Negotiate For Your Future

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

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

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

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

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

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

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Negotiate For Your Future

by Kate Duttro on Mar 20, 2009

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