Many times, we set our goals using the wrong data. We have dreams of a certain job or lifestyle, but the steps it will take us to get there in reality are nebulous. The Job Search Resources page has a number of tools for your use, and the variety of salary calculators listed there will give you real help.
Using a salary calculator to find the reasonable expectations for what your job should pay gives you the range of salaries you can expect for that job. Location, skill set, education, and experience can be factored in. That means you can look at where you currently are and decide if there are steps you can take to get to where you want to be:
Is this the field you want to stay in?
Can you meet your financial obligations with your current salary? How about the top range of salary in your bracket?
Are there other, higher paying jobs within this field (or others) that interest you?
Do you have the skills, education, or experience to reach that level?
What practical steps can you take today to gain the skills, education, or experience you need to reach your goals?
The salary calculator is simply a tool that equips you with facts. You can print out a graph or data sheet showing what your level of experience in your location should reasonably be paid and show it during salary negotiations. You can answer confidently when an interview question about salary expectations comes up. At the same time, you have a reality check about the job market.
Like any tool, this one is only as effective as the person using it, but the person using it can learn how to use it properly to get great benefit from it. Your goals are achievable with the right tools!
Sometimes your salary isn’t paying quite enough to cover all you wish it could. Maybe you got promoted to an exempt position that looks good on your resume but now that lucrative overtime bonus is gone. You could have been offered benefits that you truly need (medical insurance, for instance), and on paper it all looks good, but in your wallet there’s not enough cash. This is where that “B” word — Budget — comes in to help.
All the experts start with an honest assessment of where your money is currently going. If you don’t know where your money is currently going, how can you control its flow? Write down all the ugly reality on paper so you can look it in the face and deal with it. The problem isn’t automatically solved by a higher salary; it is solved by controlling the way you spend what you earn.
You can see this in the sad tale of many lottery winners whose huge chunks of money are gone in a few years or the way even high earners go bankrupt. This means that you have hope because you can control your cash flow by choosing to work with the real numbers instead of the dream numbers. Look at the real numbers and come up with a real plan and follow it.
Do some research on money management. There is so much wisdom and free advice or seminars out there that your head will spin, but the reality is you have to make it work for your situation.
What are you willing to sacrifice to keep that steady salary or those benefits?
When you make the choice NOT to spend, remind yourself that you are saying “no” to this thing and “yes” to controlling your cash flow. You are the boss of your spending.
Pay the minimum on your bills if you have to, but add a little when you can. Somehow, that extra gives you a sense of power.
Allow yourself some “mad money” that you can spend on whatever you like, but when it’s gone, it’s gone until you get paid again.
Somehow, keep saving for emergencies. Even a little bit adds up!
Sell some stuff and put the money on the biggest bills.
Come up with ways to reward yourself that don’t cost money.
Keep a reminder of your plan, and your goals, in view. You aren’t “stuck” with that salary, you have chosen to stay in the position for a reason. Is your reason still valid? Can you ask for a review and a raise? Are you utilizing all the benefits you have? You may need to sit down and crunch numbers with others who are involved with your money decisions, but it will be worth the time and effort that takes to get everyone on the same team in this!
Are You An Underearner? What Your Salary Might Say About You
Recently, there was an article on LearnVest titled “Hello, My Name is Tom and I’m an Underearner”.It’s an interesting read about the characteristics of underearners and the presence of an AA-type support group called “Underearners Anonymous,” (Who knew such a group existed?) It got me thinking about how salary means more than money: It can affect how others see you, and how you see yourself, like a dirty window on the world. One of the problems that can develop during a job search is a completely unrealistic idea of salary.It’s easy to undervalue your abilities and ask for too low a wage, or to assume you can demand the paycheck someone with years of experience in your field would get. If you add up your monthly bills and just ask for that much, you aren’t using all the information that should go into salary ranges. Underearners are people who are not getting the salary that someone with their qualifications would reasonably expect. This could be because they don’t value those qualifications or are afraid to ask for a raise. It could be because they’d have to live up to their potential and they are afraid. There are a lot of reasons why salary and self-esteem are connected. In some cases, there is discrimination causing salary issues, but this cannot be assumed because sometimes the reason for the lower paycheck is actually performance-related. You need to dig deeper to find out why that paycheck is that amount. During a job search and interview, salary is a subject that you should be prepared to confidently discuss with a prospective employer without being demanding.The more you understand your worth, the easier it is to see that you deserve (earn) a wage that is accurate. There are two excellent resources available to you:
Job Search Resources — this page has a wealth of information, including salary calculators and self-assessments
Job Search Success System — this is a full course that will give you the skills to show your worth accurately to potential employers.
When you are getting the salary you should be getting, it’s like seeing your world through a clean window.
Salary negotiation can be one of the most stressful parts of getting a new job.On the one hand, it is exciting to think about a new job and the possibility of earning more money. On the other hand, it can be nerve-wracking waiting to hear what your new salary will be. Do you accept the salary offer, negotiate it or reject it? What if you make a mistake and accept a salary offer that is too low, or try to negotiate one that is too high? These events are unlikely to happen if you do your homework before you get to the salary negotiation stage. A salary calculator can help you with this important homework.It can give you an idea how much your current salary is worth in another city. It can also give you median, low and high end salaries for given positions and industries in a geographical location. Some salary calculators allow you to compare the cost of living between two cities. You can compare the cost of living between the city you are in and the city where you have a job offer, or the cost of living between two cities where you have job offers. These calculators aid you in thinking practically about moving for a new job. Remember to factor in whether your new employer will pay relocation costs. If the employer does pay relocation costs, find out what the cap is on those costs. If you go over the cap amount, say, by hiring movers to move your grand piano, you may end up paying the extra costs. You are more likely to get the salary you want if you go into a salary negotiation meeting with facts based on the information you gatheredfrom salary calculators and other job search resources. This information backs up your work experience and your education. You put a great deal of energy into both, so make sure you get what you are truly worth.
The news is still full of stories about the large numbers of unemployed people in this country.However, the untold story is about people who face chronic underemployment. Not only are their skills sets not utilized fully, their salaries and salary growth suffers as well. Once a person finds herself taking a salary offer that is half of what she used to make, it is then a struggle to regain ground and raise the salary back to where it used to be. Employers do recognize that the salary growth gets reset every time you accept a position at a lower rate than you normally would because you need a job. However, reputable salary calculators are your best defense against getting low-balled or offered a miniscule salary. Gather your information. Search several different salary calculators for your position in your geographic location. Take careful notes, or even better, print out the salary graphs you find for your particular job of interest. Make sure that the figures you will take into salary negotiations with a potential employer match your education and work experience on your resume. You may find that the employer will not raise the salary offer even after you have tried to negotiate it. You may also find yourself in a perpetually temporary position, one with low wages and no benefits. If you have to take the temp position, go ahead and do it. However, you will need to set yourself a goal for leaving this position to find something else that pays better, is full time, and is more of what you want.
It seems rather unfair that even after submitting a great resume and cover letter you still have to deal with tricky interview questions. The salary question is one of the most dreaded of all interview questions. It’s not surprising that few people are able to answer it in a professional manner beyond the standard “I expect to be paid what I’m worth” statement. For the job hunter, you need to understand what it is that your interviewer is really asking. When the interviewer asks, “What are your salary requirements?,” what he or she is really asking is whether or not you have a realistic salary expectation and if you are flexible about the amount. This is also why the interviewer would like you to list an actual dollar amount. Finding out what you are worth is easy enough. Visit one of the websites that offer salary ranges and see what you can expect. Be sure to account for your education and experience. Location is important as well; salaries in New York City are generally far higher than in Trenton, Tennessee. Once you have that information you are ready to respond. How should you respond to that question? Don’t shout out a number, but state that based on your education, experience and responsibilities of the position that $60-65,000 (or whatever amount you found) would be reasonable. Mention that you are flexible and would certainly consider benefits. While it is important to be seen as flexible and as someone who can be negotiated with, don’t settle for less than you can honestly afford. Most companies will be fair simply because if they aren’t you will move on to one that is and they have time invested in you. Still, find out what you are worth before your next interview and you will be prepared for this tricky question.
What College Didn't Teach You About Your First Job
Salary negotiations are always tricky.The worst part is that while this is going on you almost have the new job but not quite. You have to get through this sticky situation to be hired. When the economy is poor that makes salary negotiation even more difficult; there may be several great candidates vying for the position. You know what you are worth, but the company may not be willing or able to pay it. Breathe easy– there is a medium ground to this problem. The way around this problem is to be open and honest by simply telling the hiring manager that you had hoped for more money but you are willing to accept their offer in exchange for a performance review within six months of taking the job. I think this is a pretty reasonable request and most hiring managers will be happy to accept the deal. This can seal your offer in more ways than one. Not only is the company getting you at a premium, and believe me they know what you are worth, they also have an employee that is ambitious, realistic and willing to prove himself right from the start. Being reviewed within six months also gives you a head start on any bonuses that your company may be giving out because you will have just been reviewed. By the simple and reasonable request to review your job performance a bit earlier than they might otherwise, you are showing yourself to be a strong and decisive employee that is someone who can be worked with and is results oriented.
