the Seattle life. He’s into skateboarding at Alki beach, biking, golfing, snowboarding, hiking, and camping. Sports fan? You bet! Joe’s a die-hard supporter of the Cougars, Mariners, Seahawks, and Sonics. But what really matters to him is family time with his wife Jessica, daughter Ocean, and dog Kanga. Joe’s excited to welcome more kiddos into their home through foster care and adoption in the future.

Download for Free

Property Is Power.

Let us know which email address to send this Free eBook to down below:

Please enable JavaScript in your browser to complete this form.
Name
This best describes my experiance in real estate investing:

Get Your Financial Fix!

Subscribe So You Don’t Miss Our Latest Planning Tips.

Search Site