Earn More Money in Your Job

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martinis and your money

Earn More Money in Your Job

On this episode of Martinis and Your Money, I am talking to Allegra Brantly about one of the hard components financial fitness – making more money. I say all the time that physical fitness and financial fitness are similar in that you only need two things for success. To get physically fit, you need to work more and eat less. To get financially fit, you need to make more and spend less. It sounds easy, but if it was so easy, we’d have a bunch of skinny millionaires running around.

For many people, especially women, it’s tough to ask for more and earn more in our current jobs, but that’s actually your easiest path to making more money. Allegra has coached dozens of women to ask for and get more money, and today she is sharing some of her secrets with us. Cheers!

What are we drinking?

Allegra — Matcha latte

Shannon — Coffee

Podcast Notes

  • Allegra has a mission to help 100,000 women believe in and achieve their full-value potential.
  • Her mission is what led her to join the Financial Gym team.
  • She negotiated a $25,000 raise for herself when she was working as a sales associate.
  • That $25,000 raise made her realize she had been severely underpaid before.
  • Allegra used Glassdoor to determine the average salary range for her specific role and used that range in her negotiation.
  • She says a large part of negotiation is putting your number out there as well as setting a date for when you’d like an answer.
  • People are often nervous to rock the boat – but you should be paid appropriately for the work you are doing!
  • Allegra says a lot of her coaching clients make excuses for their companies and for why they haven’t negotiated their salary.
  • Steps to take to negotiate your salary and earn more money include:
  1. Figure out your numbers
    • Get on Glassdoor and type in your title as well as similar titles to get the national and your city average salary range
    • Shannon says she wants her employers to take a self-assessment of their work before they schedule a meeting
  2. Schedule an in-person salary-focused meeting
    • Try to meet with your boss or senior person involved in decision making
    • Don’t provide too much detail for what the meeting is about
  3. Be open, honest, and direct to accomplish your goal for the meeting
    • Set a time for when you would like to receive an answer
    • Remember, everyone is in sales – you are in sales for yourself!
    • If the meeting starts to go off-track, wrap up the conversation as quick as possible and acknowledge you didn’t prepare them for what the meeting was about.
  4. Follow up with whoever you meet with after your meeting
  • Having this conversation will either earn you more money, feedback of the work you have been doing, or better understanding of the company you work for and whether you want to continue working for them.
  • Shannon says to remember the words of Wayne Gretzky, “you miss 100% of the shots you never take.”
  • The fastest, easiest way to make more money is to earn more at your job!
  • Shannon & Allegra agree that the potential for the conversation to be uncomfortable keeps people from negotiating their salaries.
  • You don’t have to only negotiate your salary – there are several other things you can negotiate!
  • Shannon & Allegra bring Claire, a listener of the show, into the conversation to coach her for a real-life situation she is facing with her current salary.
  • TAKEAWAY: Don’t let a potentially uncomfortable conversation prevent you from getting paid what you deserve. Take the shot and know that no matter what, you’ll walk away with something whether it’s money or a lesson learned.

Connect with Allegra:

allegra@fingyms.com

Glassdoor

Have you ever successfully negotiated for more money?

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

4 COMMENTS

  1. Great topic!!!

    Allegra I am curious.. I am an engineer and really only exposed to engineering roles. I often see women negotiate pay as well as receive equivalent pay as male counter parts. Maybe it is my specific industry, but I always hear otherwise about theses topics. I just personally don’t see it anywhere in my career field. I know several females who are similar to me… and make more than me. They work hard they deserve it.

    Is there a specific job/role or industry where this seems to be a bigger issue or gap?

    I’m all about bringing theses topics into the open and talking about them.

    Thanks again Shannon for the great content!

  2. Another engineer here and I felt that equal pay was the norm for female and male engineers in the oil industry even though it was male dominated by the numbers. I ended up as the boss of a large oil complex for our Fortune 500 corporation but I started as an entry level employee. My compensation when I early retired was 25 times my starting pay, and my starting pay was quite high at the time compared to my engineering class mates, so by any measure I did great at getting raises. I also determined the raises hundreds of people under me received. So I can tell you what I saw work well and what didn’t, both for me and for those who negotiated with me. The people that succeeded had iron clad proof of their market value. Glass door can’t provide that. Their data just isn’t good enough. What does work is an offer from a competitor. I didn’t seek those out but I created a network in my industry where other companies sought me out. I never left my original employer but they knew the competition wanted me badly and they gave me dozens of nice raises to keep me content. It wasn’t that my company was mean or cheap but they simply didn’t know what their employees were worth until there was a bidding for them on the free market. I never threatened to leave, I just said, “Oh by the way, that chemical plant across town. They really must need engineers badly, can you believe they offered me a thirty percent raise! But I like working here.” I just left it at that and the next time raises came through I’d get 25 or 30%! It worked for me and for my key team members almost every time. Oddly I never left that first company, made millions and retired early. By the way, the lady that replaced me when I retired makes more than I did, and I’m thrilled for her!

  3. Thank you Shannon, Allegra and Claire for the informative podcast. I am in the middle of negotiations with my boss as I have discovered the contract I signed 3 months ago is not the industry norm and I’m getting somewhat screwed!

    The part in the podcast I liked the most was where it was mentioned that if your boss wants to keep you that they’ll likely be honest and say ‘this is what I can afford to pay you, how about we work together to improve that, aim for targets etc”. I have found my boss to be quite combative in this process (which honestly came to a shock to her so there’s an element of that I understand) and I am feeling like shit. My gut is telling me to cut and run, but there are a lot of positives in this job, except the pay (learning, development, mentoring). I haven’t been paid in 3 months and it will probably take another 1-2 before money starts to come in.

    I’ll be re-listening to this podcast a few more times to help me with these negotiations, and in the meantime my resume is being floated by a couple of people in the industry!

    Thanks for the value this podcast regularly provides xx

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