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60% of women say they've never negotiated their salary—and 72% quit their job instead. Not asking for more money from an employer or client hurts your lifelong earning potential and decreases your ability to invest and build wealth. This stuff REALLY MATTERS.
Women statistically and culturally have struggled with negotiation. We face unique challenges in the workplace. But it's changing, and you can be part of that change!
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You have to quantify it
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Don't go in there and be like, I'm a great team player and I'm on time every day. You have to say this is the money
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that I've made you or saved you. That's it, there's two things. I love that
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I like that. I like that. I like that. I like that. I like that
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I like that. I like that. I like that. Hello, I'm Brittany Castro
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certified financial planner, content creator, talk about all things personal finance, business and marketing
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and I'm here with my girl, Emily. Hey Brittany, good to see you again
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I'm the founder of Wealthvoice. It's a tech startup. I'm also a marketing consultant
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and a personal finance aficionado. Brittany and I are here to talk about
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the ins and outs of personal finance, true stories, what we're learning and finding out about hacks
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and just share the knowledge with you, so. Absolutely, and today we're gonna talk about
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negotiation and women and money. So. Salary. Salaries, negotiation on how to make more money
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So 60% of women actually said they've never negotiated their salary. And this was a CNBC stat that came out
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And then going into 2020, Emily, women earn 82 cents for every man's dollar
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And I feel like that number has legit not changed in the 15 years I've been working
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But it really shocked me that 60% of women haven't asked for more money or negotiated their salary
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But I do have to say, when I used to do personal finance
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I don't do it anymore. I sold that part of my company. But when I would educate women about money
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I would say, you have to ask. That's why we have a wage gap, because we don't ask
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So if you don't ask, you can never get it, right? So this goes in all areas of our life
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Love, dating, kids, relationships, money. If we don't ask, we'll never be able to get what we really want
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That's so true, Brittany, you have to ask. And what I have found in my career
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is you have to ask for something that feels a little uncomfortable. Yes. As women
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we are less likely to negotiate. But if it helps, one of the tips is
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think about your negotiating for your family or your kids or your future and not for you
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Because women sometimes feel a little more able to do it on behalf of others
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We're very communally minded. But we were talking about this. And my big thing is
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I want to talk about money with my girlfriends, especially, because I want women to be empowered
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And if we share knowledge, it's just like when you're renting an apartment building, tell all your neighbors what you pay
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Someone else might be like, oh, I'm paying $300 less than you for the same exact unit
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So that's bargaining chip, right? It's power to share this information. So if you're a freelancer
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like what do you charge for this service? Oh, I was only charging this. Glad I asked, because I know I can get more now, right
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Yeah, and obviously you want to do it with your trusted people. Like I do think when you're in the workplace
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and you have a job, you have to be very careful about this, because unfortunately people don't always have this
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like win-win mentality, but I'm talking about like your homies, like your friends, right
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And people that you know. So for me, like even recently, I connected with this guy who's like a creative designer
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and he gave me his like rates sheets about how much he's charging for like design work
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And I sent it to my friend who has a business that's the same kind of business
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And she was like, oh my God, thank you so much for sharing this, because she was undercharging
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And she had no idea like what she should be charging, but like just seeing a comparison to somebody
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with the same experience, same talent, but he was a man, made her feel like more confident to be like
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oh, I need to raise my rates. I'm like, yes, girl, you need to raise your rates, because all of us, if we're not raising our rates
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or asking for at least like 6%, 7% more this year, we're not even keeping up with inflation
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So getting uncomfortable and finding ways to create more value or ask for the value
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that you're already bringing to the table, ask for the dollar amount
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is something we all have to do. And I think it's just like part of it, you know, it never ends
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but the sooner you just get in the practice of it, like every year to either increase your rates
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or ask for the higher salary, the better off you're gonna be
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Right, and the younger you are, the better, because think about it this way
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If you're starting, let's say you're in your early 20s, early in your career, and you start from $50,000
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the next time you get a raise, you're starting from there. If you started from 40, a 10% raise isn't as much
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So the higher the rate, the earlier, the better. And these are your prime earning years
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If you think about money building over time, the power of compounding
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make as much money when you're young as possible. It's not like, oh, I have time to make it later
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You start from a higher threshold if you can. You'll thank yourself when you're 70
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Exactly, and you know what another thing, I have a tip for this. So as a self-employed individual
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having a business coach is tremendously helpful or somebody to negotiate on your behalf
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Like now my business model's a little bit different and I have a manager and she negotiates all my contracts
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And thank God, because one, it's more professional. I'm removed from those conversations
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and I could just show up as a talent. But she is more of the shark
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and she goes and gets more money for me. So when you have somebody
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who's like not emotionally connected to the money, it's easier for them to tell you the rate
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or go get the rate that you deserve. But you gotta have those people in your corner
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Even with the business coach, I would ask her, oh, I'm doing this consulting gig
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what do you think I should charge them? And she'd be like, oh, this is what you should charge. And I was like, oh, thank God I asked
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because I wasn't gonna charge that much. I was gonna charge lower. And she was like, well, if you want this, go get that
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If you want this number, ask for this, which is what you said, part of negotiating. Because they're going to negotiate you down
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especially when it comes to salary. That's the negotiation. You're here, they're there
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and you find somewhere in the middle. So you gotta know those numbers
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If you just do some research, I mean, you can go on Glassdoor, just research
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type in the job title and your zip code or city and see what are the comparable rates
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that people are making for this position. That'll give you an idea. But if you're doing a negotiation for a raise
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at a job where you've already been, and I did this when I was maybe 26 or 27
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I said, here's all the money I made you and here's all the money I saved you
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That's what business owners care about. You have to quantify it. Don't go in there and be like, I'm a great team player
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and I'm on time every day. You have to say this is the money that I've made you or saved you
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That's it, there's two things. And I put it into a deck and I was like
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I want you to pay me 70% more than you're paying me right now because I was making way less than I realized
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Like the comps, they didn't bite, but then I went down the street to another interview
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and I asked for an uncomfortable number. I doubled my salary. And he was like, oh, sure
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Yep, you've been at this company doing this for four years and all these great results
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So, you know, starting like jump to the next lily pad, sometimes that's also a great way to get a higher salary
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And don't tell anyone what you made before. It's another business. They actually legally can't ask
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So where are you now? Don't answer it. I make a comfortable living and what my finances are
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you know, it's between me and Uncle Sam, but what kind of compensation are you willing to
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like what's the range for the position? That is a good one
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I mean, that's really key. You can teach a whole course on negotiation
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I had some good teachers, Negotiation Great Book Rec, Never Split the Difference by Chris Voss
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He was a FBI hostage negotiator. That one has some really good tips too. Yeah, that one's great
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And I think also too, I would just say, it comes with practice. Like just get in the habit of practicing the conversation
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but always, if you can, find somebody that you can ask for feedback before you give them numbers
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and try not to give the first number. I mean, that's a good negotiation tactic
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Always ask what's your budget or what's the salary or what is the rate
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I used to have like a speaker rate kit, you know, that I would send out and I removed all that
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Like, no, because every, first of all, every event or every project I do is so different
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So every number is gonna be so different. But then also it just like, it lessened my negotiation power
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So like you said, you don't have to share your past, like earning history when you're a business owner
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You also, unless you have a service, right? This is a service fee
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But if you're negotiating projects or consulting gigs, you don't have to have that like publicized everywhere
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You can do it based on the project and what kind of work is involved. You're not a barista, right
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So like, what do you make per hour? I don't answer that question. It's project basis
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Doesn't matter how many hours I work. The result is the same for you and this is the value
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I love it. We can talk about this all day long. I feel like this topic in itself could be like
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It is, we should do more on this one. So great, so great, yeah
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If you like this, please subscribe to our YouTube channel. This one, mine, Emily's
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We're gonna create more content definitely here just to help you with all things finance, business
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marketing, these types of conversations that we get to like experience, I feel like
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every day in our work lives. But I don't think everybody has that opportunity
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So we're just trying to share the knowledge, share the wealth. Exactly
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Thanks guys. Subscribe, thumb up, comment with any questions you have below and we'll see you next time
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All right
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