If you'd tell most people that accepting a salary that's less than what they'd hoped for would be beneficial, they would probably look at you in disbelief. Most of us work, in part, to get paid, and the bigger the paycheck, the better.
But there may be circumstances where the salary offer is not what you expected – it's lower. Before you nix the idea of accepting a lower-paying job, take these payoffs into account. While your bank account may not grow as quickly as you'd like it to, you can still be rewarded in other ways.
1. More Respected Job Title
There will hopefully come a time when your manager feels the time is right to promote you to a higher and more meaningful role within the company. But not every company has the budget to up your salary as well.
Accept the offer and gain more respect amongst your co-workers and clients. Show that you're in it to win it, and you have long-term aspirations within the company or in that particular field in general.
Salary.com notes, "It also allows you to negotiate a higher wage after a performance review, and to ask for more money when you start looking for a new job."
Update your LinkedIn profile and the new job title alone can open up new doors with exciting possibilities. So even though you didn't see an instant salary hike, with time, things will fall into place and quite likely into your bank account.
2. Better Benefits
A significant payment isn't always in the form of a direct salary. Benefits provided by an employer can be real money-savers that balance out a lower-than-desired monthly paycheck.
As per The Balance, "A company's benefits could easily outweigh the difference in weekly paychecks. Possibly the company has better health insurance, or offers on-site childcare for free." Salary adds, "Your salary might allow you to wind up breaking even—or even earning more than if you had to pay out-of-pocket for those items yourself."
Heck, they don't call them "benefits" for nothing!
3. Depends Where You Live
A paycheck in a remote town in Nebraska will go a heck of a lot further than it will in Manhattan. Location is a key component as to how much you should be willing to accept and still have a stable and satisfactory quality of life.
Perhaps a company will pay to relocate you to someplace where the cost of living is low. Not only will you gain new experiences and head out on new adventures, but you won't require as much money to have the things you desire. As Salary notes, "Making $80,000 in New York City but paying an exorbitant mortgage or rent could leave you poorer than if you took the same job somewhere else with much more affordable housing costs."
Additionally, if you already live in an area where the cost of living is lower than a major metropolis, don't compare average salaries across the country. As long as you can afford the way of life you're comfortable with, there's no need to squabble over a few extra bucks. Getting more for your money is a payoff in itself.
4. Work Remotely
When it comes to working from home part or all of the time, a reduction in salary will pay off in the forms of less stress and increased productivity. The lower salary will make up for itself in the now gone travel expenses, lack of need for an expensive work wardrobe, more time for sleep, and less interruption.
According to Salary, "Those who have a remote job can potentially save upwards of $11,000 annually on everything from commuting costs, office attire, and even lunches. So factor in those unseen but significant savings when you consider the salary on the table."
Working remotely can help one attain a more balanced way of being. As per The Balance, "Many people are willing to work for less payer if the trade-off is a better work-life balance, lower stress levels, a better schedule, or even a shorter (or no) commute."
Working from home is a dream come true for some and well worth a lower paycheck thanks to the many perks.
Don't give up your dream job, or at least a good one, based on salary alone. Keep these factors in mind when you're going through the hiring process and realize what makes "cents" for the time being.
Airbnb offers an affordable option for people looking to be more comfortable as they travel.
However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.
And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.
If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.
Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."
just setting up my twttr— jack (@jack)1142974214.0
The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?
Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.
The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.
Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.
Stick To a Specific Strategy or Niche
Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.
First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.
Be Vigilant About Viable Financing Options
While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.
Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.
Master the Art of Finding Good Deals
There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.