Negotiate Your Future: Why Paying Attention Now Will Pay Dividends Later Dr. Kate Duttro University of Washington Career Services, SMA/UWCC

Kate’s Iceberg Model of $$ Issues Visible and Latent Career Issues Health Insurance Inflation Company Rightsizings Gender Earnings Gap Cost of War Divorce/Death of Spouse Influence of External Feedback Victimhood Gaps in Work History Earning/Debt Ratio Part-time Work Good Girl Behavior Noble Poverty Prince Charming Lack of Retirement Savings Lack of Career Plan Imposter Syndrome Serving Others First Bag Lady Not Asking Single-Parent Families 2-Earner Families Child/Eldercare Self-Esteem Issues Discrimination Fear/Ignorance of Money Management Job Migration Debt & Bankruptcy Widow Poverty

Visible and Latent Career Issues

Career planning with awareness of future financial issues can help you achieve an eventual retirement.

Average Earnings After 40 Years Working Women ($818,840) Men ($1,289,840)

Return on One-time Negotiation If each receives 3% raises each year, and neither negotiates again, salary gap = $15,373 ($76,870 Woman vs $92,243 Man ) at age 60. But his total earnings in 38 years = $361,171 more.

Compounded Interest If the man had banked the difference each year in a 3% bank account, at age 60 (38 yrs), he would have $568,834 more

Saving & Compound Interest Effect of saving $100-150-200 monthly over 40 years. (Note different interest rates.)

Why Do You Need So Much? Inflation 1969 2-yr-old Datsun, $2,000 1986 new Subaru, $13,000 2004 new Honda $22,000 Cost of children (average income) $130,000 to $200,000 each (to age 17) Accident / Illness / Disaster

Inflation

1969 2-yr-old Datsun, $2,000

1986 new Subaru, $13,000

2004 new Honda $22,000

Cost of children (average income)

$130,000 to $200,000 each (to age 17)

Accident / Illness / Disaster

Traits Associated With Low Career Earning NOT ASKING = Not negotiating No career plan Lack of confidence Always letting relationships come first Too much volunteering / Serving others 1st Trying to do it all (not asking for help) Joyless jobs Internal barriers

NOT ASKING = Not negotiating

No career plan

Lack of confidence

Always letting relationships come first

Too much volunteering / Serving others 1st

Trying to do it all (not asking for help)

Joyless jobs

Internal barriers

Internal Barriers May = Mixed Messages About Money Money can’t buy happiness Money causes stress and conflict You can’t make a living as an artist Money is the root of all evil/Noble poverty Academic disdain for money/$$$ Values and money = emotional issues

Money can’t buy happiness

Money causes stress and conflict

You can’t make a living as an artist

Money is the root of all evil/Noble poverty

Academic disdain for money/$$$

Values and money = emotional issues

Recommendations? Identify and breech internal barriers first Actively plan/control your career Learn - Practice - NEGOTIATE Educate yourself about money Make the decision to use that knowledge and $$ management techniques Start saving NOW

Identify and breech internal barriers first

Actively plan/control your career

Learn - Practice - NEGOTIATE

Educate yourself about money

Make the decision to use that knowledge and $$ management techniques

Start saving NOW

Take Control of Your Career Be proactive – know your value & get it Ask for raises/evaluations regularly (have evidence) If you don’t like your job, find another Focus on your strengths Work each day as if you were going on vacation tomorrow Learn to delegate and/or ask for help Live below your means

Be proactive – know your value & get it

Ask for raises/evaluations regularly (have evidence)

If you don’t like your job, find another

Focus on your strengths

Work each day as if you were going on vacation tomorrow

Learn to delegate and/or ask for help

Live below your means