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← How to Negotiate in Your Career | In-Person | J.P. Morgan

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Showing Revision 8 created 08/26/2019 by Alexandre Clemente.

  1. On the one hand, people
    are really striving for homeownership,

  2. and people also like to improve themselves
    by getting a higher education.
  3. But unfortunately, what a lot
    of people don't talk about is
  4. on the other side of
    those two big goals,
  5. homeownership and college, is that
    nasty little four-letter word, debt.
  6. And we've got $1.5 trillion
    in student loan debt outstanding,
  7. a trillion dollars
    in auto loans,
  8. so the challenge is how
    do you meet those goals
  9. without putting yourself
    in the hole financially?
  10. Part of the big mistake that
    a lot of people make is ignoring it.
  11. So many people abdicate
    financial responsibility.
  12. I'm all for people
    having trusted advisors
  13. and accountability
    partners,
  14. because I think that having
    an expert in your corner
  15. definitely helps you to reach
    your goals more quickly,
  16. but what I don't like
    is for people to just turn over
  17. their finances 100% to any
    third party, whether that's a spouse,
  18. a family member,
    an advisor exclusively,
  19. without being plugged in
    and engaged and sort of
  20. knowing what's going on
    with their finances.
  21. If you spend more than you earn,
    you will always be broke and in debt.
  22. That's economics,
    you will never get around that.
  23. And so it really doesn't matter
    if you make $50,000, $150,000,
  24. $15 million, if you're
    living above your means,
  25. it's going to catch up
    with you.
  26. It's frankly, much easier to get out
    of debt than it is to stay out of debt,
  27. because staying out of debt
    requires a mindset shift.
  28. It really does require you
    to reorient your thinking
  29. and to not care so much
    about everything else
  30. that's going on
    around you.
  31. And increasingly, as we move
    into this era of social media,
  32. I find that a lot of
    people fall victim to this,
  33. because they're watching their
    Instagram pages or on Facebook,
  34. and they're seeing
    what other people have
  35. or the curated
    version, at least,
  36. of what people
    want you to see.
  37. The challenge is to understand
    where was I a year ago?
  38. Where was I
    two years ago?
  39. I'm not going to compare
    myself to others.
  40. I'm just going to benchmark
    myself against me
  41. and measure
    my financial progress.
  42. Once you start doing that and
    kind of disassociating yourself
  43. to the extent that's possible from
    what other people are doing,
  44. it actually really
    liberates you.
  45. Because you start to say
    I'm on a unique path
  46. and that journey is all about me
    and what my financial goals are,
  47. what my priorities are, and what
    my special considerations are
  48. given my family
    circumstances.
  49. One of the things that I think
    women in particular need to do,
  50. especially young women who
    are starting out in their careers,
  51. is to negotiate
    more.
  52. And this is true whether
    or not you're an employee
  53. working for
    somebody else
  54. or you're a business owner
    and you're charging clients.
  55. I think when women fail
    to realize their value,
  56. it impacts them financially
    for decades to come.
  57. As a matter of fact,
    research shows that
  58. women who don't negotiate,
    they actually lose out on about
  59. 2 million dollars' worth
    of earnings in their lifetime.
  60. So it's critical that women
    see themselves as capable
  61. and that they know
    their worth and frankly,
  62. assert it and demand
    that they get paid
  63. what they are,
    in fact, worth.