The Bottom Line
You want to get straight to the point, but don't hurt anyone's feelings on the way.
In Detail
You've got a lot to think about, and you need to do it before you speak to your boss -- especially if they've been trying to get you to make a decision about taking that raise, promotion or bonus. You're perfectly qualified. They know it and you know it. All that remains is for you to get your speech memorized before you actually march into their office. Of course, knowing you, that shouldn't be much of a problem.
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