How do I go about asking my boss for a promotion?

I am going to be coming up to 1 year at the company and my boss has been super happy woth me and my prefromance. I would like to know if it’s wrong of me to ask for a promotion within the next year. I would like to move up into a role that offers more pay. I believe I can be a great asset to the company as well and further their mission and goals. However, is it bad to ask for a promotion? Is this something that happens randomly or do I start this with an actual conversation during our 1 on 1 meetings.

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