MMM #5: money mindset + finding fair pay
Learn how to understand your money mindset, and 3 tips to find what you could earn.
Hope you’re having a great start to the new year! I’m working on a video about budgeting this week — more updates coming soon 👀
In this issue of Mindful Money Mondays:
- 🧠 Mindset: How to understand your money mindset
- 💸 Wealth: 3 tips to find what you could earn
🧠 Mindset: How to understand your money mindset
We all have a relationship with money, but how often do we think about how it's impacting our lives? Here are some ideas to learn more:
Do a money personality quiz — I like Sorted’s quiz; they share nuanced insights and have a wide range of results.
- These quizzes are input, not the final say. We can always change how we approach our relationship with money going forward.
Reflect with this Notion template, which includes questions like:
- How has my relationship with money changed over time?
- What does being wealthy look like to me?
- What are some fears I have surrounding money?
Read The Psychology of Money by Morgan Housel, or a summary.
💸 Wealth: 3 tips to find what you could earn
No matter your job-seeking status, it’s great to know the average pay rate for your job. Here’s what I generally do at least once a year:
- Read salary guides and renumeration reports, starting with this list ↗️ . Also keep in mind:
- Averages are more likely to get skewed compared to a median.
- Many factors go into compensation: location, equity, experience, benefits, and culture can be harder to see.
- If you’re part of a community (e.g: Women in Tech), they may also have collated this data to share amongst members.
- Talk to your network.
- Ask people in similar roles, including below and above your “level” if they are comfortable with sharing details about their compensation.
- You could discuss a past salary/range, or share & swap advice.
- Check that your employment contract doesn’t include a confidentiality clause - this can be enforced.
- Check job listings - look for salary bands, or put Seek listings into WhatsTheSalary.com ↗️
- Companies may try to put you in the lower-end of a band so that you have room to grow your income.
- In saying that, your salary can also become the baseline for future increases, so negotiate as you see fit.
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Until next week,