Are You Getting Paid Less for the Same Work?

Black Americans generally earn less income than their white counterparts doing the same job. According to a US Census Bureau report, whites average 29-percent more income than blacks. For example, if a white co-worker earns $40,000, the black co-worker earns about $28,400.

Nothing is more demoralizing than finding out a co-worker makes more money than you for doing the same job. “How do you find out what a fair salary is?” Great question, read on.

Professional decorum makes securing a fair salary a challenging exercise. You can’t just ask co-workers,

“How much do they pay you?” And, human resource managers are not likely to volunteer that information. So, what do you do when you’re up for a raise or deciding whether to accept a job offer? Use this information to research your industry and demand your value.

Not-For-Profits/Government Jobs- Financial information for public sector institutions is public information. If you work in government, perform a Google search on State Employee Salaries for your state. Then research what your counterparts are making in your agency and compare it to other agencies or employees with similar positions. Not-for-profit jobs must provide access to their annual reports. GuideStar is a great place to get reports. You can also request copies from the Public Information Department.

Private Sector Jobs- You have to do more research to find out competitive income rates for these positions. You can start by searching the classifieds for similar jobs and duties. Then, find out what competitors are paying your counterparts. Also, reach out to the local chapter of National Association for “Your Profession”, for information about local salaries for in your field.

Use the average salary for people in your position with similar backgrounds as a benchmark in your negotiations. Everybody does not produce the same value for a company. So, everybody does not deserve the same salary. You have to also consider the variables including educational background, experience, and your time with the company, etc. Use this information as a starting point in your quest for a fair salary.

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Image Matters! Just Ask Tiger

It doesn’t matter if you are a billionaire golfer or a plain Jane, image matters. Tiger Woods’ pristine, winning image helped him earn 90% of his $1 billion fortune since turning pro in 1996. Now, as companies divest from the Tiger brand, his earning potential is temporarily on hold, at best.

We’d like to think there is a separation between our personal and business lives. The truth is our personal behavior can negatively affect how people perceive us. And, you know perception is everything. Bad perception is a distraction. In a bitterly competitive environment companies do all they can to avoid anything that distracts from their products. Customers are not likely to support companies that make them feel uncomfortable.

Secondly, you are also judged by the company you keep. Relationships are a pseudo endorsement of a person’s lifestyle and behavior. For example, a company associating with a known pedophile would offend millions of people. People don’t usually spend money with companies or people that offend them.

Take great consideration in how you present yourself. Remember, people are always watching and scrutinizing your actions. I’ve gone to conferences where many of my fellow attendees earned job and internship offers. A few of those attendees went to a conference party some scantily dressed and others danced suggestively. Sure, it’s a “party,” but; people won’t stop evaluating your judgment. Especially, if you plan to represent their company. Many of those job and internship offers were rescinded

I’m not telling you to project an inauthentic caricature of yourself. Instead, project a confident, approachable and productive image. It’s important that your image communicates two things. First, that you add value. Second, that you can be trusted with their brand. Think about it. Nobody ever got fired for discreet and respectable.

Picture found at http://www.TigerWoods.com

Slash $1800 Off of Your Transportation Costs

The average American spends nearly 18-percent of their income ($5,400 if you earn $30,000) on transportation costs. That’s according to the U.S. Labor Department’s Consumer Expenditures Report. Cutting just a third of those expenses could save $1,800. Here are 3 tips to help you put the brakes on increasing costs.

Part-Time Driving- Save $40 a month by joining or starting a carpool. Find out if your co-workers live near you and start saving. Use the savings to buy a $40 I-Bond each month and after 25 years you would have approximately $24,000. Also, try starting a kids school pool with “trustworthy” neighbors or relatives. Doing so cuts at least 15-percent or $225 yearly off gas expenses.

Public Transportation-Catching the bus, rail or subway three times a week can shed 20-percent off your gas bill. Saving you more than $300 in yearly fuel costs. Using public transportation every work day saves over 50-percent or $750 per year. After 25 years, a onetime investment in a stock that earns 8-percent interest annually, transforms a $750 investment into a $5,136 payday. If you kept putting $750 each year into a mutual fund earning 8-percent you would have $59,215.81, after 25 years.

Auto Maintenance- Poor maintenance is eventually expensive. Maintain your oil levels, tune-ups, repairs and tire air pressure. Doing so improves your car functions and decrease gas consumption, effectively saving your wallet.

You can use the $1,800 to fund your IRA, pad your emergency fund or go on vacation. Of course, every family has to consider their own needs.

What Are You Doing This Weekend?

As the work week comes to a close, it’s not unusual for co-workers to ask, “What are you doing this weekend?” Hopefully, you’re not spending money you don’t have. Sure, you work hard. And, yes, you deserve a break. But, can you afford it?

According to the U.S Labor Department’s 2009 Consumer Expenditures Report , on average Americans spend nearly 18-percent ($5,400 if you earn $30,000) of their income on food and entertainment. You could use that money to invest for retirement, cushion your emergency fund or eliminate debt. Here are some strategizes to do just that.

Entertainment (5.4% or $1620)- You don’t have to quit movies all together, if that’s your thing. Just try a different approach. Often times the local library has recent DVDs for free. Redbox lets users rent DVDs for 99 cents per day and NetFlix charges $9 per month for unlimited rentals. If, you have to see Madea when it first comes out, go any day between Monday through Thursday at half price. Also, find out what events your community and city are hosting. Also, consider potlucks, family game nights, etc.

Food (At Home 7% or $2100) - Make great use of coupons, bundles deals and specials. Make your home menu conform to whatever is on sale. If ground beef is 2-for-1 have spaghetti on Monday and meat loaf on Tuesday. Another great way to save money is to switch to generic versions of grocery items. Of course, there are some items where you have to get the name brand version. But, switching 90-percent of your grocery items to generic saves between 15 through 30- percent. That changes a $200 bill to $140-$170. Don’t forget coupons, farmers markets, meat stores, bulk buying stores, etc.

Food (Away from Home 5.4% or $1620) - Eating out during a recession is not a priority. Minimize this expense by brown-bagging your lunch. Brown-bagging saves at least $140 per month (assuming you spend $7 per workday.) If you have to eat out, do it once per pay period. Then, order carryout. That way you avoid tips and appetizers.

Of course, we all need a break from the madness. Don’t finance it at the expense of your future.

Picture found at MasterFile.com