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NextGen Magazine

 
 

What Young Professionals Should Do Now to Avoid Salary Stagnation Later

By:
Jason Wong
Published Date:
Apr 14, 2015

Monopoly Pass GoUnless you’re a member of the top 10 percent of lifetime earners, it’s likely that you’ll experience the most wage growth between the ages of 25 and 35 (an average of 38 percent), and wage stagnation between ages 35 and 55, according to Fortune. So what can you do to make sure you’re taking advantage of your prime wage growth years?

It might not seem like a big deal, but researchers have found that your lifetime earnings depend a lot on your first full-time paycheck. In essence, according to Fortune, “starting at $55,000 as opposed to $50,000 could yield an additional $630,000 in earnings over the length of your career.” Use resources like glassdoor.com, which provides info on salaries and bonuses for 362,000 companies, to prepare for salary negotiations, and if you have skills or experience that put you a cut above the rest, make sure you factor that into your salary ask as well.

If you’re already past your first paycheck negotiation, all is not lost. Talk to your boss about career goals you could meet and growth opportunities you might be up for that could net you a better paycheck in the near future.