CEO who manages $2 billion in assets: The No. 1 most important thing you can do to increase your earning power over your career

Before launching Ellevest to help women build wealth, I led Merrill Lynch, and served as CEO of Sanford Bernstein and CFO of Citigroup — where I learned that not asking for more could mean leaving a lot of money on the table. 

Because, look: In terms of negotiating your salary, the right time is yesterday. If you didn't do it yesterday, the right time is today.

Asking for a raise is one of the single most important things a woman can do to increase her total earning power over the course of her career. But for many, salary negotiations can be a difficult and uncomfortable conversation. 

Here's my best advice on how to approach these conversations with confidence.

Negotiate like you would for someone you care about

Let's start by debunking the myth that women are somehow not "as good" at negotiating as men are. Have you ever seen a mother negotiate for her child at school? She's fearless.

This isn't just anecdotal. When a woman negotiates on behalf of someone else ‌ —‌ whether her kids, her siblings, her colleagues —‌ she negotiates more assertively, studies show. 

So if you feel nervous going into advocating for yourself (and believe me, I've been there) think about who else will benefit from whatever you're asking for. 

DON'T MISS: The ultimate guide to negotiating a higher salary

If you want a raise, focus on how that raise will help you put funds toward your kids' college educations or your favorite non-profit. If it's a more flexible schedule, think about how our friends and family may appreciate having us around more. 

This approach allows us to negotiate more effectively than if we had been thinking only about ourselves.

Give yourself multiple ways to win

I can't stress this enough: The raise is very important, but the negotiation is not always just about a raise.

If you go in with just one ask, you sell yourself short, because if you hear "no," you leave empty-handed. However, if you have other requests that are of value to you, you can leave with a victory. And your boss also starts getting used to saying yes to you. That matters, too.

There is a tendency to frame negotiation in terms of winning and losing. That traditional view — ‌you ask for the raise and you either get it or you don't — ‌does you a disservice, because it can limit possible outcomes. 

There are many things to negotiate for that can have value for you, and your employer, as you develop your career. This could be a more flexible schedule, exposure to other parts of the company, working on a project with a top manager, or even a sabbatical. 

These things may be of more tangible value to you tomorrow than a salary bump is to you today, because they can increase your earning power in the long run.

Negotiating can reveal to you what you want to change about your current situation. Look for every "win-win" opportunity that can help build and strengthen your relationships. 

Negotiating isn't a one-time thing

You should be having the raise conversation with your boss every year. Ask them, "What does it take to be successful in my role? What are the metrics I'm being measured against? If I hit these metrics, what kind of career progression and raise should I expect to see?"

You don't need to have a serious, sit-down conversation with your manager every month. But I do recommend getting comfortable with talking more consistently about compensation and bonuses in a low-stress environment. 

Start by more casually discussing specific goals and expectations. That way, when it comes time to discuss your salary, you can show what you've achieved and prove your value to the company. You never want to assume that your hard work will be noticed. Go find those metrics that are relevant to your job that will help the company be better.

This experience will give you a vocabulary and a current set of data that can help you effectively negotiate a package with a new employer, if you do decide to work elsewhere. 

The most successful negotiators have a financial plan

Financial planning should be an integral part of any negotiation strategy. Understanding your goals and how they fit into your overall life plan can give you a stronger negotiating position. 

For example, if you're negotiating a job offer, knowing your financial goals can help you determine the minimum salary you're willing to accept. It can also guide you in negotiating other aspects of the offer, such as benefits, bonuses, and flexible work arrangements, that align with your long-term financial plan.

My career has taught me the value of preparation, open communication and relationship-building. By incorporating these strategies into your own life and integrating financial planning into your negotiation approach, you can achieve better outcomes. 

When you know what you need and want, you can negotiate from a position of strength.

Sallie Krawcheck is the CEO and founder of Ellevest, an investing and wealth management company built by women for women. Krawcheck was one of the first female CEOs on Wall Street and is a trailblazer with nearly three decades of experience in the financial services industry. She has led Merrill Lynch, Smith Barney, and Citi Wealth Management as CEO, and Citi as CFO. Krawcheck was named "The Last Honest Analyst" by Fortune and one of the "Most Influential Women in Finance" by Barron's.

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