Your Paycheck – Is It Fair?

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You spend a lot of time at work. In fact, if you’re like most people, you probably spend more time at work than you do at home during your waking hours. Do you ever think about what you are getting in return for that large chunk of your life? Should you, in fact, be making more money than you are right now?

Amazingly enough, many people are underpaid and don’t even realize it. Many skills are hard to value well, and your employer is not likely to go out of his way to point that out. So, are you in fact being underpaid? Chances are, the answer to that question is a resounding yes.

From time to time, you should do yourself a favor and do an evaluation on how much you are being paid versus how much you should be paid. Do some research on what others are making for the same type of work and experience level as you around the country. You may be very surprised at what you find. There is a little more to it, though, as the comparison may not be as direct as it might first appear.

There are several things to consider when trying to compare pay scales between different persons, particularly if they are living in different parts of the country. The first thing to consider is the cost of living in a particular area. For instance, if you live in Kansas, and the pay you are comparing against is for someone living in San Francisco, you will need to adjust based on cost of living. A person living in California will need to make twice as much or more to maintain the same standard of living as someone living in a more rural area.

You have to consider the factors that go into what it costs to live in a certain area. Just imagine what you would need to move to that area that has the higher pay. In San Francisco, you would pay something like $3500 per month for rent on a two bedroom apartment. You would also pay city income tax and the state income tax is much higher than in other states. Above and beyond that, literally everything else, such as food, clothing, and gas costs a lot more in California. All of these things factor into how much pay is fair for living in a certain area doing a certain job.

Once all of these things are considered, if you still find that you are being paid too little for the service you provide your employer, then it is time you do something about it. There is no shame in asking for a raise if you are being underpaid. Many employers will be happy to give you a raise if you can make a strong enough case for doing so and you have proven yourself to be a valuable employee. If they are not willing to pay you a fair salary, then it may just be that it is time to find someone who is willing. After all, why should you break your back for someone who does not appreciate it?

The bottom line here is that everyone deserves fair pay for the job that they do. Remember that employment is subject to the same supply and demand formula as every other aspect of business. If you’re a valuable worker that would be hard to replace, then you should be fairly compensated for the value you bring to the company. Know what you are worth and make sure you are not being taken advantage of.

finances financial planning labor paycheck personal finances Salary salary comparison

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