Venessa Wong on LinkedIn: A $100,000 salary no longer buys you a middle-class lifestyle. Here’s why… (2024)

There is no such thing as a highly-available (HA) safe form of salary. Many people, including #tenured #professors or #tech workers with #vesting think they are safe, but salary is one of the riskiest forms of income because:A. Someone can always take it away, reduce it, etcB. Salary leads to increasing lifestyle creep, i.e. expensive house next to workC. Salary is "red money", i.e. the most dangerous form of money vs Consulting, i.e. Yellow (less dangerous because you can have 3 clients), or Green (make money when you sleep).https://lnkd.in/eztFmk5G#redmoney

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Well done sharing this post, it’s easy to fall into these financial traps without, reflecting on our psychological money make up and knowledge of what our real rich really is. Like all things seek knowledge and make more informed decisions. Great post #financialliteracy

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When you think of inflation….Like me, you probably think of things like the price of groceries. Or having to take out a home equity loan to fill your tank. Or things like the price of a house or how rent has reached epic highs in the big cities AND the small towns. But inflation doesn’t just impact consumers. It impacts businesses too. Everything is more expensive. From advertising, to insurance, to phone bills.Ultimately when the cost of everything goes up, the monies available for people goes down. Do more with less they say.Cut costs they say. Lay people off they say. Let’s explore a 6 day work week they say. Offer lower salaries they say. Cut out perks, PTO and benefits they say. Isn’t it funny how none of the people that make the business decisions…..Never get impacted by the changes? Food for thought. #resumewriting#jobsearch#inflation

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“We have a household income over $200,000/year. We never thought we would have to seriously start thinking about cutting certain things out of our lives to save costs.”Who would’ve imagined having to reassess expenses with a household income over $200,000/year? But with inflation hitting hard, tough choices are inevitable. This is causing candidates to really start pondering career shifts for financial stability.Employers, it’s crucial to recognize that in today’s economy, money matters more than ever. It’s not just to make a few more bucks so they can trade in the Honda for the BMW. Today, money isn't just about upgrades; it's about securing futures and supporting families.Focus on enhancing the employee experience if significant pay raises aren’t feasible. Prioritize retention and address salary inflation with robust benefits, especially those with tax benefits. Those companies that craft valued experiences for their people and prioritize employee well-being will win. Others, on the other hand, will struggle with retention.Have financial concerns influenced your career decisions? Employers, what's your retention strategy in these times?#employment #employeeretention #employeeexperience #financialstability #workforcemanagement #economictrends

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Living paycheck to paycheck is just one of the financial realities experienced by the average U.S. worker. Our sixth annual report, "Inside the Wallets of Working Americans", released in collaboration with HR Dive's studioID, showcases the financial realities of 1,200 U.S. employees. From living paycheck to paycheck to mounting debt and increasing anxiety, the report sheds light on the challenges faced by many.Discover how financial stress impacts productivity, absenteeism, and more, and explore the demand for comprehensive financial benefits. Click the link for key findings and to download the full report!➡ https://lnkd.in/g_mc_yznhttps://lnkd.in/gs9HV-3A

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Remember Dan Price ?....The CEO who took a pay cut so he could pay all his employees a minimum annual wage of $70,000? Here's what happened next: "Six years later after the decision that others said would destroy his business, Dan reports that revenue has tripled, the customer base has doubled, 70% of his employees have paid down debt, many bought homes for the first time, 401(k) contributions grew by 155% and turnover dropped in half. His business is now a Harvard Business School case study." In his own words:"6 years ago today I raised my company's min annual salary to $70k. Fox News called me a socialist whose employees would be on bread lines. Since then our revenue tripled, we're a Harvard Business School case study & our employees had a 10x boom in homes bought.Always invest in people."#peoplefirst #GenuinePeople #sustainability

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𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐆𝐎𝐎𝐃? 𝐘𝐨𝐮 𝐌𝐮𝐬𝐭 𝐛𝐞 𝐊𝐈𝐃𝐃𝐈𝐍𝐆 𝐌𝐞Jennifer and I met about a year ago through a common friend.She was referred to me to set up her financial plans right from the start.Jennifer enjoys going to concerts, and I remember her sighing once, saying, ‘Concert ticket prices keep going up every year. It feels like they add more songs to make it more expensive overtime.’‘I get how frustrating that feels, but think about it this way. Imagine you’re at a concert. The vibe is amazing, and you can hear the music from every single corner. 𝙅𝙪𝙨𝙩 𝙡𝙞𝙠𝙚 𝙚𝙖𝙘𝙝 𝙨𝙤𝙣𝙜 𝙖𝙙𝙙𝙨 𝙩𝙤 𝙩𝙝𝙚 𝙚𝙭𝙥𝙚𝙧𝙞𝙚𝙣𝙘𝙚, 𝙚𝙫𝙚𝙧𝙮 𝙚𝙘𝙤𝙣𝙤𝙢𝙞𝙘 𝙖𝙘𝙩𝙞𝙫𝙞𝙩𝙮 𝙙𝙧𝙞𝙫𝙚𝙣 𝙗𝙮 𝙞𝙣𝙛𝙡𝙖𝙩𝙞𝙤𝙣 𝙖𝙙𝙙𝙨 𝙩𝙤 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙜𝙧𝙤𝙬𝙩𝙝 𝙖𝙣𝙙 𝙤𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙞𝙚𝙨.’‘Hmm, that’s interesting, but how does it help me financially?’‘Well, just like how a concert energizes you, inflation fuels the economy. 𝙔𝙤𝙪 𝙘𝙖𝙣 𝙘𝙝𝙤𝙤𝙨𝙚 𝙩𝙤 𝙚𝙣𝙟𝙤𝙮 𝙩𝙝𝙚 𝙨𝙤𝙣𝙜𝙨 𝙖𝙡𝙤𝙣𝙜 𝙩𝙝𝙚 𝙬𝙖𝙮 𝙤𝙧 𝙛𝙚𝙚𝙡 𝙛𝙧𝙪𝙨𝙩𝙧𝙖𝙩𝙚𝙙 𝙗𝙮 𝙡𝙤𝙪𝙙 𝙣𝙤𝙞𝙨𝙚.’‘I’d love to enjoy it all, but how can I when things keep getting more expensive, and my pay doesn’t grow much?’‘As prices rise, so does the value of assets. In short, strategically building assets makes your journey enjoyable.’Inflation isn’t just about the cost of living going up, it’s about 𝙨𝙚𝙞𝙯𝙞𝙣𝙜 𝙤𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙞𝙚𝙨. Let’s see inflation as the rhythm of financial progress. By investing wisely, we can create our own financial melody, leading us to ‘𝙁𝙍𝙀𝙀𝘿𝙊𝙈 𝙩𝙤𝙙𝙖𝙮, 𝙛𝙪𝙩𝙪𝙧𝙚 𝙎𝙀𝘾𝙐𝙍𝙀𝘿.’Comment below: 𝐀𝐫𝐞 𝐲𝐨𝐮 𝐝𝐚𝐧𝐜𝐢𝐧𝐠 𝐰𝐢𝐭𝐡 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐨𝐫 𝐟𝐞𝐞𝐥𝐢𝐧𝐠 𝐭𝐫𝐚𝐩𝐩𝐞𝐝 𝐛𝐲 𝐡𝐢𝐠𝐡 𝐞𝐱𝐩𝐞𝐧𝐬𝐞𝐬?

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How are consumers managing their finances in a challenging economic environment? Additional streams of income, through part-time or project work, have been critical in helping consumers shore up their financial health. Learn how faster, digital payouts appeal to workers looking to make ends meet.

How are consumers managing their finances in a challenging economic environment? Additional streams of income, through part-time or project work, have been critical in helping consumers shore up their financial health. Learn how faster, digital payouts appeal to workers looking to make ends meet.

How are consumers managing their finances in a challenging economic environment? Additional streams of income, through part-time or project work, have been critical in helping consumers shore up their financial health. Learn how faster, digital payouts appeal to workers looking to make ends meet.

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