Lauren Simmons became the youngest female entrepreneur on Wall Street when she was 22 years old. At the age of 27, she is both an author, a program producer, and a host of television programs. At the same time, she is also an angel investor with experience working for the board of many large corporations. Simmons’ current total income fluctuates around a million dollars a year.
Before getting this dream income, Simmons worked at the New York Stock Exchange in 2017 with a salary of $12,000 a year. “The minimum wage in New York at the time was $60,000. That’s why I completely sympathize with low-income people,” she said.
For Simmons, the most important factor in negotiating a high salary is knowing “what you really want and what is not so important to me”. This list can include many things, from wanting more money, more vacations, more travel, or even paying off one’s school loans.
“An important thing to remember is that income is not all you have. “A lot of things are more important than the salary we get each month,” says Simmons. “Don’t let yourself be driven by thoughts like ‘I just need this number’. Think more openly, look out into the world and ask yourself what else you really want.”
At the same time, she also emphasizes the importance of keeping in mind our short-term and long-term career goals. Some conditions may be suitable for short-term jobs, but that does not mean that they are also suitable for jobs that we want to stay in long-term.
For example, Simmons’ company initially agreed to increase her salary from $7 an hour to $8. In the short term, she completely agrees with that because “I am doing a job that I love”. But once Simmons started thinking about a long-term commitment, that salary was no longer relevant. “At that time, I had to look deeply into myself, consider what I wanted to do, what I wanted to achieve in the future,” Simmons shared.
For Simmons, that means committing to never accept a salary below $120,000 per year. Because she knows a lot of people around her can achieve that salary even though they have a lot of vacations during the year. But one thing that Simmons never accepts is his physical and mental health. “Those are completely non-negotiables,” she asserted.
Finally, Simmons has always emphasized the importance of backup plans. If a negotiation for a raise doesn’t work out, the most important thing is to know what you want to do.
With luck, the company may completely agree to the salary you ask for, but in reality that ideal case is almost impossible. “Maybe the company will still agree to give you a raise, but still not the number you want. At that time, you will not be satisfied with your job because you feel you deserve a higher salary than you are now,” Simmons said.
If we can’t negotiate a decent salary, “We need to put together all of our contingency plans and see what the next step should be,” Simmons said.
To sum up, once we’ve decided to negotiate a raise, we need to prepare all of our contingency plans, make a list of your non-negotiables, and put them together for consideration. best decision. All that thorough preparation will help you gain the upper hand and increase your odds of success in any negotiation.