[OCWIC] Can you afford to throw away $500,000?

[Bettina Bair]

$500k. According to Tory Johnson, the founder of Women For Hire, that's the
average amount of earnings professional women lose over a lifetime because
they tend to negotiate poorly -- or not at all (20% never learn to
negotiate).

Is this for real?  I ran up a couple spreadsheets, using very modest
numbers, just to demonstrate how much money you can lose over your career
from failing to negotiate your starting salary (~95k), and then also failing
to negotiate your annual raise (~144k). [see below]

Soon you will be considering job offers for summer internships or
employment.  Do you want to learn more about what you can do to get the best
possible package?  And how to avoid the most common mistakes?

Check out this site:
http://www.womenforhire.com/advice/negotiating_salary_benefits

:-)
Bettina



       *Starting Salary* *Average Raise* ** ** * * *Starting Salary* *Average
Raise* ** *Her*  $      40,000 3.00%  *Her*  $      40,000 3.00%  *Him*  $
42,000 3.00%  *Him*  $      42,000 3.15%       *Year* *Her* *Him* *
Difference* ** *Year* *Her* *Him* *Difference* 1  $      40,000  $      42,000
 $        2,000  1  $      40,000  $      42,000  $        2,000  2  $
     41,200
 $      43,260  $        2,060  2  $      41,200  $      43,323  $        2,123
 3  $      42,436  $      44,558  $        2,122  3  $      42,436  $
    44,688
 $        2,252  4  $      43,709  $      45,895  $        2,185  4  $
     43,709
 $      46,095  $        2,386  5  $      45,020  $      47,271  $        2,251
 5  $      45,020  $      47,547  $        2,527  6  $      46,371  $
    48,690
 $        2,319  6  $      46,371  $      49,045  $        2,674  7  $
     47,762
 $      50,150  $        2,388  7  $      47,762  $      50,590  $        2,828
 8  $      49,195  $      51,655  $        2,460  8  $      49,195  $
    52,184
 $        2,989  9  $      50,671  $      53,204  $        2,534  9  $
     50,671
 $      53,827  $        3,157  10  $      52,191  $      54,800  $
    2,610
 10  $      52,191  $      55,523  $        3,332  11  $      53,757  $
56,444  $        2,688  11  $      53,757  $      57,272  $        3,515  12
 $      55,369  $      58,138  $        2,768  12  $      55,369  $      59,076
 $        3,707  13  $      57,030  $      59,882  $        2,852  13  $
57,030  $      60,937  $        3,906  14  $      58,741  $
61,678  $
2,937  14  $      58,741  $      62,856  $        4,115  15  $      60,504
$      63,529  $        3,025  15  $      60,504  $      64,836  $        4,333
 16  $      62,319  $      65,435  $        3,116  16  $      62,319  $
66,879  $        4,560  17  $      64,188  $      67,398  $        3,209  17
 $      64,188  $      68,985  $        4,797  18  $      66,114  $      69,420
 $        3,306  18  $      66,114  $      71,158  $        5,045  19  $
68,097  $      71,502  $        3,405  19  $      68,097  $
73,400  $
5,303  20  $      70,140  $      73,647  $        3,507  20  $      70,140
$      75,712  $        5,572  21  $      72,244  $      75,857  $        3,612
 21  $      72,244  $      78,097  $        5,852  22  $      74,412  $
78,132  $        3,721  22  $      74,412  $      80,557  $        6,145  23
 $      76,644  $      80,476  $        3,832  23  $      76,644  $      83,095
 $        6,450  24  $      78,943  $      82,891  $        3,947  24  $
78,943  $      85,712  $        6,769  25  $      81,312  $
85,377  $
4,066  25  $      81,312  $      88,412  $        7,100  26  $      83,751
$      87,939  $        4,188  26  $      83,751  $      91,197  $        7,446
 27  $      86,264  $      90,577  $        4,313  27  $      86,264  $
94,070  $        7,806  28  $      88,852  $      93,294  $        4,443  28
 $      88,852  $      97,033  $        8,181  29  $      91,517  $      96,093
 $        4,576  29  $      91,517  $     100,089  $        8,572  30  $
94,263  $      98,976  $        4,713  30  $      94,263  $
103,242  $
8,980   * TOTAL DIFFERENCE * * $      95,151 * ** ** ** * TOTAL DIFFERENCE *
* $     144,421 *
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