Discussing salary: The pros and cons of disclosing your earnings to coworkers

three men talking among themselves

You’ve just been hired for a new job.

You’re out for drinks with coworkers one day and the topic of salary comes up. You’re not sure how to approach the topic.

Sounds familiar?

In this article, we will explore the pros and cons of disclosing your salary among your colleagues. We will also provide some tips on how to handle the situation if you do choose to divulge this information.

The pros of disclosing your salary

First off, it can help break the ice and create a more open and candid working environment. It can also help build trust among colleagues, as they will know that you’ve nothing to hide.

Disclosing your salary can also help you learn more about what others are making, and whether or not you’re getting a fair deal. And finally, it can give you some leverage when it comes time to ask for a raise.

The cons of disclosing your salary

Let’s be honest—sharing your salary with your colleagues can be a little bit dangerous. You never know who might use that information against you.

For example, if you’re asking for a raise and your colleague knows how much you’re making, they might use that information to try and undercut you in salary negotiations.

You also run the risk of creating tension among your colleagues if you’re earning more than others. It can be demoralizing for your teammates to know that you’re making more, more so if it’s for similar positions.

What to do if you’re asked about your salary by a colleague
workplace gossip

Image Credits: shrm.org

Well, first of all, understand why they’re asking.

There could be a few reasons: they might be curious, they might want to get a sense of how much they could make if they switch jobs, or they might just be nosy.

No matter the reason, it’s not always easy to disclose your salary. You might feel like the company is undervaluing you since you’re not being paid enough. Or on the flip side, you could be satisfied with your salary and not want to divulge that information.

Ultimately, it’s up to you whether or not you want to share your salary with your colleagues. If you do decide to disclose your earnings, be prepared for possible backlash.

How to deal with feeling underpaid or disconnected from colleagues financially

Consider how you feel about your salary.

If you’re feeling underpaid or disconnected from your colleagues financially, then disclosing your salary could make you feel better.

It can be empowering to know that you’re earning more than someone else in the same role as you. But also mind the opposite if it’s true.

There are pros and cons to disclosing your salary to your co-workers. On the one hand, you may feel more comfortable knowing that everyone is on the same page. On the other hand, you may worry that others will judge you—or even try to take advantage of you—if they know how much money you make. Before disclosing your salary, weigh the pros and cons and decide if it’s right for you. If you do decide to disclose your salary, be sure to stay strong in the face of possible criticisms or judgments.

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Just Got Married! Now What?

Marriage is about teamwork and compromise. Whether you have been married for two weeks or two decades, it is essential to be able to work together with your partner. The reality is that working together can be challenging, especially when it comes to your finances. In fact, the majority of divorced adults cited money as the reason for their separation.

You can tackle money as a team with honesty, communication, and dedication to a shared plan!

#1: CREATE A HOUSEHOLD BUDGET

A budget should tell you how much money you anticipate having and where it will go. Your income and expenses will change once you are married. It is important that you create a new combined household budget and revisit your Indvidual budgets to adjust to the marital shift.

#2: SET SHARED PRIORITIES

What do you value the most as individuals? What do you value the most as partners? Personal management begins with understanding your priorities and what you want. As you come together, you will need to merge those priorities and ideas to filter what you both believe in. These priorities will help influence your most crucial money decisions.

#3: SIT DOWN TO DISCUSS

It is unpleasant to talk about money during inappropriate times or when your spouse is not ready to discuss serious matters. Do not discuss money at random times! Pick a specific date to talk deeply about money. This mutual time for a meeting will enable you to stay on the same page. Feel free to raise your concerns to produce a shared solution.

#4: EMBRACE YOUR DIFFERENCES

Everyone has a different relationship with money. It is not a requirement that you understand how your spouse feels the way they do, but it is important to recognize and respect those feelings. Accept that differences are inevitable.

#5: ESTABLISH A JOINT EMERGENCY FUND

Once you and your partner are living together, you can both work on setting aside funds for any potential emergencies such as unemployment and sudden home repair. A high-yield savings account can be the perfect place to build this joint emergency fund. Set aside cash savings that is equal to about six months’ worth of your joint fixed expenses.

#6: HAVE A SHARED CREDIT CARD

Maximize the rewards you can earn on all your joint purchases by opening a joint credit card or having your spouse become an authorized user on your credit card. If you sign up for a rewards credit card, you can use your newly established joint checking account to pay off that credit card every month. This will increase your bonuses and rewards along the way.

Image Credits: pixabay.com

#7: TRACK YOUR SPENDING

Another way to avoid fights about money is to track your spending. There are no surprises when you track your spending together. There is many personal finance management software available for free such as the Expensify, Spendee, Money Lover, or Mint app. You can also do the old school method by creating a ledger. Knowing where your money is going is just the first step! Working together is all about transparency.

Sources: 1 & 2

 

 

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When to avoid getting a loan

a loan pouch

There are times when it’s best to avoid getting a loan.

For example, if you know you won’t be able to make your monthly payments or you have poor credit, you might want to consider alternatives to getting a loan.

In this article, we will go over the situations when it’s best to avoid getting a loan. Stay on this page.

You are already in debt

You should avoid getting a loan if you’re already in debt. When you’re already in over your head, taking on more debt is only going to make things worse.

You need to get your finances in order so that you can start paying down your current debt. Once you’ve done that, then you can think about taking out a loan.

But don’t forget—loans come with interest rates that can add up over time. Make sure you’re aware of what you’re signing up for before you commit to anything.

You do not understand the terms
terms and conditions page

Image Credits: acquisition-international.com

You probably shouldn’t get a loan if you don’t understand the terms. Yeah, it’s that simple.

When you’re taking out a loan, you’re signing a contract with the lender. And if you don’t completely understand what you’re agreeing to, then you’re putting yourself at risk.

There are a lot of things to consider when you’re borrowing money, like the interest rate, the length of the loan, and the fees. And if you’re not sure what any of that means, then you need to ask for clarification.

It’s also a good idea to get a loan from a reputable lender, someone who has a satisfactory reputation and will be honest with you about your options. So before you sign anything, make sure you do your research and understand what you’re getting into.

You do not need the money that urgently

You might be tempted to get a loan when you’re short on cash, but you should avoid doing that unless you have to. If the truth is, you don’t need the money that urgently.

There are other ways to get out of a financial bind without having to take on more debt. You can sell some of your stuff, or maybe you can run a side hustle to bring in some extra cash.

There are plenty of options available to you, so you should explore all of them before you decide to take on more debt. Debt is a slippery slope, and it can be tough to get out of it once interest rakes up.

Getting a loan to help with a financial emergency is a responsible thing to do, but only if you meet all the requirements. There are a few cases where getting a loan is not the best idea. For instance, if you just left your job or if you have a low credit score, you’re going to have a hard time qualifying for a loan. As mentioned above, you may also want to avoid taking out a loan if you’re already in debt, you do not understand the terms, or you don’t need the money that urgently. If you meet the requirements and can afford the payments, getting a loan makes sense. Just make sure you shop around for the best interest rate and terms.

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The power of daydreaming: How to use it to your advantage

looking out of the window while drinking coffee

You’ve probably heard that daydreaming is a waste of time.

But the truth is that there are many advantages to indulging in a little daydreaming. In fact, according to some experts, daydreaming is not only normal, but it’s also beneficial.

Types of daydreamers

There are two types of daydreamers: the positive and the negative.

A positive daydreamer is someone who uses their imagination to create positive scenarios in their life. They might visualize themselves achieving their goals or becoming better people.

The negative daydreamer, on the other hand, tends to dwell on negative thoughts and experiences. They might worry about things that haven’t even happened yet or replay old arguments in their head.

The benefits of daydreaming
woman looking out of the window

Image Credits: news.gatech.edu

You may not realize it, but you use daydreaming to your advantage all the time.

When you’re stuck in a boring meeting, for example, you’re probably daydreaming about being somewhere else. That’s your brain’s way of helping you get through a tough situation.

Daydreaming can also help you come up with new ideas. When you’re relaxed and your mind is free to wander, it can come up with solutions to problems that you wouldn’t have thought of when you were in the zone and stressed out.

So next time someone tells you to stop daydreaming and pay attention, tell them that you’re just using your brain in the wisest way possible (ha!).

Ways to overcome the negative effects of daydreaming

So you know that daydreaming can be a smart way to escape from reality, but what if it starts to have negative effects on your life?

First, try to be more aware of when your mind starts to wander. Once you become more conscious of it, you can start to take control of your thoughts and steer them in the right direction.

And don’t be too hard on yourself. Daydreaming is normal and everyone does it sometimes. Just make sure that it doesn’t interfere with your ability to live in the present and focus on what’s tangible.

Daydreaming can seem like a waste of time, but it can be a powerful tool. By daydreaming, you can come up with new ideas, solve problems, and improve your creativity. The next time you find yourself daydreaming, pay attention to what’s going on in your mind. See if you can use the images and thoughts that pop up to help you with whatever you’re working on. Daydreaming can be a wonderful way to get inspired and come up with fresh concepts. Use it to your advantage!

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Should you stay in a high-paying job you hate?

a woman bored at work

You’re stuck in a high-paying job you hate.

You’re overworked and undervalued. But you’re also terrified of giving it up. What if you can’t find something else better?

Weighing the pros and cons is a good place to start, but ultimately the decision comes down to what’s best for you. No matter what you decide, make sure you take the time to evaluate your options and think about what’s most reasonable for you long-term.

The pros and cons of staying in a high-paying job you hate

On the pro side, you’re making a lot of money.

And if you’re comfortable with your lifestyle, it may be worth it to stay in your current job and just grin and bear it.

But on the con side, you’re probably not very happy. You may feel like you’re trapped in a cage with no other options.

And if that’s the case, you’re going to be less motivated to do your best work. You may also start to resent your job and your coworkers. This can lead to a lot of stress and unhappiness in your life.

What to do if you can’t quit your high-paying job
colleagues in a discussion

Image Credits: hr.sparkhire.com

Here are a few tips:

  • Talk to your boss. Figure out what’s bothering you and see if there’s any way to fix it. Maybe your boss isn’t aware that you’re not satisfied, and a discussion could lead to a change that makes you more comfortable in your job.
  • Take some time for yourself to reassess what you want out of your career. Maybe there’s another department within the company that you would like to switch to?
  • Get creative. If quitting your job isn’t an option, make it more bearable. Could you negotiate to work from home one day a week? Could you take a sabbatical?
How to deal with the psychological effects

If you’re certain that you can’t afford to lose the salary, here are some suggestions that can aid in dealing with the psychological effects of having a high-paying job that you hate:

  • Make a list of your top priorities and focus on what’s important to you at work.
  • Don’t be afraid to ask for help. Turn to coworkers who can lend a hand.
  • Don’t compare yourself to others. You’re on your unique journey.
  • Take some time for yourself and do things that make you smile.
  • Be patient and trust that the right opportunity will come along.

If you’re not pleased with your job, it’s probably taking a toll on your mental and emotional health. You’re not getting the satisfaction you need from work, and that’s impacting other areas of your life. On the other hand, if you’re content with your job but just want a higher salary, there are ways to get that without leaving your current job. Talk to your boss about a raise or look for a new internal position that will pay you what you’re worth. So what do you think? Is it a must to stay in a high-paying job you hate?

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