In a world where women earn 79 cents for every dollar men make, why would you follow the traditional financial advice that created that gap in the first place? Here’s what to do instead.
“When you’re silent about money, it allows women to be paid less,”, speaker, author, and personal finance expert shared with me. You may be getting paid less than the person sitting next to you—even if you’re actually doing more—but because we generally don’t talk about money, you don’t know it. “When you have the freedom to talk about money, the employer can’t play games.”
“If someone wants to hire you and you’ve written a book, or have a lot of press, or are constantly on theabout your industry, that makes you more valuable,” Hennessy explains, “because [the employer’s] star rises with yours.” A money mentor can provide guidance, especially in professional scenarios that wouldn’t necessarily be appropriate for the advice of a financial planner. For example, when asking for a raise, “you always have to have somebody on your team,” explains Hennessy, “who can tell you if you’re being down on yourself or selling yourself short, but someone who can also tell you when your head’s a little too big.
It’s also worth having a dedicated “emergency” savings fund so that you can be comfortable shifting career gears when you need to. Just ask Sabrina Macias, Vice President of Global Communications at DraftKings., she shares two stories of when she’s walked away from jobs that weren’t right without a Plan B. What made it easier? Having three to four months of her salary saved in the bank.
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