When the interviewer asks, "So how much would you like to be paid?"

If you've ever been for a job interview, you've probably been asked that dreaded question at some point, "So, what are your salary expectations?" or worse still, "How much would you say you're worth, in monetary terms?"

At this point, many interview candidates start fidgeting, shifting in their seat as if its suddenly caught fire and stammering, "Er...uhm... well..." 

The way you answer this intimidating question can make the difference between being offered the job and being told to hit the career highway.

Here's the dilemma for all interview candidates: if you ask for a figure that's too high, you automatically eliminate yourself from the running, and if your requested salary is too low, you risk losing thousands, maybe hundreds of thousands of dollars in the long term. So what's the best answer?

Here are 3 tips to consider:

1. Resist the temptation of setting a figure that's way too high

It's no secret, when most of us are called to an interview, one of the things right at the top of our minds is, "If I get the job, I hope they pay me a huge fortune... I wouldn't mind getting double the money I was making at my previous job... And if possible, ten times the salary I'm getting now..

Vibrant mental images of all the flashy cars, designer outfits, luxury homes and overseas holidays we'll be able to afford with a huge salary flood our minds. Alluring as it may be, it's in your best interest to resist asking for a salary that's too high.

Before your interview, do some research and check out the standard salary rates for professionals in your field of expertise. Use that as a guideline for setting an expected salary.

2. Avoid asking for a salary that's ridiculously low

In a crumbling economy where jobs are scarce and money is even scarcer, it's tempting to ask for a really low salary in the hopes that it instantly eliminates other candidates who want fatter paychecks. 

However, you need to make note of 2 things:

a) By asking for a salary that's far too low, you are giving the impression that you have a poor sense of self-worth as a professional and are not confident in what you have to offer. This can make prospective employees question your expertise and overall seriousness as an employee.

b) Setting a very low salary for yourself can result in huge financial losses for you, if you are eventually offered the job and the salary you requested. In the long term, this can lead to deep frustration and regret.

3. Ask for a performance-based salary

It's wise to ask for an average starting salary that can later be reviewed and increased in accordance with your job performance. The more you learn and excel, the higher your salary. But remember: if your performance doesn't match your employer's standards, you risk demotion or getting your salary reduced.

According to Luckwaldt (2014), "At the vast majority of companies, you can still negotiate for a higher salary after getting an offer. In fact, negotiating for a bit more might work in your favor, since companies will see that you believe in yourself and have done enough research to know the value of your work."

So, what's your take on salary expectations? I'd love to hear from you!