This is because of 3 main limitations:
It is deemed socially unacceptable to share or ask how much others make.
We get a new job, buy a car, or buy a house only once every few years.
Much like personal finance, the only way to learn it is to proactively seek it.
Over a 40-year career, negotiating a $7,000 higher salary means earning a cumulative $280,000 more during career.
Similarly, a $12,000 salary increase leads to $480,000 in additional lifetime earnings.
Lastly, annual raises of 3% vs 4% vs 5% may not seem like much at the time, but these incremental increases can have profound impacts over 4 decades (see graph).
Everyone' situation is unique, but the same ideas and consequences apply to those who have a lot of working career ahead of them.
Find out about the Close This Gap suite of products that exists to address your varying negotiation-related needs.
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