Keep Up With The Changing Economy…

A view of the economy can help you make realistic decisions regarding entry level salary negotiations.
Our economic climate has shifted up and down since 2000. We are stuck in a maze when it comes to finding a stable or high paying entry level position. Designated cities such as New York, Houston, Miami, Los Angeles, Chicago, and others keep our minds boggled in traveling distances to succeed. Recent college graduates should pick up a copy of Wall Street Journal just to keep abreast of the latest business news. Every industry can have an idea of what to expect as they move from student to career professional. In my previous post, Student Money Skills: Break Your Spending Habits Before Graduation, I touched on the aspect of residual income for graduates.

Opportunity vs. True Costs
These are not stingy tips or impossible. Gen Y’s are very, very optimistic about the opportunities available for us in the job market. ‘Opportunities’ do exist, but the focused graduate realizes there are very few opportunities suited for their strengths. The focused graduate will focus on opportunities that provide the best return for their careers, objectives, and monetary needs. We slowly branch out into other methods of income once our foundation is available at our jobs.
Silent Hints of Reality
Seconds later… reality kicks in once more: announcements of 13,000 jobs are lost in one company in a rural area. The economy begins to panic as layoffs happen sporadically. Informed financial decisions can help you stay afloat during slow times. As a new graduate, you have to think about now and the future. Economic literacy will help you find the best locations for entry level employment as well as negotiation your entry level salary to level living expenses. Recruiters understand the needs of their candidates so your whisper of demands may impress them.
Here are three things to consider when you are negotiating your entry level salary:
-Experience
-Living Costs
-Compensation Packages
If you have a lot of experience, employers will consider you for higher salaries. Your salary should cover a minimum of 80% of your projected living expenses. If you ask for compensation packages, remember or calculate the risk of accepting the compensation in place of salary. Will the money be useful in the future or for paying off your debts? An entry level job with benefits may free your time to add those additional incomes to compensate you. So, think in terms of numbers and value… what matters most?