The Big Win of Getting Paid What We’re Worth

HUDSON:  In recent months, the job market has shown signs of life again. But wages haven’t. Tonight’s Money File is looking for a big win for your pay-check. Here’s Ramit Sethi Author of “I Will Teach You To Be Rich.”

RAMIT SETHI, AUTHOR, “I WILL TEACH YOU TO BE RICH:” In our entire lives, we make a few decisions which determine whether we’re financially secure or not. I call these Big Wins, because they dwarf any concerns about whether to spend $3 on our daily lattes. These Big Wins include investing early, automating our finances, and managing our debt.

One of the biggest wins is finding our Dream Job — one that we enjoy and pays us what we deserve. That last bit is crucial.

I recently spent the last 2 years studying how tens of thousands of people searched for their dream jobs. One of the most startling findings was how many of us are being underpaid. In my research, I found that people were often underpaid by $10,000 – $20,000 — and they had no idea.

Knowing how much you should be paid is a valuable tool in any salary negotiation. To find out what your salary should be, visit salary.com and payscale.com. You can use the data, along with classic negotiation techniques, to make your case for a raise.

Will this work for everyone? Of course not. But you might be surprised by the results. Even in this economy, companies know that they’ve spent thousands recruiting and training you, and they don’t want to lose top performers. While others worry about minuscule $3 purchases, I encourage you to focus on the Big Wins. How big? A single $5,000 raise can be worth $1 million over the course of a career.

Of all the financial decisions we make, negotiating our salary can be one of the most influential ones we make.

HUDSON: Ramit offered to include the actual word-for-word script to use in your salary negotiations. Find it on the Nightly Business Report website.


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