Did you know that women reach their peak earnings at age 44—a full 11 years before men?1 There are a variety of reasons for this gap—including trends for specific career fields, the choice to start a family, and ethnicity—but it can have the long-term effects on your financial strategy.
What can you do to make up the gap? A lot of it may come down to your workplace. You could ask for and negotiate a raise—just be prepared. Put together a list of your accomplishments and ways you’ve contributed to your company’s overall value. Keep in mind your career field’s overall marketplace and your company’s health; this will help you gauge how much to ask for.
If a raise isn’t in the cards, you may choose to look at ways you can supplement your income. This can include purchasing a real estate property, freelancing, or taking advantage of the gig economy, and we can always get together to discuss the appropriate options for you. Call the office any time to schedule an appointment.
The Advisors and Staff at Guided Professional Solutions
Bridging the Earning Gap
June 13, 2023