Posts Tagged ‘women and financial management’

Who is embarrassed to negotiate in front of friends & colleagues?

Monday, September 28th, 2009

womenmoneyThrough discussions with women I know of all ages, it seems that some of us are too embarrassed to negotiate at all, while many of us find it extra embarrassing to negotiate in front of friends or colleagues for fear of what they may think of us.  It seems that there is still a stigma attached to negotiation be it when we are looking to make retail or wholesale purchases, buy at markets or even negotiate our salaries in the workplace.

Do women care more what others think of them than men when it comes to negotiation?  Why are we embarrassed to negotiate when spending our hard earned cash or negotiating our worth in the workplace?

Note: If you are interested in improving your negotiation skills, come along to the Women in Finance Event on the 20th October 2009 - ‘Negotiation for Women How Confident are you in your Salary Negotiation Skills?’

An easy way to earn more money! Salary management!

Monday, May 18th, 2009

MoneySince my mid twenties I have always had my salary paid into two bank accounts.  I am not sure how I developed this practice however it is one that I advocate. It has enabled me to grow my own financial wealth, and to become more financially astute.

I have many friends in their twenties and thirties who are intelligent women, however when it comes to financial management too many fail to invest in their futures. They, like a lot of people, spend all that they earn. Some pay off their credit cards in full so as not to attract extra interest, some have mortgages and all have the standard living expenses.

An easy way to begin investing and earning more money is to set aside a minimum of 10% of your weekly or annual salary to be paid into an interest bearing account. Ensure it is transferred before you even have a chance to see it – have it locked away.

Kick start your financial management plan today by having your employer pay your salary into two accounts with a minimum of 10% of your salary going into an interest bearing account. If they are not obliging, simply set up an automatic transfer to occur each month.  You will be quite surprised at the end of a year to see how your money has grown.

Please share your wealth creation and financial management tips.

A Few Compelling Salary Negotiation Facts for Women

Thursday, January 1st, 2009

MoneySome of the issues that contribute to wage inequality will not be easily resolved and will take time before we see real changes. However, there are a few areas women can take control of to assist in addressing the imbalance. These all revolve around negotiation of salary; be that for full time or part time work, a bonus, added benefits or asking for above award wages.

Studies undertaken on this topic across the globe show that women are highly uncomfortable with salary negotiation – as a result we avoid it.  Even when we do enter into a salary negotiation we don’t actively seek out the best deal for ourselves, but rather look to a positive outcome for both parties.

Some key facts include:
•    Men initiate negotiations about four times as often as women.
•    Many women are so grateful to be offered a job that they accept what they are offered and don’t negotiate their salaries.
•    Women report salary expectations between 3 and 32 percent lower than those of men for the same jobs.
•    Women who consistently negotiate their salary increases earn at least $1 million more during their careers than women who don’t.
So, if the last fact is not going to entice you to develop your salary negotiation skills so that you have both a personally and financially prosperous career, I am not sure what will!

If you want to learn more about salary negotiation visit Six Figures Salary Negotiation Resources for your free salary negotiation workbook and quiz to see how ready you are to negotiate your next pay rise. There are many great articles, websites, books and seminars you can attend to develop your negotiation skills.  Being a successful negotiator is a matter of educating yourself and putting what you learn into practice. Like all things worth doing it takes time however the benefits are truly worth it.