Compensation conversations can be really hard to initiate – (and women are four times less likely to negotiate their salaries than men!) We might try to avoid them or put them off for later. We convince ourselves that our companies don’t give real raises, or we worry that we’ll get turned down because we’re not worth it. Here’s what you can do to prepare for and execute a negotiation confidently.
Most of us know the feeling - we make a purchase we regret and it sends our spending in a tailspin for a week, month, or even years. Next thing we know, we don’t want to look at our credit card statements, our account balances are decreasing, and our stress is on the rise. How do we stop the bleeding?
One of the most effective ways to get our spending back on track is with a regroup. We need to give ourselves a chance to get our money mindset back where we want it.
Aiming to better understand your partner’s money habits and his or her financial situation now will make you happier and certainly make managing money together much easier in the future. According to TD Bank’s Love + Money Survey, 90% of happy couples discuss finances once a month.
This isn’t an easy conversation to have for many reasons, but it’s well worth it. Here’s how to ease into the money talk with your partner without the shame and embarrassment so many of us fear.
The gender pay gap -- in which women on average earn 80 cents to every $1 earned by men -- is a penalty women see, and feel, directly in their paychecks.
The gender savings gap, in which women traditionally invest and save less than men, is a hidden penalty that also hurts women, many of whom don't realize it until it's too late.
Today, April 2, 2019 is Equal Pay Day in the United States, which means that women have to work all the way until today in 2019 to earn what men did in 2018.
In other words, for every dollar a (white, non-Hispanic) man made in 2018, women earned just $0.80.
This is an average so unfortunately, many women have it even worse. Here’s a breakdown of Equal Pay Days.
If we are financially well (imagine a nice savings buffer in our bank accounts), we can negotiate harder to be paid fairly at work.
We can leave relationships and jobs where we’re being mistreated. We can take more risks in our careers without worrying about the financial implications. We’d see more women on boards and management teams.
The earlier we start, the easier it is to save up for financial freedom—aka retirement. Why? The eighth wonder of the world: compound interest. While retirement may seem far off when we are young, compound interest (or interest on interest) makes it worth our while to start contributing funds to our retirement early on. Any contributions, including small amounts, make a huge difference when given the chance to accumulate.