Are You Leaving Money on The Table?
Did you know that if you don’t negotiate your salary you could be missing out on up to $1 million dollars over a 45 year career?1
Last year, we introduced Get That Raise—an initiative that empowers our members to go out and ask for the money they deserve, while equipping them with the tools and resources to be prepared and have informed conversations with their managers.
This year, we’re expanding on our initiative to discuss why it’s important to go out and ask and stop leaving money on the table. We’re excited to partner with Allyson Felix, the most decorated Track and Field Olympian, who lived this experience firsthand.
Allyson openly discussed negotiations with her brand partner Nike because they offered to pay her 70% less than what she was making before her maternity leave. She then went on to sign a deal with Athleta, making her the brand’s first-ever sponsored female athlete. Allyson truly embodies the mission of this year’s initiative.
Tonight in New York City, she’ll be speaking to 100 SoFi members in conversation with SoFi member Caitlin who negotiated a 41% raise for herself this year. The two women will be sharing their best negotiation tips and wisdom. The chat will also be livestreamed and recorded on SoFi’s Twitter and LinkedIn page at 7:15p ET/4:15p PT.
Our CEO Anthony Noto will join Allyson and Caitlin to announce our commitment to this initiative: by Get That Raise 2020, we want to help our members achieve $20 million dollars in raises.
By asking for more—and getting it—you can accelerate your path to financial independence so that you can take that work sabbatical, buy your dream home, and pay off your debt. Whatever your ambitious goals may be, you will be that much closer to achieving them.
To understand how much money you could be leaving on the table, we’ve updated our Webby award-winning Get That Raise tool to now feature a “money left on the table calculator.” We’ve also improved the personalized salary report and presentation highlighting your latest accomplishments.
1“Missing out on $1 million” calculation is based on a starting salary of $60,000 and the value after 45 years of a one-time salary increase based on a 10% raise. The output value is the sum of after-tax spending and pre-tax savings. The calculation assumes a 0.22% individual federal tax rate, a 2.50% inflation rate, a 7.00% rate of return, a 80% spending rate and a 20% savings rate. This calculation does not account for state taxes, social security benefits, or getting additional raises over time.
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