Yahoo Finance Ramit Sethi: Do These 4 Things To Earn a $100K Salary
Ramit Sethi, a financial advisor known for personal finance advice, had a lot to say about the difference between those earning coveted six-figure salaries and, well, the rest of us. He highlights important differences in attitudes, actions and philosophies between those who go after — and get — high-paying jobs.
Keep reading for important insights Sethi recently shared about what it takes to finally hit that elusive $100k (and above) salary.
Also here is Sethi’s recipe on how to become rich.
Wealthy people know the best money secrets. Learn how to copy them.
Referrals, Recruiters and Informational Interviews
Six-figure earners learn early that it’s not what you know but who you know. That’s a long-standing cliché in business, but for a very good reason. High-earners are adept at canvassing their professional networks of friends, colleagues and even competitors to root out the best job opportunities.
They’ll more frequently use referrals, make a point to actively engage with recruiters and pursue interviews not with the intent of landing a job but with the goal of learning more about other opportunities.
And when they hear about these covert, coveted positions? Sethi said they’re twice as likely to negotiate salaries and four times more likely to set up bidding wars between competing companies.
Trapped In 5-Figure Jobs
According to Sethi, lower-wage earners more often express a lack of fulfillment, uncertainty and direction. They express 60% greater dissatisfaction in their jobs than higher-wage earners. They frequently end up in roles that don’t offer growth opportunities, which is one of the factors keeping their chances of salary progression low.
Sethi said they’re also 30% more likely to use job boards as a source for leads on new positions. Sethi points out that this “front door” method is not only less effective, but it can often lead to jobs that continue the cycle of frustration and dissatisfaction. And in terms of job applications? Many five-figure earners apply to, on average, 10 or more jobs before finally landing one.
The Importance of Sharpening Your Interviewing Skills
Those accustomed to six-figure salaries spend a significant amount of time refining and fine-tuning their interviewing skills. They come to an interview well prepared, understand the company’s needs and, most importantly, can articulate how their unique experience and skills align with those needs.
The Cost of Being Unprepared During a Job Interview
Though those of us earning less than six figures know that it’s important to keep an open mind about different positions within a company we may be interviewing with and it’s best to be authentic and genuine during interviews, that may be as far as the pre-game preparation goes.
Lower-salaried earners might not ask the same kind of insightful questions or may be more reluctant to frankly discuss their salary expectations out of fear of pricing themselves out of a job offer.
How You Can Move Toward a 6-Figure Salary
Here are four highly actionable and clearly delineated strategies you can use to your advantage in adding a zero to your dreams, straight from Sethi’s advice.
Network Strategically: Start building and leveraging your professional connections. Ask for referrals, seek out recruiters and request informational interviews with firms that you think would be a good fit in an effort to uncover those hidden job opportunities.
Do Your Homework: Time invested in researching salary ranges and company cultures will pay off during your job search. Knowing your “fair market value” and where you might fit best within an organization will help you target the right companies — and the right roles.
Hone Your Interview Skills: Start by speaking into a mirror, then recruit some knowledgeable friends and colleagues to refine your interviewing techniques. Don’t forget that forewarned is forearmed, so research your targeted company thoroughly and strategize on the best way to articulate how your skills align with their needs.
Negotiate With Confidence: Know your value. Don’t be afraid to negotiate and do so with confidence. If possible, pursue two similar positions simultaneously and use the bidding war tactic Sethi said high earners often employ.
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This article originally appeared on GOBankingRates.com: Ramit Sethi: Do These 4 Things To Earn a $100K Salary
