How to Ask for a Pay Rise: Salary Negotiation Tips with Nicole Michler
Building financial independence often starts with earning more, and learning how to negotiate your salary.
In this episode of The Wallet, Emilie Bellet speaks with Nicole Michler, founder of Phase 20, a career strategy and negotiation platform that helps women navigate competitive corporate environments.
Nicole shares how she went from earning around £27,000 a year to building financial independence, and explains how salary negotiation, career strategy, and mindset shifts can help women ask for a pay rise and grow their income over time.
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Why career strategy matters more than working harder
Nicole explains that many ambitious professionals are taught that the way to progress is simple: work harder, prove yourself, and wait to be recognised.
In reality, this approach often keeps people stuck.
Instead of focusing purely on effort, Nicole argues that careers benefit from **intentional strategy**. That includes understanding how organisations reward performance, positioning your work visibly, and actively managing conversations about promotion and compensation.
Without this strategic lens, many people deliver strong results but remain underpaid or overlooked.
The beliefs that quietly limit income
A major theme in the conversation is the need to “uncondition” limiting beliefs around money and career progression.
Nicole describes how many people grow up with messages such as:
good work will automatically be rewarded
asking for more money is uncomfortable or risky
promotions should be offered rather than requested
negotiation may damage relationships at work
These beliefs often go unquestioned for years. But once challenged, they can open the door to very different outcomes.
Unlearning these assumptions was one of the most important steps in Nicole’s own financial journey.
Why a £5k pay rise matters more than it seems
One of Nicole’s most striking points is that a £5,000 increase in salary is rarely just £5,000.
Salary increases compound over time. A higher base salary affects:
future pay rises
bonus structures
pension contributions
negotiation starting points for future roles
Over the course of a career, small increases negotiated early can translate into hundreds of thousands of pounds in additional lifetime earnings.
This is why salary conversations matter far more than many people realise.
Why so many people avoid negotiating
Even when they know they are underpaid, many professionals hesitate to negotiate.
Nicole sees several recurring barriers, particularly for women:
fear of appearing difficult or ungrateful
uncertainty about how negotiation works
lack of salary transparency
perfectionism and the desire to feel fully “ready” before asking
These psychological barriers often keep people from initiating conversations that could significantly improve their financial situation.
The biggest mistake in salary negotiations
Nicole highlights one mistake she frequently sees when people approach negotiation.
They frame the conversation around personal needs, rather than business value.
Successful negotiations are rarely about explaining why someone deserves more money. Instead, they focus on demonstrating the impact, responsibility, and measurable value the person brings to the organisation.
Reframing the conversation in terms of contribution often leads to much stronger outcomes.
The internal shift before leadership happens
Interestingly, Nicole notes that leadership often begins before the job title changes.
People who move into leadership roles typically start thinking and acting differently first. They take ownership of outcomes, communicate their ideas more clearly, and position themselves as decision makers rather than task executors.
Once that internal shift happens, external recognition often follows.
From higher salary to financial independence
Increasing income was an important step in Nicole’s journey, but it was not the entire story.
Financial independence required a broader shift in perspective.
Rather than thinking only about earning more in the short term, Nicole began thinking about:
long term financial security
investing and wealth building
career decisions that increase future optionality
The goal moved from simply progressing at work to building a life with greater autonomy and choice.
Strategy or identity?
A powerful question explored in the episode is whether this kind of career transformation is mostly about strategy or identity.
Nicole believes it is both.
Practical strategies like negotiation tactics and career planning are essential. But lasting change often requires an identity shift. People need to see themselves as someone who can lead, negotiate, and create opportunities.
Without that shift, many people continue to play smaller than their capabilities.
Quick fire Questions
One belief she had to unlearn about money
Hard work alone guarantees financial success.
The bravest career move she made
Actively advocating for her own progression and compensation.
One sentence to remember about asking for a pay rise
If you do not ask, the system usually assumes you are satisfied.
The bigger message
Careers rarely change direction overnight. But small decisions, negotiating one salary increase, reframing a limiting belief, or approaching work more strategically, can quietly reshape a financial future.
For many people, the biggest step is simply recognising that career growth and financial independence are not only about effort. They are about clarity, strategy, and the willingness to challenge the stories we have been taught about money and success.
Resources
Instagram @phase.20
Nicole’s FREE: 60 Day Career Plan - in minutes!
Website Phase 20
