Did you miss any of April’s videos? No worries, I’ve got you covered below!
I say this all the time, and it bears repeating: you can only save so much money; to truly become financially stable, you have to earn more money.
How long have you been with the company? Loyalty is important to companies. It’s more expensive to hire and train someone new than to offer a raise to a consistent employee. Review your length of time with the company in addition to responsibilities you’ve taken on over the years as additional factors in your ask.
What raises have you received in the past? If you’ve been getting the standard 2.5-3% raise to account for inflation for several years, it’s high time to get in and ask for a more substantial increase. What the employer is doing is essentially paying you the same amount year after year! Consider whether or not you would have stayed at your current job if you had your starting salary. If the answer is no, get yourself a raise.
Do your homework. Ask colleagues about their pay (seriously, I’m pro-pay transparency) and look at sites like glassdoor.com or salary.com for average salaries for people in your field to help you gauge an appropriate pay raise for your job. The often-touted 76 cents-on-the-dollar statistic often comes from women leaving the workforce for a period of time and re-entering at their former salary.
Demonstrate a willingness to learn. Certificates, training, make sure you tell the employer you are willing to do the work to get the money don't get discouraged.
If you are told no, don’t get discouraged. See if there is a possibility for a raise over the course of several years; e.g., 5% a year for three years instead of a 15% raise outright. Ask for other fringe benefits the company may be more willing to give you, such as additional vacation days or the ability to work remotely. If neither is possible, start shopping for a new job. You are worth it.
If you are in your 30s there are six things you must know about money. By the time you’re in your 30s, you can no longer claim that you don’t care about it, that you’ll think about it later on or think that you think you have plenty of time. It’s time to wise up. I’ll walk you through.
Smash those limiting beliefs. So much of the things that we do are tied to our negative beliefs or negative thoughts. So if you are thinking things like “I’ll never be able to get out of my student loan debt,” or “I’ll never be able to save money for a vacation.” Those types of things are harming your ability toward taking steps to achieve those goals. Good news, I have a freebie in the description box below on how to untangle your cognitive distortions, so be sure to click on that.
You must know about credit. Not just your credit report, but also your credit score. It doesn't matter if you want to pay cash for everything and credit doesn't matter. The real reality is credit score is that you're going to be more desirable when it comes to things like getting a new apartment, purchasing a new car, or purchasing a house. If you have good credit, that is telling lenders you are worthy of getting a loan and getting it at a decent rate. The worse your credit it, the more likely it is that you’ll get denied for loan or credit cards, or get bad terms if you are approved. You can check it out at a bunch of different sites, credit karma, credit sesame, and annualcreditreport.com. Yes. Know your credit score, know your report.
Life insurance. This is one of those things that people get freaked out about it think it's a scam they don't want to think about it because it means you have to think about death or dying but the reality is that having life insurance helps to protect you and your loved one is especially important if you have children or if you have a partner that you want to make sure that you're insured for enough so that if something were to happen to you your family your partner would be able to continue life as they already are able to live it now.
Make sure you are investing in retirement. Erin Lowry has a new book out called Broke Millennial Takes on Investing where she talks about the importance of changing our language from saving to retirement to investing in retirement. The general rule of thumb is to have two times your annual salary invested in retirement by the time you are in your 30s. so make sure to look up things like your 401k 403b. If you are self-employed look into a SEP or a Solo 401k. Anyone can look up whether or not they meet criteria for a Roth IRA or traditional IRA, so make sure that you are investing in your retirement.
Pay off all debt aside from your mortgage. I know this one is controversial and I know some people say that it's fine to keep your debt especially if you have a low interest rate you can probably earn more in the stock market so it's fine to keep your debt but I argue the opposite. For many of us, debt acts as a barrier and it pulls us down even if it's just emotionally or mentally so the more we can throw money at your debt the better off you're going to be.
Have fun with your money! This should be intentional and feel really good for you to carve out a savings account that is just for things like travel or clothes or beauty or cars or whatever your hobby is. Make sure that you're still treating yourself and spending money on things that matter to you.
In your thirties, you want to make sure that you are spending money that is fun money on things that you want to spend it on. I want you to put some money towards your debt, I want you to be investing in your retirement accounts, AND to be enjoying your money. So those are the six things you need to know about money when you are in your 30s don't forget I have that freebie down below about untangling cognitive distortions especially when it comes to your money.
Untwisting Negative Thoughts--FREE Cognitive Distortions Worksheet