Latest / Rock My Finances / Are You Underpaid—or Have You Just Gotten Too Comfortable?

Transcript

Are You Underpaid—or Have You Just Gotten Too Comfortable? · Rock My Finances

• 0:00
  Speaker 1: Investment advisory and financial planning services are offered through Simplicity
• 0:03
  Speaker 1: Wealth LLC and SEC Registered Investment Advisor. SEC registration does
• 0:09
  Speaker 1: not constitute nor endorse of the firm, nor does it
• 0:11
  Speaker 1: indicate that the advisor has attained a particular level of
• 0:14
  Speaker 1: skill nor ability. Investing involves risk of loss. Insurance consulting
• 0:19
  Speaker 1: and education services offered through Diamond Life Planning is a
• 0:22
  Speaker 1: separate and unaffiliated entity from Simplicity Wealth. This information is
• 0:26
  Speaker 1: provided as a general information that is not intended to
• 0:28
  Speaker 1: be specific financial guidance. Before you make any decisions regarding
• 0:32
  Speaker 1: your personal financial situation, you should consult a financial or
• 0:35
  Speaker 1: tax professional to discuss your individual circumstances and objectives.
• 0:40
  Speaker 2: Welcome to the Rock My Finances show on K4HD Radio
• 0:43
  Speaker 2: and Talk4TV, where we put the fun in finance. Join
• 0:48
  Speaker 2: powerhouse Jennifer Jost, CDFA, CMC, and private wealth advisor, as
• 0:53
  Speaker 2: she collaborates with you to create clarity, control, and confidence
• 0:58
  Speaker 2: with your money, your way. It's not about the zeros,
• 1:02
  Speaker 2: so what is it all about? Let's find out. Now,
• 1:05
  Speaker 2: here's your host and weekly friend, Jennifer Jost.
• 1:09
  Speaker 1: Hey y'all, welcome back. Okay, this is going to be
• 1:12
  Speaker 1: a good one. Are you underpaid or have you just
• 1:16
  Speaker 1: gotten too comfortable? I don't know about you, but when
• 1:19
  Speaker 1: I get settled into a place that I really like,
• 1:22
  Speaker 1: I like the people, I like my job, I like
• 1:25
  Speaker 1: my responsibilities, I like what's happening. We can just get
• 1:29
  Speaker 1: really comfortable and not want to make a change. I can't,
• 1:32
  Speaker 1: we can do that in relationships too, right? So comfort
• 1:35
  Speaker 1: is very interesting. We spend a huge part of our
• 1:38
  Speaker 1: lives trying to create it. We want a comfortable home.
• 1:42
  Speaker 1: We want, you know, like for me, I'm a blanket gal.
• 1:44
  Speaker 1: I like blankets and pillows. We want a comfortable income
• 1:48
  Speaker 1: so that we know what we can spend and we
• 1:50
  Speaker 1: can go out to dinner. We can go on vacations.
• 1:52
  Speaker 1: We want it, you know, not tight, tight, check to check,
• 1:55
  Speaker 1: but we want to be comfortable. We want comfortable relationships.
• 1:58
  Speaker 1: We don't want a lot of drama. We don't want
• 2:00
  Speaker 1: a lot of chaos. We don't want a lot of illness.
• 2:03
  Speaker 1: We don't want a lot of debt, right? We want
• 2:06
  Speaker 1: a comfortable routine, not up too early, or at least
• 2:10
  Speaker 1: if we are, it works for our body. Then one day,
• 2:13
  Speaker 1: the very comfort that we work so hard to create
• 2:16
  Speaker 1: can become the thing that keeps us stuck. This happens
• 2:20
  Speaker 1: to women professionally all the time. You know everybody. You
• 2:24
  Speaker 1: know the systems. You know the computers. You know the logons.
• 2:27
  Speaker 1: You know the parking. You know your vacation time. You
• 2:31
  Speaker 1: know your time card. You know how to make it more,
• 2:34
  Speaker 1: how to make it less. Your boss likes you. You
• 2:37
  Speaker 1: like your boss. You like his boss, her boss. You
• 2:41
  Speaker 1: like the boss's boss. You've been there 12 years. It's comfortable.
• 2:45
  Speaker 1: But here's my question. How much are you paying for
• 2:49
  Speaker 1: that comfort? Because comfort has a price too. Maybe you're
• 2:52
  Speaker 1: earning $ 85, 000 and maybe the market value is actually $ 110, 000.
• 2:56
  Speaker 1: So you might not even know the market value. Have
• 3:00
  Speaker 1: you checked it? I do have my clients do this
• 3:03
  Speaker 1: when I'm coaching them. I do have them look. What
• 3:06
  Speaker 1: is your job in your area worth? Go look. Look
• 3:11
  Speaker 1: in the ads. See what it's worth. See what's open,
• 3:14
  Speaker 1: what other jobs are open. Go on an interview. Check
• 3:17
  Speaker 1: it out. See what other people are willing to pay you.
• 3:20
  Speaker 1: Don't just think in your head, oh, well, I don't
• 3:22
  Speaker 1: have that master's degree. I just have a psychology degree.
• 3:24
  Speaker 1: Or I don't even have a degree at all, so
• 3:26
  Speaker 1: they won't pay me more. Don't already sabotage it by
• 3:29
  Speaker 1: your thought. Go see what's out there. Because if you're
• 3:32
  Speaker 1: being paid $ 85, 000 and somebody else is willing to pay
• 3:35
  Speaker 1: you $ 110, 000, that's $ 25, 000 a year and next year and
• 3:41
  Speaker 1: the year after that. And maybe you haven't even asked
• 3:44
  Speaker 1: for a promotion because you don't want the stress because
• 3:46
  Speaker 1: it is stressful for some ladies, right? Or actually for
• 3:49
  Speaker 1: all of us, probably. But that's completely legitimate if it's
• 3:52
  Speaker 1: a conscious decision. But sometimes we are just completely in fear.
• 3:59
  Speaker 1: And so we're going to stay intent. Because of fear, F-E-A-R.
• 4:05
  Speaker 1: Forget that. We're going to get rid of fear. I
• 4:07
  Speaker 1: really just don't need any more money. I'm fine. Or
• 4:12
  Speaker 1: they're not going to be able to afford it. Or maybe,
• 4:15
  Speaker 1: maybe it was just waiting for it to come instead
• 4:18
  Speaker 1: of asking for it. Maybe looking elsewhere will be fun
• 4:22
  Speaker 1: for you interviewing, right? It could be fun. You might
• 4:25
  Speaker 1: meet somebody new and maybe you might find out you're
• 4:28
  Speaker 1: overpaid where you're at instead of thinking stories up. and
• 4:32
  Speaker 1: having fiction in our head, let's find out exactly what's happening.
• 4:35
  Speaker 1: Maybe you might have to learn a new technology. Maybe
• 4:38
  Speaker 1: you'd have to prove yourself in a new room full
• 4:40
  Speaker 1: of people. Maybe comfortable feels safer than discovering what you're
• 4:46
  Speaker 1: really capable of. That's the conversation I want women to
• 4:49
  Speaker 1: have with themselves. Not, should everybody make more money? That's
• 4:53
  Speaker 1: not what I'm saying. I'm saying, did you choose where
• 4:57
  Speaker 1: you are or did you slowly stop choosing? And Just
• 5:02
  Speaker 1: get comfortable. That's huge. So you might hear me talk
• 5:05
  Speaker 1: about the diamond life once in a while. So diamond
• 5:08
  Speaker 1: life in my, this is my company's name, diamond life planning,
• 5:11
  Speaker 1: diamond life strategies. I want you to live your diamond life.
• 5:14
  Speaker 1: Living your diamond life is joy every day, learning something new,
• 5:20
  Speaker 1: being excited for the future and definitely comfortable and relaxed.
• 5:26
  Speaker 1: And in the flow, as we call it in diamond life,
• 5:30
  Speaker 1: in the flow, Maybe your diamond life is a huge
• 5:34
  Speaker 1: career or a seven-figure business. Or maybe it's just working
• 5:38
  Speaker 1: three days a week and spending four days with your
• 5:40
  Speaker 1: grandkids or raising more kids for yourself. Maybe it's leaving
• 5:45
  Speaker 1: corporate America and starting your side hustle. Or maybe your
• 5:49
  Speaker 1: diamond life is staying exactly where you are, comfortable, which
• 5:53
  Speaker 1: is great. I just want it to be a choice.
• 5:56
  Speaker 1: I don't want it to be a default. Women are
• 5:59
  Speaker 1: incredibly adaptable. I mean, how could we have gone through
• 6:03
  Speaker 1: everything we've done in history without being adaptable? How can
• 6:06
  Speaker 1: we go through labor? How can we go through all
• 6:08
  Speaker 1: these things, caring for our elders and their passing care
• 6:10
  Speaker 1: for our kids, and then they're going out on their own?
• 6:12
  Speaker 1: We have a lot of loss in our life just
• 6:14
  Speaker 1: as being women, right? But we are incredibly adaptable. So
• 6:18
  Speaker 1: this is one of our superpowers. We figure things out.
• 6:21
  Speaker 1: We adjust. We make things work out. Like I just
• 6:26
  Speaker 1: did this this morning. Every single time, I'm looking at
• 6:30
  Speaker 1: my charges on my credit cards. I swear there's fraud somewhere.
• 6:33
  Speaker 1: I'd have to stop and get a new credit card.
• 6:35
  Speaker 1: And then you're on the phone for a half an hour.
• 6:37
  Speaker 1: Literally today, I was doing technology for two hours just
• 6:41
  Speaker 1: on crap and just silly things. And it's like, I've
• 6:44
  Speaker 1: got nothing done. And here I am for two hours.
• 6:46
  Speaker 1: But we make it work, right? And then I feel
• 6:49
  Speaker 1: good after. Okay, I've accomplished that. I got the refrigerator
• 6:52
  Speaker 1: repair guy up again for the fourth time. I've got
• 6:56
  Speaker 1: this dentist appointment made. I've got this doctor appointment made.
• 6:59
  Speaker 1: I got that fraud off my credit card. I got
• 7:03
  Speaker 1: my other account switched to a new credit card. Like
• 7:05
  Speaker 1: just boom, boom, boom, boom, boom. We make things happen.
• 7:09
  Speaker 1: But that strength has a shadow side. We can adapt
• 7:13
  Speaker 1: to being undervalued in relationships and work, right? We can
• 7:19
  Speaker 1: adapt to being overworked. We can adapt to doing two
• 7:22
  Speaker 1: jobs for one salary. How many times does that happen?
• 7:26
  Speaker 1: We can adapt to being just overlooked. Eventually, abnormal becomes normal.
• 7:32
  Speaker 1: And because we're handling it so well, because that's what
• 7:35
  Speaker 1: we do, everyone assumes it's fine, including us. We think
• 7:40
  Speaker 1: it's okay. I'm fine. It's good. I'm fine. Until something happens.
• 7:44
  Speaker 1: Maybe a new employee gets hired at your salary. Maybe.
• 7:48
  Speaker 1: Maybe somebody quits and then they try to put the
• 7:50
  Speaker 1: third job on you. Maybe someone you trained gets promoted
• 7:54
  Speaker 1: ahead of you. Maybe you see a job posting and
• 7:57
  Speaker 1: realize they're paying you $ 30, 000 more for the exact same
• 8:01
  Speaker 1: job that you're doing now. And suddenly we jumped to furious.
• 8:05
  Speaker 1: Instead of only asking, how could they do this to me?
• 8:08
  Speaker 1: I want you to add one more thing. How long
• 8:11
  Speaker 1: have I known something wasn't right? And I've said nothing.
• 8:14
  Speaker 1: Not to blame yourself, but to empower yourself to do
• 8:18
  Speaker 1: something different. Because if everything is their fault, They have
• 8:21
  Speaker 1: all the power. The minute you start identifying what you
• 8:25
  Speaker 1: can change, the power comes back to you. Maybe I
• 8:28
  Speaker 1: didn't say something sooner. Maybe I didn't say it in
• 8:31
  Speaker 1: the right way. Maybe I didn't push it. Maybe I
• 8:34
  Speaker 1: didn't get an attorney. I mean, there's no telling. This
• 8:38
  Speaker 1: is one of my favorite coaching shifts from blaming others
• 8:43
  Speaker 1: to making a choice. Maybe they should have recognized you
• 8:47
  Speaker 1: and maybe they should have paid you fairly and maybe
• 8:49
  Speaker 1: they should have promoted you. And maybe you're going to
• 8:53
  Speaker 1: do that now. That's grown woman power. Big girl panties on, right?
• 8:58
  Speaker 1: We don't spend five years proving how wrong they were.
• 9:01
  Speaker 1: We make a decision and there's another trap. Are you ready? Loyalty.
• 9:07
  Speaker 1: Loyalty is beautiful. I'm extremely loyal. But loyalty without reciprocity
• 9:13
  Speaker 1: is expensive. Your employer is allowed to make decisions based
• 9:16
  Speaker 1: on what's best for the company. That's their job. And
• 9:20
  Speaker 1: you are required to make decisions based on what's best
• 9:23
  Speaker 1: for you. That is not betrayal. That is not not
• 9:27
  Speaker 1: being loyal to your company. That is being loyal to
• 9:30
  Speaker 1: yourself first. This is called adulting. Yes. Same with business.
• 9:36
  Speaker 1: Maybe you've had the same clients for years and years
• 9:38
  Speaker 1: and never raised your rates. Why? Maybe they've been with me.
• 9:41
  Speaker 1: They've been with me forever. We always, you know, what
• 9:45
  Speaker 1: do they call grandmother in our founding family? clients or whatever.
• 9:49
  Speaker 1: That's wonderful. But does that mean that your expertise is
• 9:53
  Speaker 1: permanently priced at what it was 10 years ago? Of
• 9:56
  Speaker 1: course not. You can love your clients and still run
• 9:59
  Speaker 1: a very profitable, business. Again, women, we get to be,
• 10:04
  Speaker 1: and now I want to change to something deeper. We
• 10:08
  Speaker 1: get to be this. We get to be what we want.
• 10:11
  Speaker 1: Sometimes the biggest thing keeping us comfortable isn't the job.
• 10:15
  Speaker 1: It's actually our identity. I've always worked here. This is
• 10:19
  Speaker 1: what I do. You know, this job inside and out,
• 10:23
  Speaker 1: maybe you planned on retiring there forever. And you just
• 10:26
  Speaker 1: want to stick with that plan. Everybody knows me as,
• 10:30
  Speaker 1: you know, the bad-ass doer starting something new threatens the
• 10:34
  Speaker 1: identity that we've built at this place. That's scary. Even
• 10:38
  Speaker 1: a business launching a new business or doing something new
• 10:42
  Speaker 1: in business definitely is scary because it's like, well, that's
• 10:46
  Speaker 1: different than what I've been doing. So we've Will our
• 10:49
  Speaker 1: clients go with us? Will they stay with us? Can
• 10:52
  Speaker 1: we grow, right? It's scary. And that's okay to honor that.
• 10:56
  Speaker 1: But who says the woman that you were at 35
• 10:59
  Speaker 1: years old gets to make all the decisions for the
• 11:01
  Speaker 1: woman that you're at now, at 55, say? You are
• 11:04
  Speaker 1: allowed to outgrow your plan. Let's read that again. You
• 11:08
  Speaker 1: are allowed to outgrow your plan. That's the diamond to
• 11:12
  Speaker 1: life thinking. We can always grow. Do better, be better,
• 11:17
  Speaker 1: become better. Even in relationship or moral conversations, retire early.
• 11:21
  Speaker 1: Doesn't have to do anything with business at all. But
• 11:25
  Speaker 1: asking for what you want, need, deserve, allow yourself to
• 11:28
  Speaker 1: get it. We don't stay loyal to an old version
• 11:31
  Speaker 1: of ourselves simply because she worked really hard to get here.
• 11:35
  Speaker 1: Doesn't matter. I'm not who I was five years ago.
• 11:38
  Speaker 1: I'm not who I was a year ago. Definitely not
• 11:40
  Speaker 1: who I was five years ago, 10 years ago, 15
• 11:42
  Speaker 1: years ago. We thank her for getting us here. Thank you,
• 11:45
  Speaker 1: previous Jennifer. Thank you in my 20s. Thank you in
• 11:48
  Speaker 1: my 30s. Thank you in my 40s. Thank you in
• 11:49
  Speaker 1: my 50s. But this is who I am now. I'm
• 11:51
  Speaker 1: not a badass. I know a lot of shit. I
• 11:54
  Speaker 1: just do. I just do. I just know a lot
• 11:57
  Speaker 1: of stuff now. And then we ask ourselves the next version,
• 12:00
  Speaker 1: where do we want to go now? This is so fun.
• 12:03
  Speaker 1: Where do we want to go now? Do we want
• 12:05
  Speaker 1: to go bigger? Do we want to have a second home?
• 12:09
  Speaker 1: Do we want to scale down? Go into our smaller condo?
• 12:12
  Speaker 1: Do we want... a different job? Do we want completely
• 12:16
  Speaker 1: different side hustle? Do we want to learn how to
• 12:19
  Speaker 1: do our own business while we're working at this comfortable job?
• 12:22
  Speaker 1: That's very reasonable. Do we want to ask for more?
• 12:25
  Speaker 1: Do we want to sit at the table? I, my
• 12:27
  Speaker 1: goal for this country is to have a woman at
• 12:30
  Speaker 1: every decision-making table in this country. And then the world, yes,
• 12:33
  Speaker 1: I said it, a woman at every decision-making table in
• 12:36
  Speaker 1: the country. And when I say women, you know what
• 12:39
  Speaker 1: I mean? Basically just not pure man. Any other combination
• 12:44
  Speaker 1: will do because we think differently. This is my opinion.
• 12:48
  Speaker 1: Jennifer's opinion only is my opinion. We think differently. When
• 12:52
  Speaker 1: we make a decision, I have met with thousands of women,
• 12:55
  Speaker 1: thousands of women, and every single one of them, like
• 12:59
  Speaker 1: 100% of them have always wanted to have more wealth,
• 13:03
  Speaker 1: more money, and they always add one other person that
• 13:07
  Speaker 1: they want to help. It's so funny because it just happens.
• 13:11
  Speaker 1: We will pull others up with us to help their
• 13:15
  Speaker 1: lives be better. I mean, look at Dolly Parton. I'm
• 13:18
  Speaker 1: doing this podcast right after she passed away last week.
• 13:21
  Speaker 1: She is amazing. She lived her life spectacularly, not apologetic
• 13:26
  Speaker 1: at all. She is who she is, a badass, giving, caring,
• 13:31
  Speaker 1: just wonderful. Did business the way it should be done,
• 13:34
  Speaker 1: caring for the employees, putting people through college. She was amazing.
• 13:39
  Speaker 1: That is who we can actually aspire to be in whatever,
• 13:43
  Speaker 1: I don't know anything about her personal life. It's just
• 13:44
  Speaker 1: a few things that I heard about when she passed.
• 13:46
  Speaker 1: But she seemed to be a very genuine person. And
• 13:50
  Speaker 1: guess what, y'all? She used her voice. She asked for
• 13:53
  Speaker 1: what she wanted. She knew she deserved more. And I
• 13:56
  Speaker 1: know underneath that was to help other people. So if
• 13:59
  Speaker 1: you can't do it for yourself, do it for everybody
• 14:00
  Speaker 1: else you want to help. Make a list of everybody
• 14:03
  Speaker 1: else that you want to help and how you can
• 14:04
  Speaker 1: change their life. You are allowed to outgrow your plan.
• 14:07
  Speaker 1: All right, here comes some homework. Take out a piece
• 14:09
  Speaker 1: of paper in your money journal. That would be great.
• 14:12
  Speaker 1: Make two columns. Number one, what comfort gives me. And
• 14:17
  Speaker 1: the second column is what comfort costs me. Okay. Here's
• 14:21
  Speaker 1: an example. What comfort might give you is security, flexibility.
• 14:25
  Speaker 1: You might have three weeks of vacation versus a new
• 14:27
  Speaker 1: place would have two weeks of vacation. Relationships. I love
• 14:30
  Speaker 1: the people I work with. Familiarity. Maybe you like your
• 14:33
  Speaker 1: benefits there. Whatever is true for you, write down everything
• 14:37
  Speaker 1: that comfort gives you. It could be a relationship, turn
• 14:40
  Speaker 1: it around to a relationship. Then what does comfort cost me?
• 14:44
  Speaker 1: It could be costing you income. It could be costing
• 14:47
  Speaker 1: you growth, learning something new, expanding our brain cells, helping
• 14:51
  Speaker 1: keep dementia staved off. It could be costing us energy
• 14:56
  Speaker 1: because we're pissed off most of the time because they're
• 14:58
  Speaker 1: being paid more than us or they're putting another job
• 15:01
  Speaker 1: on me or we're exhausted at the end of the day,
• 15:04
  Speaker 1: being too late, coming in too early. It may be
• 15:07
  Speaker 1: costing us an opportunity elsewhere. It might be costing us
• 15:11
  Speaker 1: something spectacular. And it's definitely costing us our confidence, our
• 15:16
  Speaker 1: own self-worth. It's costing us our self-esteem. Then a hard answer,
• 15:22
  Speaker 1: then answer this hard question. If nothing changes for five years,
• 15:26
  Speaker 1: am I okay with that? Same income, same position, same business,
• 15:31
  Speaker 1: same client, same frustration, same opportunity. If nothing changes for
• 15:35
  Speaker 1: five years, am I okay with that? If the answer
• 15:37
  Speaker 1: is yes, you're clear, it's beautiful, you're all good, you
• 15:41
  Speaker 1: chose to stay. But if your stomach just dropped when
• 15:44
  Speaker 1: I asked that, pay attention to that. You don't have
• 15:47
  Speaker 1: to quit tomorrow, you don't have to blow up your life,
• 15:49
  Speaker 1: but you do need to stop pretending that you have
• 15:51
  Speaker 1: not heard yourself and felt your stomach. Update your resume,
• 15:54
  Speaker 1: research the salary, make a call, do something. Your diamond
• 15:58
  Speaker 1: life isn't always requiring a great big leap. Sometimes it's
• 16:01
  Speaker 1: just admitting I'm ready for more. Now, I say this
• 16:05
  Speaker 1: to my friends, clients in financial planning all the time.
• 16:07
  Speaker 1: If my money doesn't change, my financial world does not
• 16:11
  Speaker 1: change a year from now. I say a year from now,
• 16:14
  Speaker 1: am I okay with that? Five years from now, am
• 16:17
  Speaker 1: I okay with that? If I have the same expenses,
• 16:19
  Speaker 1: the same income, the same everything, the same savings and
• 16:22
  Speaker 1: five years from now, if I'm not okay with that,
• 16:24
  Speaker 1: you need to give me a call because we need
• 16:26
  Speaker 1: to fix that. I hope that makes sense, but it
• 16:29
  Speaker 1: gets to be your choice, your choice. Are you ready
• 16:32
  Speaker 1: for more? Are you ready for different? Are you ready
• 16:35
  Speaker 1: for growth or do you want to stay in your comfort?
• 16:38
  Speaker 1: And it's up to you. It is your choice. I
• 16:41
  Speaker 1: hope this episode helped you today and making your choice
• 16:46
  Speaker 1: if you want to stay in your comfort or are
• 16:49
  Speaker 1: you very undervalued and underpaid and it's time to do
• 16:53
  Speaker 1: something about it. Role play. Role play how you're going
• 16:55
  Speaker 1: to talk to your boss or what you're going to
• 16:57
  Speaker 1: ask for. I want you to be able to do
• 16:59
  Speaker 1: all of this and walk away and say, I rock
• 17:02
  Speaker 1: my finances.
• 17:04
  Speaker 2: Until then, let's all say, I rock my finances.