Managing Partner of Sanford Rose Associates® – Newman Group, Peg Newman, Featured in MarketWatch, Millennials: How to turn $5k into $634k

Plano, TX 7/6/2017

By: Cathie Ericson

Want to turn $5,000 into $634,000? (Who wouldn’t?) There’s one simple way: Negotiate your salary. Believe it or not, that jackpot is how much a 25 year old who negotiates a starting salary from $50,000 to $55,000 could accrue over a 40-year career, assuming 5% annual raises, according to Harvard Law School.

How does that magic math work? Your starting salary at a new employer is the base from which all future raises and bonuses will be calculated. So it pays—literally—to fight for that number.

Just remember those numbers don’t always factor in company size or the micro-economy of your community, says Peg Newman, partner at executive search firm Sanford Rose Associates Newman Group. She also recommends reaching out to someone in your personal network or who’s affiliated with the local chapter of your professional association for more nuanced information.

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