It took me a while to realize, but after a couple of experiences, it became very clear that promotions were often used as a carrot on a stick to make me do extra work or achieve tasks that my boss wanted done but didn't have resources for. I'm now very wary of any manager who tells me I'm performing beyond expectations, but that I need to do X to get a promotion.

From my personal experience, I have found that it's easier to get a promotion and raise by moving to a new job. I really wish this wasn't true. I would love to find a place where I'm completely happy with the work and can stay for many years, being paid fair compensation without the need for job-hopping.