How much can it cost you to avoid negotiating your first salary?
"I tell my graduate students that by not negotiating their job at the beginning of their career, they're leaving anywhere between $1 million and $1.5 million on the table in lost earnings over their lifetime."
- Linda Babcock
For more information and the full interview with Linda Babcock on NPR, click here.
How does ethnicity affect the wage gap?
While the average full time working woman makes 74% that of a full time working man, the pay gap widens for women of color. We can see from AAUW's chart below that the average full time working Latina woman makes just 54% that of a full time working white man. That's just over HALF as much!
- AAUW's The Simple Truth about the Gender Pay Gap.
What's the difference between a mentor and a sponsor?
"Think of mentors as the friendly guides who dispense helpful information, offering up input and advice to mentees.
Sponsors, on the other hand, are defined by their organizational clout and ability to open doors; they will personally advocate for a cause, project or promotion on a protégé’s behalf."
- Why Millenials Matter Blog
- "Mentors and Sponsors: Why We Need Both"
What's the difference between 401K, IRA and Roth IRA?
A 401(k) Plan is a defined contribution plan where an employee can make contributions from his or her paycheck either before or after-tax, depending on the options offered in the plan. The contributions go into a 401(k) account, with the employee often choosing the investments based on options provided under the plan.
An individual retirement account (IRA) allows individuals to direct pretax income, up to specific annual limits, toward investments that can grow tax-deferred (no capital gains or dividend income is taxed).
Roth IRA is an individual retirement account allowing a person to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59½ are tax-free.
For more information, click here.