How to Negotiate in Your Career | In-Person | J.P. Morgan
-
0:09 - 0:12On the one hand, people
are really striving for homeownership, -
0:12 - 0:17and people also like to improve themselves
by getting a higher education. -
0:17 - 0:20But unfortunately, what a lot
of people don't talk about is -
0:20 - 0:22on the other side of
those two big goals, -
0:22 - 0:26homeownership and college, is that
nasty little four-letter word, debt. -
0:26 - 0:31And we've got $1.5 trillion
in student loan debt outstanding, -
0:31 - 0:33a trillion dollars
in auto loans, -
0:33 - 0:36so the challenge is how
do you meet those goals -
0:36 - 0:39without putting yourself
in the hole financially? -
0:42 - 0:46Part of the big mistake that
a lot of people make is ignoring it. -
0:46 - 0:49So many people abdicate
financial responsibility. -
0:49 - 0:52I'm all for people
having trusted advisors -
0:52 - 0:53and accountability
partners, -
0:53 - 0:56because I think that having
an expert in your corner -
0:56 - 0:59definitely helps you to reach
your goals more quickly, -
0:59 - 1:02but what I don't like
is for people to just turn over -
1:02 - 1:07their finances 100% to any
third party, whether that's a spouse, -
1:07 - 1:09a family member,
an advisor exclusively, -
1:09 - 1:12without being plugged in
and engaged and sort of -
1:12 - 1:15knowing what's going on
with their finances. -
1:18 - 1:22If you spend more than you earn,
you will always be broke and in debt. -
1:22 - 1:26That's economics,
you will never get around that. -
1:26 - 1:29And so it really doesn't matter
if you make $50,000, $150,000, -
1:29 - 1:33$15 million, if you're
living above your means, -
1:33 - 1:34it's going to catch up
with you. -
1:34 - 1:39It's frankly, much easier to get out
of debt than it is to stay out of debt, -
1:39 - 1:43because staying out of debt
requires a mindset shift. -
1:43 - 1:46It really does require you
to reorient your thinking -
1:46 - 1:48and to not care so much
about everything else -
1:48 - 1:50that's going on
around you. -
1:50 - 1:54And increasingly, as we move
into this era of social media, -
1:54 - 1:56I find that a lot of
people fall victim to this, -
1:56 - 2:00because they're watching their
Instagram pages or on Facebook, -
2:00 - 2:02and they're seeing
what other people have -
2:02 - 2:04or the curated
version, at least, -
2:04 - 2:06of what people
want you to see. -
2:06 - 2:09The challenge is to understand
where was I a year ago? -
2:09 - 2:11Where was I
two years ago? -
2:11 - 2:12I'm not going to compare
myself to others. -
2:12 - 2:15I'm just going to benchmark
myself against me -
2:15 - 2:17and measure
my financial progress. -
2:17 - 2:20Once you start doing that and
kind of disassociating yourself -
2:20 - 2:23to the extent that's possible from
what other people are doing, -
2:23 - 2:25it actually really
liberates you. -
2:25 - 2:28Because you start to say
I'm on a unique path -
2:28 - 2:32and that journey is all about me
and what my financial goals are, -
2:32 - 2:36what my priorities are, and what
my special considerations are -
2:36 - 2:38given my family
circumstances. -
2:42 - 2:45One of the things that I think
women in particular need to do, -
2:45 - 2:47especially young women who
are starting out in their careers, -
2:47 - 2:49is to negotiate
more. -
2:49 - 2:51And this is true whether
or not you're an employee -
2:51 - 2:52working for
somebody else -
2:52 - 2:55or you're a business owner
and you're charging clients. -
2:55 - 2:58I think when women fail
to realize their value, -
2:58 - 3:01it impacts them financially
for decades to come. -
3:01 - 3:03As a matter of fact,
research shows that -
3:03 - 3:06women who don't negotiate,
they actually lose out on about -
3:06 - 3:102 million dollars' worth
of earnings in their lifetime. -
3:10 - 3:13So it's critical that women
see themselves as capable -
3:13 - 3:15and that they know
their worth and frankly, -
3:15 - 3:18assert it and demand
that they get paid -
3:18 - 3:20what they are,
in fact, worth.
- Title:
- How to Negotiate in Your Career | In-Person | J.P. Morgan
- Description:
-
In business and in their careers, women should negotiate. Lynnette Khalfani-Cox, personal financial expert, explains why.
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How to Negotiate in Your Career | In-Person | J.P. Morgan - Video Language:
- English
- Duration:
- 03:38
Alexandre Clemente edited English subtitles for How to Negotiate in Your Career | In-Person | J.P. Morgan | ||
Alexandre Clemente edited English subtitles for How to Negotiate in Your Career | In-Person | J.P. Morgan | ||
Alexandre Clemente edited English subtitles for How to Negotiate in Your Career | In-Person | J.P. Morgan | ||
Alexandre Clemente edited English subtitles for How to Negotiate in Your Career | In-Person | J.P. Morgan | ||
Alexandre Clemente edited English subtitles for How to Negotiate in Your Career | In-Person | J.P. Morgan | ||
Alexandre Clemente edited English subtitles for How to Negotiate in Your Career | In-Person | J.P. Morgan | ||
Alexandre Clemente edited English subtitles for How to Negotiate in Your Career | In-Person | J.P. Morgan | ||
Alexandre Clemente edited English subtitles for How to Negotiate in Your Career | In-Person | J.P. Morgan |