As the cost of living, inflation, and energy rises, while pay remains pretty much the same, money matters more than ever. Strikes, like those in the UK and France, will only go so far.
So you need to understand what you are worth as an employee and how to get fair pay for work.
I’ve spent about 2 decades studying and practicing various marketing strategies to learn which are the most effective marketing tools for today’s competitive marketplace.
I also created a bestselling program to help entrepreneurs make money online called “Make Profitable Courses Without The Overwhelm.”
I love helping people to become financially strong. With this in mind, I created this article about why money matters more than ever these days.
First, however, you must learn an essential life lesson; money doesn’t last forever. It’s crucial that you begin planning for your retirement as early as possible. This sounds irrelevant when you are young and hungry. But it is vital you begin saving early on to secure a better financial future. It helps to diversify savings, such as with real estate investing, using multiple savings accounts, and paying into as many private pension funds as you can reasonably afford.
As you are aware, the cost of living is rising. Energy, water, and food are at an all-time high. And prices are still going up. Because of this, recent figures suggest there are over 9 million food-insecure children in the US right now. So, you need to be practical with your money. You can cut back on expenses you don’t use and learn to shop well and cook for yourself to save on takeout food. Because as prices rise, your wages may not, and you can end up in a bad place.
Never undersell yourself. You need to know what you are worth and go out there to get paid a fair wage for a job well done. Of course, this is easier said than done. But you can help yourself by doing a bit of research so you can know what to expect in your salary. If a specific job is offering undervalued pay, don’t apply for it. Or if you find out you have been underpaid for years, go ahead and assert yourself by asking for a raise. If not, look for another job with value.
It’s hard to believe that one of the most vital life skills we need isn’t formally taught. Managing your money is essential as you get older to avoid trouble. So, consider some of these:
Of course, there is much more to budgeting than this. However, it is a process you will learn as you go along. But sticking to what you can afford and living within your means is a great start.
More and more, the subject of money can come up at work. Even in an interview, it isn’t uncommon to be asked about money matters. Sometimes this is subtle, such as asking about your mortgage. Or it can be direct such as formally asking you about how you would manage company finances. This is because there may be times when you need to. But it’s also because employers like to know they are hiring someone who they believe is mature and responsible.
As mentioned, you should not undervalue yourself. Of course, this is a tricky subject and can be hard to navigate. But you really need to learn about your worth as an employee, in regard to pay, to negotiate a suitable salary. Don’t worry about this, as your employer will expect it for certain jobs. Sorry to say, but this applies mostly to more professional careers rather than unskilled work. Learn what to expect, define a range, and present a reason for your request.
Managing a negotiation is often made much harder when you work for a business that is not very transparent. And it can be upsetting to learn about the race or gender pay gap for the same job. This is true for many women compared to men and ethnic employees against whites, even in this day and age. This can be tricky. But a scheme in the UK requires employers to show salaries on job ads and not ask about pay expectations or ask about previous salaries.
You won’t be surprised to learn that money matters more than ever when you consider what is happening in the world right now. The golden days are over. And you need to learn to stand up for yourself by securing a long-term plan, learning to budget, and negotiating the best salary.
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