Are gay men discriminated against by employers? Yes, according to a new study which appears in the Journal of Labor Research.

The study, co-authored by Bruce Elmslie, professor of economics at UNH Whittemore and Edinaldo Tebaldi of Bryant University in Rhode Island, contains an in-depth analysis of wage and labor data collected by the U.S. Census in March 2004. The dataset represents over 91,000 heterosexual and homosexual couples.

According to the authors, gay men who live together earn 23 percent less than married men, and 9 percent less than unmarried heterosexual men who live with a woman. Discrimination is most pronounced in management and blue-collar, male-dominated occupations such as building and grounds cleaning and maintenance; construction and extraction; and production.

The authors also found that lesbians are not discriminated against when compared with heterosexual women. They conclude that while negative attitudes toward lesbians could affect them, lesbians may benefit from the perception that they are more career-focused and less likely to leave the labor market to raise children than heterosexual women. According to their study, 18.1 percent of lesbians have children, compared with 49.4 percent of straight women.

Within the study, the authors suggest that employer disapproval of the gay lifestyle, fears about offending customers and concerning the transmission of HIV/AIDS may be affecting hiring and salary decisions. While these are certainly plausible theories, the data they examined does not truly provide any information regarding these potential causes, and more research is needed to justify their assertions.

I believe this study raises more questions than it answers, but the data revealed remains of interest, regardless of the whys.

I’ve long been disturbed that even in 2007, salary and position inequalities still exist between men and women, but until now, I hadn’t realized that homosexual men were affected as well. Gay couples already face unique retirement challenges, and compensation inequities only exacerbate the issue.

Gay men can earn 23 pct less than married men: study [Reuters UK]
New Research Finds Gay Men, But Not Lesbians, Are Discriminated Against in Some Jobs [UNH Media Relations]

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When we last met, I was crowing about having paid off $52,050.74 in student loan principal.

I’m still mighty proud of that particular achievement, but this morning, an article from Ignites, an electronic publication available to corporate subscribers only, crossed my path and completely changed my perspective.

The article? Average Portfolio Manager Pay Tops $450K.

At $450,000-some a year, it seems I could have paid off my loans in about ten minutes, instead of ten years. Alas, it’s a long, hard road for those of us who are math-averse.

But maybe there’s a message in this for some of you out there, those of you who have enough of an interest in financial topics to regularly read blogs like this one.

In doing some research, I happened across a Boston-based job listing which shows the sheer earning potential of this type of career. A full-time position requiring a Ph.D in Math or Physics and 7 to 10 years of relevant work experience, it offers $450-600K in total compensation. There are lots more such jobs out there, too, but this one openly lists its salary range. I’ll repost here so you can see what’s involved:

Leading Asset Management Firm in Boston seeks a Sr. Fixed Income Quantitative Analyst. On a daily basis the successful candidate will recommend specific relative value strategies to the PM. Additional responsibilities include: implementation and development of pricing and risk models for cash and derivative products, interaction with Currency and Structured Credit Products analysts and PM’s, and programming in C++ and/or VB. Requires a minimum of 7 years experience in F.I. as a Quantitative analyst on the buyside. Also requires a PhD in Math or Physics in addition to strong communication and leadership skills.

Now there’s a nice payback for a Ph.D! I’m amused because I recall my math-genius brother (someone had to get all the analytical skills in my family) dropping his Physics major in college because he felt there wasn’t much income potential with such a high-flown degree, and university jobs seemed scarce. He switched over to Computer Science, which seemed more lucrative. But I don’t know any CS majors earning over $450K unless they’ve founded their own companies. Sorry, big brother! He got his Masters from Stanford, too.

Those of you qualified for this position should not read beyond this point – you should be applying for the above position posthaste. For everyone else, I’ll give an overview of the Ignites article, since many of you won’t be able to read it directly.

In the article, Kevin Burke details the recent results of a CFA Institute study, finding that equity portfolio managers are the top earners among investment professionals, with an average salary of $456,000 a year. Polling more than 75,000 investment professionals worldwide, they received over 13,500 responses, and learned lots of juicy details about industry salaries.

A CFA news release from Thursday shares some of the facts:

In the U.S., the three highest compensated positions at all levels of experience are portfolio managers (equities) ($456,000), followed by investment bankers ($275,000) and then sell-side research analysts ($195,000). Buy-side research analysts (equity and fixed income) fall in the middle of the pack at all levels of experience.

The pattern for cash bonus is also affected by years of experience. There is little variability in median cash bonus for those with less than five years of experience. However, the gap widens at five to 10 years of experience. At all levels of experience, portfolio managers (equities) ($200,000) and investment bankers ($185,000) reported cash bonuses that are more than double that for most other occupations.

Not just is there a high potential payoff for choosing this career path, but after putting in your five years, the financial outlook keeps getting rosier. Granted, there’s likely some attrition here, with those who aren’t as qualified weeded out while those who are successful begin to see increased rewards and bonuses. After the ten-year mark, the average portfolio manager compensation grows to $499K.

A significant portion of the managers’ compensation comes from performance-based bonuses. Ninety percent of those surveyed were bonus-eligible, and indicated that, on average, bonuses comprise 25% of their overall package. Bonuses can be tied to individual, business unit, and/or firm performance. Some are a percentage of total assets.

The bonus component also means that companies aren’t stuck paying high salaries when the market’s down. So this certainly isn’t a rest-on-your-laurels type job, but there’s ample reward for a job well done.

Unsurprisingly, location also affects compensation, with the highest earners across all levels operating out of New York City, followed by other major metropolitan areas.

Who knew a Ph.D in Math or Physics could be so lucrative? It may be too late for my brother to become a portfolio manager, but perhaps, if you’re seeking a career change, it’s not too late for you.

Image credit: Yomanimus

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Today, and every summer through 2009, the federal minimum wage will increase $0.70 an hour. For those working full time at the federal minim wage, the increase to $5.85 an hour will mean an extra $1,400 over the previous rate. This 14% raise is pretty significant, but it still keeps the minimum wage earner who provides for a family of three in poverty.

If minimum wage increases kept pace with inflation since 1970, the minimum wage today would be $8.77. If it tracked inflation since 1956, the wage would be $7.27.

Interestingly, the minimum wage would be $3.39 if 1938′s rate of $0.25 was adjusted for inflation.

Here in New Jersey, the state minimum wage is already $7.15. The state’s economy hasn’t collapsed yet and business owners seem to be getting by. All salaries in the state seem to be somewhat higher than most of the nation. Real estate prices and property taxes are higher, and insurance rates are higher, but gas prices are lower.

Higher minimum wage can be done. Businesses who claim they will have to let employees go or raise prices will do what they have to do to survive and compete, and most likely find a way to make it work without the threatened layoffs. The staggered increases will help these businesses, particularly when compared to an immediate full increase to $7.25.

But is a minimum wage hike just an empty gesture? If minimum wage earners are mostly suburban teenagers from families nowhere near poverty, then a minimum wage hike doesn’t help those struggling in poverty, who most likely work part time at a job a little bit higher than the minimum wage.

Well, it will help indirectly, because those close-to-minimum-wage jobs, like those Wal-Mart, will be buoyed by the wage hike.

The minimum wage hike is necessary but it’s probably not going be the biggest contributor to the mission of making poverty history.

Here’s some historical minimum wage data as well as an inflation calculator, which helped me come up with the adjusted minimum wage rates above.

The original version of this article, Federal Minimum Wage Will Increase Today, is copyrighted by Consumerism Commentary.

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Here are the latest figures for average starting salaries.

* Chemical engineering: up 5.4% to $59,361
* Computer engineering: up 4.8% to $56,201
* Mechanical engineering: up 4.6% to $54,128
* Electrical engineering: up 3.2% to $55,292
* Civil engineering: up 5.4% to $48,509
* Computer science: up 4.1% to $53,396
* Information science: up 4.6% to $50,852
* Economics: $48,483 (new to the list)
* Finance: $47,239 (new to the list)
* Information systems: up 4.2% to $47,648
* Marketing: up 6.1% to $40,161
* Accounting: up 2.3% to $46,718
* Business administration: up 3.9% to $43,701
* Political science: up 5.9% to $34,590
* English: up 5.3% to $32,553
* Psychology: up 4.7% to $31,631
* Sociology: up 3.5% to $32,033
* History: up 3.3% to $33,768

Granted that my work location offers salaries somewhat below our New York City counterparts, I get the impression from talking to people in my department that the salaries of people who have been here for a while are on par with these starting salaries, and recent grads might even see something significantly lower. If I were to move to a different department — one that makes money for the company — that may not be the case.

NACE Salary Survey [National Association of Colleges and Employers]

The original version of this article, College Graduates: Starting Salaries Jumped This Year, is copyrighted by Consumerism Commentary.

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Hewitt Associates is saying that companies are not planning above average base pay increases in 2008 thanks to rising health insurance costs. This is the same reason I’ve heard over and over again.

Average employees have nothing to look forward to in terms of raises, as perhaps they shouldn’t have. Even above average employees will likely have nothing but a modest increase in base pay. There’s often discussion about how today’s company workers do not remain loyal to their companies for years on end, compared to previous generations of workers who have company loyalty ingrained in their philosophy. But loyalty has to be earned, and corporations must act in a way that shows their employees are their most valuable assets.

Here are some options if you’re not expecting an above-average pay increase but are happy in your current position.

Two options for changing the company’s behavior:

Negotiate a higher bonus. Companies are starting to prepare their budgets for 2008. If you are a star performer — or if you just finished working on a successful project that has benefited the company in some way — now is the time to schedule a meeting to remind your boss of your recent accomplishments. While salary is a fixed cost for a company, there may be more room for negotiating one-time expenses like bonuses.

Negotiate something else. Working from home one day a week may save wear-and-tear on your vehicle, money for gas and tolls or mass transportation, and time. If this is a possiblity for you, find out if your company will approve it. Perhaps more vacation time would be a negotiable point.

Three options for changing your own behavior (giving yourself a raise):

Make fun money. Don’t rely on a company to provide you with more money. Find a way to make some extra money with your favorite hobby or activity. If you like what you do at work, do some related consulting on the side (steering clear of relationships conflicting with a non-compete agreement you may have signed at one point).

Revisit (or create) your budget. There are two reasons to want more money from your job — to save more for the future or to pay for increased expenses. Cut back on unnecessary expenses — perhaps expanded digital cable with premium channels or super high speed internet. Deposit the saved money into savings automatically each month or use it for a necessary expense. If you’ve never created a budget before, give it a try. You may be able to locate “lost” money on a monthly basis.

Adjust your withholding. If you find that you, like many households, receive a tax refund from the government every April, perhaps you would benefit from adjusting your withholding to be able to keep that money as you earn it. This way you’re not giving an interest-free loan to the government, and you have use of your money for paying expenses or investing. Use this withholding calculator to determine your optimal exemption amounts.

Whether or not your employer pays you more, your expenses will go up year after year (if not controlled and reduced) for any reason other than inflation and the second law of thermodynamics. The difference has to come from somewhere, and hopefully the solution does not involve the depletion of savings or the use of credit.

The original version of this article, Don’t Expect a Big Pay Increase: Other Options, is copyrighted by Consumerism Commentary.

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If you’re reading this blog, the answer to the question in the title is, “Probably not.” Perhaps a better question is whether you can live on the mean incomes provided by the occupations on Forbes’ 25 Worst-Paying Jobs. As I said when commenting on the top 25 jobs, the “mean” calculation is often meaningless as it doesn’t give a full story of a wide range of incomes. Nevertheless, it’s an interesting statistic for starting discussions.

* Combined food preparation and serving workers, including fast food: $15,930
* Cooks, fast food: $15,960
* Dishwashers: $16,190
* Dining room and cafeteria attendants and bartender helpers: $16,320
* Hosts and hostesses, restaurant, lounge, and coffee shop: $16,860
* Counter attendants, cafeteria, food concession, and coffee shop: $16,950
* Gaming dealers: $17,010
* Shampooers: $17,050
* Waiters and waitresses: $17,190
* Ushers, lobby attendants, and ticket takers: $17,500
* Amusement and recreation attendants: $17,530
* Farm workers and laborers, crop, nursery, and greenhouse: $17,630
* Cashiers: $17,930
* Personal and home care aides: $18,180
* Lifeguards, ski patrol, and other recreational protective service workers: $18,410
* Parking lot attendants: $18,450
* Pressers, textile, garment, and related materials: $18,470
* Food preparation workers: $18,480
* Bartenders: $18,540
* Graders and sorters, agricultural products: $18,610
* Maids and housekeeping cleaners: $18,700
* Cooks, short order: $18,710
* Child care workers: $18,820
* Laundry and dry-cleaning workers: $18,890
* Service station attendants: $19,150

Food service seems to be one of the biggest industries for low-paying jobs. Since the survey did include part-time wage earners, it’s possible these salaries are skewed downward by jobs requiring less than 40 hours of work each week. Have you ever worked in any of these positions? I’ve never worked in any of these industries. My retail job for one spring break in high school (Radio Shack) isn’t included above.

Feel free to share your experiences.

The original version of this article, Is Your Job on the Bottom 25 List?, is copyrighted by Consumerism Commentary.

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Here’s a list on which you won’t find “senior accounting associate.” It’s the 25 best-paying jobs, in terms of base salary in 2006 of salary and wage workers, not including the self-employed. Here are the top 25 along with their mean salaries, from Forbes.

* Anesthesiologists: $184,340
* Surgeons: $184,150
* Obstetricians And Gynecologists: $178,040
* Orthodontists: $176,900
* Oral And Maxillofacial Surgeons: $164,760
* Internists, General: $160,860
* Prosthodontists: $158,940
* Psychiatrists: $149,990
* Family And General Practitioners: $149,850
* Chief Executives: $144,600
* Physicians And Surgeons, All Other: $142,220
* Pediatricians, General: $141,440
* Dentists, General: $140,950
* Airline Pilots, Copilots And Flight Engineers: $140,380
* Podiatrists: $118,500
* Lawyers: $113,660
* Air Traffic Controllers: $110,270
* Engineering Managers: $110,030
* Dentists, All Other Specialists: $108,340
* Natural Sciences Managers: $107,970
* Marketing Managers: $107,610
* Computer And Information Systems Managers: $107,250
* Sales Managers: $102,730
* Petroleum Engineers: $101,620
* Financial Managers: $101,450

Financial managers are the newest addition to the top 25, replacing astronomers. The medical industry seems to have a stranglehold on the top 20, and these are jobs that require extensive, expensive education. On the other hand, marketing managers and sales managers are on the list. If you’re looking for that six-figure salary without a required six-figure education, these options are available. Actually, both of those jobs — sales and marketing — have something in common: their success requires the skill of convincing people they need something they don’t.

That’s a bit of a simplified point of view; of course there is much more than that necessary to be the best sales manager or marketing manager, but the industries are based on understanding people — a skill that one might not be able to glean from a six-figure education.

The original version of this article, Is Your Job One of the Top 25?, is copyrighted by Consumerism Commentary.

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Recently, Mapgirl’s 401(k) balance surpassed the $20,000 balance milestone. That’s not small accomplishment for less than two years on the job. For comparison, I’ve been investing in my 401(k) for more than five years now, and my balance is only approaching $40,000 including company match. I started investing only 4% of my salary and have recently increased to 25%, which I can only do thanks to other income.

It’s interesting to see how companies use future payoffs with the intent of retaining employees. For example, when I became fully vested in my company match, after working at the company for three years, I felt better about the possibility leaving the company. If I had quit at two years and 350 days, I would have missed out on thousands of dollars in company match. It wouldn’t make much sense unless I could negotiate a new job offer for a higher salary to take that into account.

Following this thought process further, if I could negotiate a higher salary or other benefit for that reason, I should be able to do so for any reason, making it again a loss to leave before fully vested.

Within a year after becoming fully vested, the company presented a new carrot for its employees: an associates stock grant. A good amount of stock was given to employees but the shares wouldn’t vest until 2009. At the time, it was pretty far in the future, so it’s a part of compensation that would be easily to forget about while negotiating a salary at a new job.

Are you less likely to look for new work if leaving your current company would mean leaving money on the table?

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A study by a group of research organizations have determined that men in their thirties are earning less, when adjusted for inflation, than their fathers earned in their thirties. Studies like this help to explain the reported financial condition of younger households throughout the United States.

Relying on Census Bureau figures, the study’s authors found that after adjusting for inflation, men in their 30s in 2004 had a median income of about $35,000 per year, for a 12 percent drop compared with $40,000 per year for men in the same age group in 1974… Similarly, American families, which experienced a 32 percent increase in income levels between 1964 and 1994, saw household income growth slow to 9 percent between 1974 and 2004, according to the report. (CNN Money)

I’ve heard people say that every generation will be better off than their fathers thanks to economic progress, but this doesn’t seem to be true at the moment for those in my age group. Perhaps the relative income stability of our father’s generation allowed those in my generation to pursue interests that aren’t as income-driven.

Any thoughts?

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Mother’s Day is approaching, which means you’re going to start hearing about a certain survey in noth the traditional and the “alternative” media. The paycheck comparison website, Salary.com, creates a questionnaire each year to determine the value of the work a mother does for her family. By determining the ten most popular “jobs” a mom does — chief executive officer, van driver, janitor, etc. — and weighing each job’s media corporate salary against the percentage of time spent doing that job, Salary.com determined that if a stay-at-home mom was paid a fair salary in 2006, it wold be $134,121.

This year, moms received a raise and the figure is now calculated at $138,095.

I pointed out this rebuttal last year, but it’s worth repeating. Carl Bialik from the Wall Street Journal thinks it’s ridiculous.

Claudia Goldin, a professor of economics at Harvard, dismissed the survey as “silly.” “The calculation isn’t for what anyone would pay an individual,” Prof. Goldin said. “Nor is it for exactly what the individual does. It is for what the person claims they are doing during a long day — CEO, psychologist, etc. And what exactly is the salary for the CEO of a business that shows no profits and sells no services or goods? I think it is probably zero…”

There are other problems with the estimate. A big one is that mothers aren’t trained as professionals for some of the jobs, like computer operator and cook, so their work in those areas may be overvalued at the typical hourly salary.

If you want to check out how much your mom is “worth,” visit the Mom Salary Wizard. This is the 2006 version. I guess the 2007 data has not been officially released yet, but you can estimate by adding 3% on to your result.

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Jeanne Sahadi over at CNN Money is spilling the beans again, and this time it’s about salary. Your managers know these precious pieces of info, but you might not. Armed with this knowledge, you could be better poised to tip the scale in your favor next time you negotiate. Here’s the summary.

1. Secret: Your pay doesn’t necessarily reflect performance and seniority. If new hires are getting paid as much as you with your extensive experience, it might be time to mention this and push for a realignment.

2. Secret: There’s more raise where that came from. Your managers will tell you there’s only so much cash available, but they’re usually lying. There is a reserve for those who the company does not want to lose. If you’re one of those people, use it to your advantage.

3. Secret: When you’re told they can’t pay you more now, budget may not be the issue. Your boss may not think you’re worth that much, he may not have tha uthority to make the decision, or you’re already at the top of the pay scale.

4. Myth: Your pay is all about you. Compensation is determined by consultants and surveys. At my company, a “market reference range” is established for each position which describes a range that includes the middle 50% of people working at that position, supposedly.

5. Myth: Bosses pay more if they like you. It’s not that their admiration is the reason for a higher pay. The qualities that allow someone to be paid more are the same qualities that the boss likes.

6. Myth: You can’t negotiate severance. If the company needs something from you, like your knowledge, before you leave, you are in a good position to ask for more than the standard severance package (if there is one).

I’ve been at my current position now for six months, and I started at a salary lower than I thought I deserved because I was a little anxious to get to a better mental state. I’ve continuously added responsibilities and I’ve received good feedback; perhaps I should start putting the right thoughts in my manager’s mind well before the annual review at the beginning of 2007.

The original version of this article, Secrets and Myths About Salary Your Employer Doesn’t Want You to Know, is copyrighted by Consumerism Commentary.

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There are no fancy introductions here. Getting right down to it, the average salary for Wall Street is $289,664, while the average for all of New York City is “only” $56,634.

The Reuters report includes more money figures, but the only piece I find particularly interesting is the average bonus per person: $125,000. My bonus last year was a partly 2% of that amount.

There are a few at the top of the scale whose salaries and bonuses skew the average (mean) higher than the median.

On the topic of salaries, I had a successful interview prescreen (over the phone) for a position in New York (but not Wall Street), similar to what I’m doing now, albeit with fewer responsibilities. The expected salary mentioned by the HR representative is a good $10,000 more than what I’m earning now.

The original version of this article, Wall Street Salaries are Through the Roof!, is copyrighted by Consumerism Commentary.

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If you’ve been wondering why your average raises over the last few years haven’t helped you get ahead, it’s because, as the New York Times reports, real wages (after factoring in inflation) have actually declined 2% since 2003. Apparently, the last time this has been the situation was during Wolrd War II.

The drop has been especially notable, economists say, because productivity — the amount that an average worker produces in an hour and the basic wellspring of a nation’s living standards — has risen steadily over the same period.

So why are people working harder but getting paid less after inflation? It’s not because total compensation including salary and benefits beat inflation. In fact, it didn’t.

Over the last year, the value of employee benefits has risen only 3.4 percent, while inflation has exceeded 4 percent, according to the Labor Department… Average family income, adjusted for inflation, has continued to advance at a good clip… But these gains are a result mainly of increases at the top of the income spectrum that pull up the overall numbers. Even for workers at the 90th percentile of earners — making about $80,000 a year — inflation has outpaced their pay increases over the last three years, according to the Labor Department.

The above is interesting. The result is you’ll hear politicians talking about average income increasing, but that’s due to increases seen by high-income earners ulling the average higher. The average family will not see these average income increases.

The original version of this article, Your “Real” Raise, is copyrighted by Consumerism Commentary.

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I apologize for not having much to write today. I’m sure there is much to write about, but today and the next few days I expect to be swamped with work in the office, where I realized that thanks to no overtime being offered, despite an 8% higher salary this year, I’m making less money each month than before the promotion/relocation. C’est la vie.

The original version of this article, Busy Day at Flexo’s Place of Work-ship, is copyrighted by Consumerism Commentary.

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All you have to do to earn $42,000 a day, or $11 million each year, is be average.

Wait, when I say “average,” I mean “average CEO.” That’s not so hard to do, right? In 2005, if you were the average CEO, you made 262 times what the average worker made, $41,861 anually.

Critics of CEO pay contend that the compensation committees of publicly traded companies too often fail to tie pay to performance.

CEOs make this kind of money because companies are willing to pay. Shareholders must believe they are worth the big bucks, otherwise they’d vote to change the Board of Directors, right? So this is just the free market at play… maybe.

The original version of this article, How You Can Make $42,000 Each Day, is copyrighted by Consumerism Commentary.

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I’m a little concerned. I’m making more taxable income this year outside of my full-time job, but my tax withholding was calculated based on only my full-time income. Last year I had a few thousand dollars extra income, but I was able to use related expenses and my SEP IRA to offset a good portion of that. With the web-based busienss picking up this year, I need to do something to make sure I won’t end up with a hefty IRS bill next year.

I plugged some estimated numbers into the IRS’s withholding calculator, which determined I should set my withholding exemption level to 0 and freely give to the government $150 each paycheck in addition. I wasn’t completely comfortable with that number, so I adjusted my full-time withholding to level 0 plus an extra $50 each paycheck.

This just means that I’m going to have to use some of my side income towards expenses rather than just leaving the bulk of it in savings. Starting next month, I’ll transfer 50% of my additional income into my active accounts to help pay for regular expenses.

The original version of this article, Updated My Federal Tax Withholding, is copyrighted by Consumerism Commentary.

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This is an interesting article from the New York Times. Research shows that your first job dictates how much your income will be your entire working career.

The recent evidence shows quite clearly that in today’s economy starting at the bottom is a recipe for being underpaid for a long time to come. Graduates’ first jobs have an inordinate impact on their career path and their “future income stream,” as economists refer to a person’s earnings over a lifetime.

Let’s put this in perspective for me. Here are the jobs I had, after finishing my undergraduate degree in music education:

* 1999: Substitute music teacher in a low-paying district: $70/day
* 1999: Summer job: driving a van for a drum and bugle corps 12,000 miles over seven weeks: $500/wk
* 1999-2001: Associate Director, Scholastic Services of a non-profit organization: $28,000/yr with 3% increases
* 2002-2004: Temp to permanent administrative associate at my current company: started at $34,000 plus bonuses, overtime, etc., with average yearly increases
* 2004: Taught high school music for one semester, remaining part time at current company: $40,000
* 2004-2006: Returned full-time to current company: currently making $42,800 plus bonuses, overtime, etc.

When I returned to my current company in 2004, I took on a new position (accounting) with which I had basically no experience. I seem to have adapted well considering I was awarded by latest position.

According to this article, my salaries dictate how much I’ll make throughout my career. Finishing up my master’s degree will give me a boost if I change jobs again. Salary was never a motivation for me originally; otherwise I wouldn’t have chosen to study music education. Even if doing so is making it more difficult for me to get ahead, especially in this area of the country, I wouldn’t change anything given the chance.

The original version of this article, Don’t Get Ahead, Start Ahead, is copyrighted by Consumerism Commentary.

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A feature on MSN Money looks at finances of people in their twenties. The feature includes statistics such as median net worth, median income, percentage owning homes, etc. with which you can compare yourself if you happen to be in this particular demographic.

At age 29, I was doing well compared to these averages, but now that I’m in my thirties — 30, to be exact — I likely don’t stack up well against thirtysomethings.

Here are the article’s tips for those in their twenties. The headings are self-explanatory, so I won’t go into detail:

* Live cheaply as long as you can.
* Get health insurance.
* Shovel money into your retirement funds.
* Take a chance (regarding asset allocation).
* Be strategic about debt.
* Pay attention to your credit score.

The original version of this article, Money Stats for Twentysomethings, is copyrighted by Consumerism Commentary.

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Earlier this month, Personal Finance Advice and others reported on a study by Salary.com saying that a stay-at-home mom’s job is equivalent to an amalgamation of many vocations that would together provide an annual salary of $134,121.

Carl Bialik, the “Numbers Guy” at the Wall Street Journal calls foul.

The Wall Street Journal likely emailed this story to hundreds of bloggers, so I’m sure you’ll hear more about it, while other bloggers will ignore it a piece of mass-email (or spam). I wanted to share the link because I enjoy when individuals dispute studies that quickly become widely accepted.

The original version of this article, The Worth Of The Job Of Mom: Faulty Study?, is copyrighted by Consumerism Commentary.

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Here’s another article on the outrageous pay given to CEOs even when their performance is subpar. Last year, there were five specific offenders singled out. Today, there are five different companies, and drugs are on top:

* The CEO of Pfizer, Henry McKinnell, made more than an average of $15.5 million a year while the company’s shareholders lost 35% over the past five years. His pension is worth $83 million.
* Merck‘s shareholders lost 41% in the past five years while former chief executive Raymond Gilmartin totalled $54 million including his company stock as he cashed it out.
* Edward Whitacre was the chairman and CEO of SBC and now AT&T. He earned $85 over the past five years, and will earn millions more in consulting fees and pension from the company after he retires. In those five years, shareholders have lost 40%.
* Shareholders in Bell South lost 23% while its chairman and CEO F. Duane Ackerman made $46 million.
* Safeway‘s CEO Burd earned $52 million in the past five years. His company’s stock has plunged 54% in the same time frame.

If there’s any good news in this, it’s that after five years of decline, now that I’ve invested $50 in a telecommunications ETF, perhaps the sector will start climbing upwards. Drug companies are everywhere in my index funds. But seriously, CEOs are supposed to increase the company’s value for shareholders. These guys should be fired, not rewarded.

The only other possibility I can think of is similar to the movie The Hudsucker Proxy, in which a board of directors installs who they think is a moron to the post of CEO in an attempt to drive down the stock price to a point where the board can snatch it up and later return the company to its former glory. These CEOs must be getting paid well for playing their part in the grand scheme.

The original version of this article, Even Lousy CEOs Get Great Pay, is copyrighted by Consumerism Commentary.

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Once again, I’m finishing up my MBA in the next few months. Fortune has come out with a list of the companies most sought-after MBA candidates. Here are the top ten:

1. McKinsey & Company
2. Google
3. Goldman Sachs
4. Bain & Company
5. The Boston Consulting Group
6. Citigroup
7. Apple Computer
8. General Electric
9. Johnson & Johnson
10. Morgan Stanley

Not a bad group of companies. There are some interesting companies down the list that I wouldn’t have thought would have interested as many MBA recipients, including Disney, Gap, and Wal-Mart.

The Fortune Magazine feature also provides results from a survey in which prospective MBAs forecast their starting salary. The average expected starting salary is $88,087 and their predicted salary after five years is $167,052. Within those averages, men are predicting much higher salaries for themselves than women.

The original version of this article, Top MBA Employers, is copyrighted by Consumerism Commentary.

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The CEO of my company announced today that the board approved a special bonus payment. All full-time employees will be granted about $2,000 worth of restricted stock units, which will vest on March 14, 2009. On that date, each unit will convert to a share of stock and will be available to sell.

It’s not a bad deal, unless someone leaves the company before 2009. I’m not a fan of having benefits tied to company loyalty.

The original version of this article, Company-Wide Bonus, is copyrighted by Consumerism Commentary.

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I mentioned in the notes for my latest balance sheet that I’ve received my yearly raise and bonus. Here are some details.

My bonus appears in today’s paycheck. My “2005 Annual Incentive Award” amounts to $2,848, or 7.18% of my 2005 base salary. Note than I am a “non-exempt” employee and I get paid for overtime in addition to the salary and bonus. In 2005, I earned over $6,000 for working overtime.

My raise, which is activated for the next pay period, leaves a little to be desired. My base pay is increasing by $1,100, or 2.77%. It’s the lowest raise I’ve received at this company despite 2005 being my “best year.” Supposedly all raises and bonuses are low this year in anticipation of a new company stock purchase plan which will be offered to all employees sometime later.

Thankfully, my day job is not my only source of income.

The original version of this article, Pay Increase Details, is copyrighted by Consumerism Commentary.

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In a number of professions, the average salary for women is higher than the average for men. CNN is listing 39 of the 80 such professions discovered by the author of Why Men Earn More: The Startling Truth Behind the Pay Gap — and What Women Can Do About It. If you look at the “female advantage” of each of these professions, the ones at the top are sales engineers (women earn 43% more than men), statisticians (35% more), and legislators (33% more).

The accompanying article makes some generalizations and justifications in order to determine the reason behind this situation.

* In a male-dominated field, a company may be willing to pay a premium to hire a qualified woman.
* The combination of people skills and technical skills is in demand.
* There are career programs designed to advance women.

Relatedly, I wrote about the differences between men and women in regards to salary negotiations last year.

The original version of this article, Women Earn More Than Men, is copyrighted by Consumerism Commentary.

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Which muscal acts raked in the most money last year? If you’re an incredibly popular band or act and you tour, revenues are high. The band may not see all of that money — it goes to a number of different people like managers, promoters, agents, etc. — but the numbers are staggering to those of us who are not quite as famous, working to earn a living.

Here are the top ten money-earning musical acts, from Forbes.com.

1. The Rolling Stones (proof that drugs help you live long and earn more): $168,000,000
2. U2: $150,000,000
3. Kenny Chesney (who?): $110,000,000
4. Green Day: $99,000,000
5. The Eagles: $84,000,000
6. Paul McCartney (of Fidelity fame and some band): $83,000,000
7. Celine Dion: $81,000,000
8. 50 Cent: $79,000,000.50
9. Dave Matthews Band: $74,000,000
10. Elton John: $66,000,000

The original version of this article, Top Earning Musicians in 2005, is copyrighted by Consumerism Commentary.

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There’s talk around town that paycheck growth will be seeing acceleration soon. Those economists say that that wage increases follow productivity increases after some time, so we’re due for some good news.

Speaking of salaries, if you’re a supermodel you’re doing well. Forbes raided the tax returns of several powerful celebrities and discovered these numbers:

* Gisele Bundchen, 25, $15.2 million
* Heidi Klum, 32, $7.5 million
* Tyra Banks, 32, $6 million
* Kate Moss, 32, $5 million
* Adriana Lima, 24, $4.5 million

The original version of this article, Salaries Going Up? Moreso For Supermodels, is copyrighted by Consumerism Commentary.

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Here’s a corrollary to yesterday’s thoughts on underearning income. Anne Fischer from Fortune Magazine urges people who feel they are underpaid to consider whether they are actually overtitled. Here’s the letter to the editor:

I was among the top five salespeople at my software company last year, and I’m pretty sure I’m drastically underpaid. I really like working here, but I suspect I’m not being compensated fairly because I’m the youngest person in this role. How can I verify what other people in my position are making across the industry, to support my argument that I deserve more money? –Super Closer

Annie’s tips include checking with Salary.com (which I’ve noted in the past I’ve found inaccurate), classified ads, and recruiters.

She cites this advice:

“Over-titling” was a common practice in the tough financial climate of the past few years when, [Bill] Coleman [from Salary.com] says, “many people were offered trumped-up job titles in lieu of salary increases. As a result, their actual experience level and value to the company may not be on a par with the salary they expect based on their title.”

I see this in my own company, where for example there are many Vice Presidents, many of whom function mainly as department heads.

The original version of this article, Underpaid or Overtitled?, is copyrighted by Consumerism Commentary.

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Are you an underearner? The general consensus for increasings savings in financial advice circles is to rein in your spending, since the expense side of the equation is easier to manage than the income side. You can cut back your spending on cable television by 50%, but getting an equivalent 50% increase in pay is more difficult.

If you are an underearner, this might not be the case. You may have already reined in your expenses, but you’re still not making much headway, even though you’re working hard. An article in MSN Money explores this topic.

Do you have these traits?

* You talk about your life as if you’re trapped or have no choices.
* You underestimate your worth; you often give away your time, experience and skills for free.
* You crave the “comfort zone” and are controlled by fear.
* You’re vague about money, often not knowing exactly how much you make or owe or own.
* You’re “anti-wealth” and have negative attitudes about people with money, viewing them as greedy, snobs or workaholics.

I know I match the first two on the list, and maybe the fifth depending on my mood and the news cycle. Number three doesn’t make any sense to me and it should be obvious to my readers that number four doesn’t apply. I’ve got great skills and most people would consider me quite intelligent, yet I’m in a dead-end job at the moment. I’ve been trying to do something about that, but it’s been rough. I know I’m underemployed and I should have the responsibilities that go along with a job making perhaps twice what I’m earning now, but it’s been hard convincing others of that.

How about you? Have you ever been an underearner? The first piece of advice the author in the article gives is to change your mindset — and start charging more for your services. That may be a good start, but it doesn’t control the day job side of income. If you were an underearner, how did you improve your situation?

The original version of this article, Overspending vs. Underearning, is copyrighted by Consumerism Commentary.

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Incomes are going up somewhat, but they’re going up much faster for high-income families. A report by the Economic Policy Institute provides state-by-state details to show you just how much those in the executive suite are sweeping the floor with the underlings.

CNN helpfully compiled the data into tables which allow you to drill through to see even more demographic information, down to city-level detail from CNN’s Best Places to Live 2005 report.

My state, New Jersey, ranks fourth in income inequality behind Arizona, Texas, and New York. While the average income of the top 5 percent of families in the Garden State is $268,889, the average income of the bottom 20 percent is $20,391.

While those at the top earn an quickly-accelerating income, they purchase bigger and better, setting the standards higher for those who try to keep up without the means. As those without the means continue to try to keep up, prices continue to rise, making neighborhoods unaffordable for people who can’t or won’t live in mounting debt.

The original version of this article, Income Disparity by State, is copyrighted by Consumerism Commentary.

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According to USA Today, the average starting salary and signing bonus for new graduates with a fresh master’s degree in business administration (MBA) have jumped to $106,000 in 2005. $88,600 of that is for salary alone.

Not all employers are paying so much for MBAs; the bulk of the numbers come from consulting firms and investment banks.

There are more impressive numbers in the article.

Related articles on Consumerism Commentary:

Online MBAs Making the Grade (August 2005)
Good Time to be an MBA (May 2005)
Is the MBA Worthwhile? (May 2005)

The original version of this article, New Salary Figures for MBAs, is copyrighted by Consumerism Commentary.

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I’ve noticed there’s been a number of stories in the news lately about working and salary. Here’s another, this time from the Wall Street Journal, who asks if wage inequality is worsening.

About 11% of income (and that’s not counting capital gains) went to the best-off 0.5% of Americans in 2002; 25 years earlier, they got 5.25%… Workers at the 90th percentile (those who earn more than 90% of all workers) earned 4.5 times as much as those in the 10th percentile in 2004; 25 years earlier, they were earning 3.5 times as much…

According to these statistics and more presented in the article, the highest paid have pulled away from those paid in the middle of the range, who have in turned pulled away from those at the bottom.

I had written some thoughts on the rise of a “permanent” ruling class, but there is so much discussion to be had on what’s going on in governmental philosophy at the moment that I wouldn’t — and wouldn’t want to — give it justice here, on a mostly non-political website.

The original version of this article, Wage Inequality, is copyrighted by Consumerism Commentary.

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The Securities and Exchange Commission is taking a look at CEO compensation again, and this time they’ve proposing new disclosure rules. Companies would be required to fully disclose all forms of compensation in a way that is understandable.

I think it’s safe to say that corporations will always find a way to bend the rules in their favor no matter how tight regulation becomes.

The original version of this article, Changes in CEO Pay Reporting, is copyrighted by Consumerism Commentary.

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Here’s a snapshot of some of the reading I managed to sneak in while getting real work done in the office. As you can see, I didn’t have too much time today.

* Why it’s smarter to buy a home rather than rent [focus]
* Wall Street has a crush on Google but investors may be overlooking Yahoo!
* Verizon Wireless, Palm and Microsoft present the Palm Treo 700w Smartphone
* The world’s best paid celebrities under 25

The original version of this article, Articles For Thursday, is copyrighted by Consumerism Commentary.

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According to surveys, we should start to see some encouraging trends for those of us working for a living. Richard Castellini from CareerBuilder.com has the story.

Trend 1: Bigger Paychecks. Employers plan on offering more to existing employees and new hires. Gain an advantage by knowing where you stand within the market for your position. Salary.com may be a little bit of a help here, but I’ve had mixed results.

Trend 2: Hiring Retirees. Employers will be looking to hire retirees. If you’re approaching or in retirement but you’d be willing to work, gain an advantage by letting people know you’re looking and by networking with everyone you can think of.

Trend 3: More Diveristy. Companies want to hire diverse employees. “Diversity” may mean race, sex, background, ot toast preference. (Buttered? with jelly? rye?) Everyone is an individual — yes, we are all individuals — and therefore has something about them which can be used to emphasize their diverse qualities. Gain an advantage by letting your interviewee know how you thrive on diversity.

Trend 4: Flexible Arrangements. It’s the new millennium (and has been for some time). Bosses understand the needs of the modern man and woman and will attempt to convince you that flexible work arrangements are encouraged. You still have to prove you’re worth it; gain an advantage by laying out a plan and making it work.

Trend 5: Faster Hiring Cycles. In my immediate environment, it can take months to fill an open position. According to the article, this cycle will shorten in 2006. Everyone benefits in this situation, other than recruiters, who may see less work. Gain an advantage my moving quickly, responding quickly, and following-up.

Trend 6: Critical Skills. I’m not convinced that this is a change for 2006, but to gain an advantage, be familiar with technology, management and motivation, and possibly more than one language.

Looking at these trends as a whole, it seems to be a possibility that we’re going to be shifting from an “employer’s market” to an “employee’s market.” This is good news for people who are looking for something better than what they have currently.

The original version of this article, Employment Trends in 2006, is copyrighted by Consumerism Commentary.

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At the moment I’m writing this entry, 85% of respondents to an informal CNN Money survey say they’d be willing to take a pay cut if the situation was right, while the other 15% would not consider such a move.

According to Jeanne Sahadi, who speaks from personal experience, there are situations where taking a pay cut pays off in the long run, financially or otherwise.

It might make sense to take a job offering less money than you’re making now in one of the following situations:

* The new job is in an area where the cost of living is lower and your money will “go farther.”
* The new job offers non-cash benefits of value, such as health insurance, matches on a 401(k), etc.
* The new job offers growth and training opportunities.
* The new job could save you from being stuck in a mid-career rut.
* The new job might fulfill some of your long-held desies.
* The new job provides you with less stress.

I would consider taking a pay cut at some point in my life if I believed there were other benefits to taking the position being offered. I’m hoping that I won’t take a salary reduction any time soon, however.

Are there any other situations in which a person might be willing to take a pay cut?

The original version of this article, Taking a Pay Cut Sometimes Pays Off, is copyrighted by Consumerism Commentary.

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Are you or a family member looking into options for college? Here are some statistics from the Atlantic Monthly that are surprising at first glance:

If your family income is $90,000 or more, you have about a 50 percent chance of obtaining a bachelor’s degree by age 24. If that income is between $61,000 and $90,000, your chances drop to one in four. Is your household income between $35,000 and $61,000? You have about a 10 percent chance.

Children whose families are making less than $35,000 have a one in seventeen chance of being awarded the degree by age 24.

The original version of this article, Chances of Obtaining a Bachelor’s Degree, is copyrighted by Consumerism Commentary.

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I’m a fan of social experiments, and here’s an interesting study. Researchers at Carnegie Mellon University wanted to determine if sex had a role to play in hiring decisions. Male and female observers, playing the role of decision-makers, watch an interview with male and female participants (job candidates).

When the candidate was asked what he or she thought of the salary for the position, in one scenario the candidate said it was just fine. In the second scenario, the candidate said in a somewhat cocky manner he or she would rather be paid at the top of the salary range for the job and would like to be considered for a year-end bonus.

The women evaluating the tapes said they were less likely to hire both the male and female candidates in the scenarios where they asked for more money.

The men in the study, however, said they’d only be less inclined to hire the female candidate who tried to negotiate. They didn’t penalize the male candidate for doing the same.

Both the men and women rated the female candidate who asked for more money as being highly demanding, while in the scenario where she just accepts the salary offered they gave her high marks for likeability.

The article discusses the result of the experiment and provides some tips for asking for that raise:

* Time your move a few months before your review so the supervisor has a chance to consider the request. Asking at the review is usually too late.

* Prepare by putting a list of your accomplishments together.

* Avoid the empathy trap where you don’t ask for a raise because you understand how the company needs to cut costs.

* Imagine you’re negotiating on someone else’s behalf, as detaching your “self” from the equation lets even the most humble stick up for what they deserve.

The original version of this article, Negotiating for Salary – Men vs. Women, is copyrighted by Consumerism Commentary.

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A little tidbit gurus like to throw around is the first part of the phrase in the title of this entry. The second part is the sound Seth Green uttered as the voice of the character Chris Griffin in the new episode of Family Guy that was on earlier tonight.

“It’s not what you make, it’s what you spend.” Surely those who preach this phrase use an example of two people in the same position earning the same amount, having the same path to the current point in their careers. One spends more money than the other. The one who saves more builds wealth faster. Sure, that’s pretty straightforward.

But just like every other bite-sized nugget of “wisdom,” the credo just doesn’t hold up under real life circumstances. Take two frugal people in the same type of job. One is an event planner (and manager of that department) for a non-profit organization, the other is an event planner (and manager of that department) for a corporation. Let’s say they both have a decently frugal lifestyle and have expenses totalling $20,000 in the particular year we’re evaluating.

Our non-profit manager is making $40,000 during that year. Our corporate manager is bringing home $80,000. With the same conservative expenses, who is coming out on top, by leaps and bounds over time?

Our favorite phrase is often used in conjunction with the goal of becoming a “millionaire.” The fact remains that the individual with the highest net income at the end of the year, regardless of gross income or gross expenses, given the same opportunities for investment, is going to reach the goal first. Therefore, these two categories — income and expense — must be weighted equally. If you still believe that level of income is secondary to level of expense, someone has been trying to sell you something, and they have succeeded.

The original version of this article, It’s Not What You Make, It’s What You Spend. Whaa?, is copyrighted by Consumerism Commentary.

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I heard this on the radio yesterday, but I couldn’t find it online as I was looking at the wrong magazine. (It appeared in New York Magazine, not The New Yorker.)

If you’ve ever wanted a good idea of how much money various people in New York City make, New York Magazine has conducted an extensive survey.

We’ve compiled a voluminous and eccentric list of hundreds of New Yorkers’ salaries, from the hedge-funder who pulled down more than a billion last year to the Chinese-food deliveryman making four figures (plus tips). There’s Calvin Klein and a guy who sells knockoffs on the street, a cantor and an imam, a first-year assistant district attorney and Sam Waterston, an honorary veteran of the D.A.’s office.

Many people didn’t want to talk about this kind of personal information, but the magazine did have a method of estimating — educated guessing — that could be considered accurate enough for this type of story. The numbers also don’t include perks, just base salary.

Here are some highlights:

* Edward Lampert, the manager of a hedge fund, makes $1.02 billion.
* Barry Diller, chariman and CEO of USA Interactive, makes $156 million.
* 50 Cent, rapper, makes $50 million.
* Sarah Jessica Parker, spokesperson for Gap, makes $38 million.
* A-Rod, third baseman for the Yankees, makes $25.2 million.
* Andy Warhol, deceased artist, makes $16.2 million.
* William Harrison, Jr., the chairman and CEO of JPMorgan Chase, makes $15.7 million.
* Kelly Ripa, host of The Today Show, makes $7 million.
* Jon Stewart, host of The Daily Show, makes $1.5 million.
* Steve Madden, creative and design chief, makes $700,000.
* Hilary Clinton, United States senator, makes $162,100.
* Flower, cocaine dealer in LES, makes $150,000.
* Chelsea Clinton, a consultant for McKinsey & Co., makes $120,000.
* Jessica Coen, a blogger for Gawker.com, makes $30,000.
* Chris, a panhandler, makes $24,000.
* Tom Stewart, a clerk at Tower Records, makes $20,000.
* George M., a street musician at Astor Place, makes $16,800.
* Parakash Patel, a newsstand operator, makes $14,400.
* Mike Kim, Chinese deliveryperson, makes $5,200.
* Michael Bloomberg, the mayor of New York City, makes $1.

The original version of this article, New York City Salaries, is copyrighted by Consumerism Commentary.

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We’ve all heard the reasons (sometimes excuses) for the fact that many CEOs are compensated orders of magnitude higher than the working class or middle management. Perhaps sometimes the justifications have merit. How about when corporate profitability or performance has plunged under a CEO’s guidance?

Here is MSN Money’s list of the most outrageous offenders:

* Patrick Nettles at Ciena, compensated $41.2 million over the past four years as the share price has lost 93%.
* Jure Sola at Sanmina-SCI, paid $26.4 million during the past four years while Sanmina shares fell 78%.
* Scott McNealy at Sun Microsystems, given $13.1 million a year over the past four years as shareholders lost 76%.
* Larry Johnston at Albertson’s, rewarded $76.2 million over the last four years while shares fell 39%.
* Peter Dolan at Bristol-Myers Squibb, paid $41 million while the stock fell 48% over the past four years.

The original version of this article, Outrageous CEO Compensation, is copyrighted by Consumerism Commentary.

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Starting salaries for recent graduates have gone up in the past year. Various engineering fields are at the top of the list.

The starting salary for my current field, accounting, is up 6.1% at 43,003. Teaching, my previous occupation and the field for which I originally spent many years in education, is up 0.9% at $30,793.

My father’s field, evironmental engineering, is likely closely matched to industrial engineering. The starting salary for that major is up 7.7% to $49,567.

The original version of this article, Starting Salaries Up, is copyrighted by Consumerism Commentary.

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Good news for working stiffs: pay freezes have declined sharply. In 2002, the percentage of companies experiencing salary freezes was 16%, an all time high. This year that number has dropped to 2%.

In 2005 and 2006, there should be an average salary increase of 3.6%, up from last year’s 3.5%.

Companies have also increased other incentives, such as non-cash awards and bonuses.

I have a semi-annual review coming up. We’re looking to add someone to our department to function as everyone’s assistant, but I “accidentally” noticed that the salary grade is similar to mine (though the actually salary will be lower). Theoretically, I should be moving up a grade shortly (with a pay increase to match) so the department doesn’t have two individuals at the same level.

However, if past performance is any guarantee of future results — and in this case, it could well be — I better not hold my breath.

The original version of this article, Tuesday’s Article of Interest – Fewer Pay Freezes, is copyrighted by Consumerism Commentary.

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Here’s some good career advice that has netted millions of dollars for some lucky individuals: If you want to get ahead quickly, leak to the public a sex video of yourself. It’s worked for the likes of Paris Hilton and Rob Lowe.

The original version of this article, Career Advice, is copyrighted by Consumerism Commentary.

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According to CNN Money the chart below shows the top 30 ZIP codes based on the percentage of residents earning $100,000 per year or more.

If you’re wondering why regions like Beverly Hills and other rich locations around Los Angeles, or regions in Manhattan like the Upper East Side, didn’t make the list, it’s because those ZIPs share residents who are significantly less affluent.

Here’s the chart:

The original version of this article, Top 30 ZIPs With Six-Figure Salaries, is copyrighted by Consumerism Commentary.

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How to ask your boss for more.

You may notice many of my links come from CNN/Money. It’s their fault for being good. In any case, this article presents raise-negotiating tips to help persuade your tight, wimpy, intimidating, and/or passive-aggressive boss to give you that money you deserve. Here are some of my own—Flexo’s tips on what not to say.

“Give me what I want or I’ll quit.” This can only lead to bad results, unless you have another offer on the table. When faced with an ultimatum like that, chances are the boss will choose the least expensive option.

“I should be making at least what you’re making.” I don’t think the boss would agree with you.

“If I don’t get more money, I’ll pass the company’s trade secrets to a competitor.” The threat of legal fees incurred by the company suing you might give your boss reason to consider your demand, but most likely, he or she will just fire you.

“If you give me a raise, I’ll get to the office on time.” The basic expectations of the job should probably be covered before negotiating a raise, in my humble opinion.

The original version of this article, Give Me More Money, Boss, is copyrighted by Consumerism Commentary.

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News item from CNN/Money: CEO pay rose, worker wages fell.

The disparity not only makes it tougher for workers to make ends meet, analysts said, but also threatens the overall health of the economy, which depends on consumer spending for two-thirds of its strength.

Costs of the basic living necessities, like food and gas for transportation and heating, and other expenses like college tuition, are increasing boundlessly. These expenses amount to a drop in the bucket for the average CEO, the same CEO who has seen his salary increase by 17.2 to 22 percent depending on industry. Meanwhile, the average worker, for whom these basic costs are a more significant porion of their income, has seen his or her salary decrease.

It’s not realistic for society to use this trend in order to encourage more people to become CEOs. That just doesn’t make any sense.

The original version of this article, Salary Increase Disparity, is copyrighted by Consumerism Commentary.

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Raises next year will supposedly be higher than this year, but not by much. Employees who aren’t entitled to overtime pay will see their salary increase an average odf 3.6 percent, and those who are entitled to overtime pay will see an increase of 3.5 percent.

Executives, on the other hand, will see an increase of 3.8 percent.

Location plays a role in determining averages. New Yorkers will be below average and Washington, D.C. will be above average.

The original version of this article, Looking Forward to Raises, is copyrighted by Consumerism Commentary.

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Jeanne Sahadi introducers her readers to some interesting career options if you want to nab that six-figure salary. First off is a general manager of a casino. There is a ton of money in Vegas (or Atlantic City, or even Connecticut) as long as you’re on the right side of the card table. Don’t gamble it all away.

Second on the author’s list today is Chief Security Officer. Security is going to continue being a very big industry in this country. Her last option in the article is to be a medical writer in the pharmaceutical industry. I thought this was supposed to be an article about interesting occupations.

Back in the real world, most people haven’t seen raises in the corporate jobs in quite a while, thanks to rising health care costs and other excuses.

The original version of this article, Options for Pulling In a Six-Figure Salary, is copyrighted by Consumerism Commentary.

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As this article from CNN/Money points out, you can’t plan your trip without knowing where you are at the moment. That relates to your financial plan, as well. Every once in a while, take a look and estimate your net worth. That will help you figure out what you need to do to get to whatever your goals happen to be.

According to the first chart supplied by the article, I am doing well for my age group. My net worth is significantly higher than the average for my range.

However, the next table (not pictured here) paints a different picture by going by salary range. Theoretically, individuals in my salary range have been there for a while and have had time to build up their net worth to try to beat that average. Maybe a year or two would be all I need, but I hope to break into the next salary range soon.

The original version of this article, Where You Stand, is copyrighted by Consumerism Commentary.

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Sure, we all do. Here are some surprising jobs (that is, besides the typical doctor and lawyer type professions) that can earn you 6-figures if you’re good and experienced at what you do.

The original version of this article, Do You Want to Earn More Money?, is copyrighted by Consumerism Commentary.

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