Cate Luzio had no problem getting her boss to agree to give her a raise, but was caught off guard when asked how much she wanted. Cate shares exactly how she was able to come back with her number in just 24 hours, and how we can all get paid as much as possible. 

Cate's money story:

So I spent many years in corporate investment banking, but a large stint of it at JP Morgan. I was living in London, I was already at a managing director level, I was managing a big business within the corporate bank. I was, as women do, getting ready to prepare for that year end discussion and to ask for a raise. I go into my boss's office who was amazing and as I'm starting to already defend my accomplishments and list them out within 30 seconds of me speaking, he says, "Cate stop talking." I thought, "Oh, God, what did I do wrong?".

Bobbi Rebell:
Yeah, I would be worried.

Cate Luzio:
I thought he was going to say, "You're out.".

Bobbi Rebell:
Oh, no.

Cate Luzio:
And then he said, "What's your number?"

Bobbi Rebell:
Meaning?

Cate Luzio:
Meaning what's the number?

Bobbi Rebell:
How much do you want?

Cate Luzio:
Exactly. Because, one, he didn't have time to waste, and I will tell you that. And two, he was like, "Let's get to the point. You're going to come in here and give me all your accomplishments, but I'm your manager, I know your accomplishments, I know what you've done for the business. So tell me how much more money you want to make." And I had never even thought of the number, which is embarrassing to one extent and then proves a point to the other around that women often are ready to just talk about, list out what they've done and how they've made a value to the company versus going in and asking for that number and then being prepared to defend why they've asked for that. And so, he said, "I give you 24 hours and you come back to me with a number.".

Bobbi Rebell:
Okay, no pressure. So, what do you do with that 24 hours?

Cate Luzio:
I knew that my team, more broadly the leadership team, were all a bunch of men, and that was fine, they were great, but I couldn't ask them. I had come from a different business about a year prior to that within JP Morgan, but I knew I should be making a big jump. So, what did I do? I called a bunch of my guy friends at other banks. I just said, "Here's the situation, I just need to know what you make."

Bobbi Rebell:
Wait, let me just ask you. Did you just randomly pick up the actual, I hate to say this, the actual phone, meaning you didn't text them, you didn't email them.

Cate Luzio:
No.

Bobbi Rebell:
But you were picking up the phone.

Cate Luzio:
Picked up the phone.

Bobbi Rebell:
And putting them on the spot.

Cate Luzio:
Putting them on the spot. And I had done that throughout my career. I think women don't realize this, and I think it's a lot in the banking sector, that when you get your bonus everyone's pounding their chest, like, "This is what I got." And guys do. They tell each other what they make. So they benchmark early on. And I had been doing that early on in my career. And then as I got more senior it was like, "Oh, well I'm getting more jobs and I'm getting these big promotions. This is great." And I had forgotten about I should be getting paid for what I do.

And so that's what I did. I spent that night calling and talking. And I remember I met with one of the guys that I knew at a big bank competitor, and hashing it out. And walked in the next day with the number.

Bobbi Rebell:
Let me just stop you there. What was your take on the numbers they were getting? What did you learn just from those numbers about where you are relative to them?

Cate Luzio:
Oh, much lower. I mean considerable amount lower. And again, remember, I think it didn't have to do with the company not wanting to pay me. It was commensurate with I had been at the firm for a while. You don't normally get huge bumps and raises unless you come from another firm. If you've made a jump that normally happens with your bonus or your variable compensation. So that was not an expectation that someone would walk in and get a very large raise. I knew that from the hundreds of people that I had managed.

Bobbi Rebell:
And you hadn't asked.

Cate Luzio:
And I had never asked. A part of me thinks, "Oh, I should've asked." And then part of me thinks, "I'd only been in that particular role for less than a year. So, was it warranted?" Yes, because not only of my performance, but my potential to continue to perform in that role, and bigger roles. And so, we hear it a lot, men are promoted on potential, women are promoted on performance. This wasn't even about promotion. This was about getting a fair compensation.

And so, when I did that benchmarking and talking to my male peers, I realized I was making a lot less. And so the next day I went in and he said, "Do you have your number?" I said, "Yeah, this is my number." He said, "It's not unreasonable. I don't know what we can do, but it's not unreasonable." To which I walked out thinking that's a huge win itself that I didn't come in and him say that's absolutely never going to happen, which, by the way, that happens quite a bit.

And so, three months later when you actually get your comp information and your bonus, they hand you a paper, and that has everything written. And so, I have no poker face. And so I immediately pull up the paper in front of my face, because I don't want him to see if I'm crying or if I'm smiling. Because if it was going to be a bad number I was going to be really upset. And the number was not the number that I asked for, it was even more.

So, as I'm putting the paper down, I'm smiling. What was even better was my boss was smiling even bigger than I was. And his exact words were, "You perform for us, we perform for you." He said, "This is probably never going to happen again in your career unless you leave and go to another firm, but you've demonstrated not only performance but potential and we value that."

“Don’t just go into any or these discussions with a list of your accomplishments. Be prepared first to demonstrate why you are valuable to the company. And also know your worth. Have that number going in.”

Cate’s money lesson:

So the lesson is don't just go into any of these discussions with a list of your accomplishments. Be prepared first to demonstrate why you are valuable to the company. And also know your worth. Right? So already have that number going in, because the worst thing that can happen is, one, they quiz you on why you should get that money or that promotion. Then you're ready, you've got your accomplishments, you've got what you've done for the business, you've got how you've demonstrated your value.

Cate Luzio:
But also what's the worst that can happen? They say no. And then you decide whether you can live with that no, you continue to fight for that compensation or that role or that promotion, or you go elsewhere.

Bobbi Rebell:
Have you ever gotten a no, and how did you deal with it if you did?

Cate Luzio:
Oh, absolutely gotten a no. Listen, companies are under lots of constraints, they're under huge budgetary issues, so there are a lot of nos. And I've had to give a lot of nos to people too. I think the way I combated that or came back from that was, "Is this still the firm that I want to work for? Is their rationale correct? Do I get that? Do I look at the overall earnings of the company and where I fit into that?".

Cate Luzio:
So, when you work for a large publicly traded company that's in the Fortune 150, they have a lot of mouths to feed. But you still, at the end of the day, have to feel comfortable with the answer that they give. And, for me, I never left a company because they didn't pay me. So I looked at where else there were value they were adding in my life and my career. Was there a career path? Were they providing opportunities? And that was big for me around the delivering of those other opportunities, but also investing in me as an employee, making me a better asset to them.

Bobbi Rebell:
I like that. Because sometimes people might work for, let's say, a startup or something and there just isn't the money.

Cate Luzio:
Absolutely.

Bobbi Rebell:
So you have to look at other things.

Cate Luzio:
You have to look at other things and what drives you. If money is the only thing that drives you, then that's not going to be the place. But there's the role, there's are you managing a team? Are you part of other projects within the organization? Are you moving up quickly, as you mentioned, like in a startup or even in intrepreneurial environment within a big company where it's not just about the compensation? I do firmly believe you have to be fairly compensated, but I think there's a lot of factors that play into that.

Bobbi Rebell:
So true. Now you are well compensated. I should say, when you worked for other people you were well com... Now you work for yourself. When you worked for other people you were certainly well compensated. You could certainly do the shopping that you wanted to do and have the wardrobe that you want to have. But just because you have the money doesn't mean you should spend it all on clothing. And that brings us to a everyday money tip from you. Because this is really interesting. We talk a lot about saving money because you have to or to reach certain goals. Sometimes you're saving money because maybe spending it just doesn't make sense.

“I decided to self fund. I wanted to look at my members of the community of Luminary as my investors, versus maximizing value for an investor.”

Cate's everyday money tip:

As someone who did make quite a bit of money, and I actually reinvested a lot of that money into my company because I self funded, one of the things I knew is that my disposable income I needed to make it very small, because I was investing it into the company. And I was a big shopper. I needed retail therapy. So I actually now rent most of my clothes. I do it mostly with Rent the Runway, but it's exciting to see all of these other new players out there because it gives you so much more variety and diversity of your clothes. And for me it ends up really saving a lot of money for me. Also, I get the thrill of shopping online or even in person because they have stores, but without the guilt of spending all that money and then wasting it because I wear those clothes one time and then never wear them again.

Bobbi Rebell:
I second that. I actually also use Rent the Runway, and I find that to be very true. And I also think you can wear things. Sometimes fashions can be a little bit silly, like we had weird sleeves happening a year ago. And you can try that and you don't have to own that because we know some things are just not going to have staying power. Right?

Cate Luzio:
Absolutely. And some things you may think one day they flatter you and the next they don't. So, why keep it in your closet?

Bobbi’s Financial grownup tips:

Financial Grownup tip number one:

Cate was able to get the intel on her number in just 24 hours, because she had spent years building strong relationships. To do a quick turnaround, you need to have everything in place, and to do that you need to be playing the long game when it comes to those relationships.

Financial Grownup tip number two:

One of my favorite parts of this interview is when Cate got really candid talking about how she deals with nos. First of all, if Cate Luzio is getting no’s, we can all feel a lot better about our setbacks. But she never talks about storming out or being confrontational. Instead, it's about taking a big picture look and being tuned in to why that no happened. It could be you and your performance, and if so, you need to be self-aware enough to own that and to take action.

Sometimes we all have so much ra-ra, go for it in our lives that we're not really that honest when maybe we aren't deserving of that. I'm not saying that's true all that often, but it could sometimes be true. And we need to be realistic about whether the assessment of us might have some good points. But it can also be things that are out of your control, having to do with where the business is financially. That's not really on you, but it's still your reality. Keep your cool, don't make brash emotional decisions.

Episode Links:

• Blinkist - The app I’m loving right now. Please use our link to support the show and get a free trial.

• Cate’s website - https://www.luminary-nyc.com/

• Cate’s Podcast - Come Sit At Our Table

Follow Cate!

• Instagram - @BeALuminary

• Facebook - @BeALuminary

• Twitter - @BeALuminary

• LinkedIn - @BeALuminary

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

In this episode, millennial financial literacy advocate David Grasso, of Gen FKD and Bold Business shares the story of his Cuban immigrant mother and how at age 9 she found herself in charge of the family finances after an unexpected accidental death in the family. 

 

In David’s story you will learn:

-How David’s heritage as the child of Cuban immigrants shaped his focus on finances

-David’s strategy for not just making money, but keeping more of it

-The strategies David learned from his mother, who took over her family finances at age 9

-How talking about money at the dinner table can instill children with financial values

In David’s lesson you will learn:

-Why getting a raise is not the solution to your financial problems

-David’s savings plan strategies

-How to be a defensive consumer

-The dangers of automatic bill payments

In David’s Money Tip you will learn:

-Why he focuses on the bigger purchases in his life

-How to be a defensive consumer

-How David uses the Trim app

In my take you will learn:

-How to fight for your price.

-The true story of how I paid $25 for a prescription where one quote I got was for $354!

-How to use online coupons for prescriptions

-Why the price you pay through insurance is not always the lowest

-When to pay attention to big expenditures vs when to acknowledge that little things like latte’s do add up and become big things over time

Links from this episode

Gen FKD @genfkd

Bold Global  @boldglobalmedia

BoldTV

Bold Business

Bookstr

David Bach

Trim app

Check out David Grasso’s articles GenFKD here: http://www.genfkd.org/author/david-grasso

Find David’s Bold Media page at http://bold.global/david-grasso

David is also a content creator @purehouselab

You can follow David

Twitter: @grassroots

Instagram: @grassoroots

Facebook: David Grasso-Ortega

In this Financial Grownup podcast episode, millennial financial literacy advocate David Grasso, of Gen FKD and Bold Business shares the story of his Cuban immigrant mother and how at age 9 she found herself in charge of the family finances after an unexpected accidental death in the family. We also discuss why getting a raise is not the solution to your financial problems and the dangers of automatic bill payments. #Money #MoneyTips #MoneyGoals

In this Financial Grownup podcast episode, millennial financial literacy advocate David Grasso, of Gen FKD and Bold Business shares the story of his Cuban immigrant mother and how at age 9 she found herself in charge of the family finances after an unexpected accidental death in the family. We also discuss why getting a raise is not the solution to your financial problems and the dangers of automatic bill payments. #Money #MoneyTips #MoneyGoals

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Transcription

David Grasso:
"Oh, if I only got a raise I would have more money. Oh, if I only made this much more I would be stable." It never works that way.

Bobbi Rebell:
You're listening to financial grown up with me certified financial planner Bobbi Rebell, author of how to be a financial grown up. But you know what? Being a grown up is really hard especially when it comes to money. But it's okay. We're going to get there together. I'm going to bring you one money story from a financial grown up, one lesson and then my take on how you can make it your own. We got this.

Bobbi Rebell:
So I think we've all had that feeling where if we just had that one little raise or that one more client, we would feel less stressed out financially. I know I've of course felt that way, and so has my friend David Grasso. He's a millennial financial literacy advocate. He's also the editor at non-profit GenFKD. And the anchor of Bold Business where I have had the pleasure of co-hosting with him.

Bobbi Rebell:
David is also the child of Cuban immigrants who came here just after the revolution, their experiences really shaped his focus on not just making money but also on keeping it. He grew up first in a little Havana area of Miami. And fun fact, he later moved to the Disney inspired town of celebration, Florida. Here is David Grasso.

Bobbi Rebell:
David Grasso, you are a financial grown up. Welcome to the podcast.

David Grasso:
I hope I'm a financial grown up by now. I'm a spokesperson for a financial literacy non-profit, Bobbi.

Bobbi Rebell:
You are. So tell me what is new with GenFKD and both business, and of course campus fellows for 2018

David Grasso:
You know, we've expanded our reach, GenFKD is a non-profit dedicated to helping millennials succeed in the new economy. We have a presence on over 30 college campuses. And one of our biggest news items right now is that we jut completed our first four credit class at SUNY Purchase, so that's a state university of New York Campus right outside of New York City.

David Grasso:
On my front, we continue to have the Bold Business Show on BoldTV every week, as well as Bookstr business on one of our partner organizations Facebook page, Bookstr where I interview authors who write about entrepreneurship.

Bobbi Rebell:
And they are super interactive. So everyone should try to watch them live on Facebook. You are on Tuesdays at 9:00 AM correct? With Bold Business.

David Grasso:
Yes. And Thursdays 1:00 PM for Bookstr business.

Bobbi Rebell:
And you can always catch them after. But LIVE is always a lot of fun 'cause then you can literally interact directly with the host. And I've even gotten to be a guest host on the show. So definitely check it out and-

David Grasso:
And we'll have to be back soon Bobbi, we're ready to have you back already.

Bobbi Rebell:
Yes, any time. So David, you brought with you a really compelling money story that has to do with your family's immigration to America from Cuba.

David Grasso:
Yeah. You know my family unfortunately after the Cuban revolution was on the wrong side of things. So they made their way to New Jersey right here outside of New York City. They quickly learned that this was the land of opportunity and that they could get ahead really fast. Unfortunately my mother had to grow up very fast because my grandfather died in a factory accident. And one of my mom's most profound memories from her childhood was having to go ask landlord how much the rent was.

Bobbi Rebell:
How old was your mother?

David Grasso:
My mother was about nine years old.

Bobbi Rebell:
She was nine years old when her father passed away and she was taking charge of the family finances?

David Grasso:
Yeah. And if you know anything about my mother, she's a financial wizard. And she's the type that she constantly talks to us about money. And really the most profound lesson that she passed on that came from her father and our ancestors who came to Cuba penniless from Spain and Italy was that making money was never going to be hard. It was hard to hold on to but ... And I can't tell you how often at the dinner table we talk about how we're going to maintain our family's wealth. And how we can save and how we can be defensive consumers to make sure that money isn't coming out of our bank account that shouldn't be going out.

Bobbi Rebell:
So what is your lesson then to our listeners? How can they apply this to their own lives?

David Grasso:
You know, a lot of people focus on making money. "Oh! If I only got a raise I would have more money. Oh! If I only made this much more I would be stable." It never works that way. The lesson I have for the listeners is no matter how much money you make, you can find a way to spend it. What you should really focus on is a savings plan at any level, because as your income goes up, your needs go up as well. So it's very important to put a certain amount aside and further more it's important to watch all moneys coming in and out of your bank account, and making sure that people aren't double charging you, or charging you more than you expected, et cetera. It's important to be a saving consumer as well as a defensive consumer.

Bobbi Rebell:
I like that, defensive. Can you give me an example of how you've been a defensive consumer, David?

David Grasso:
I'll give you an example. You know Time Warner Cable and you know, a lot of these companies, you know, they offer great services, but a lot of times they double dip into your account. Or suddenly your promo ends and then your price goes up two or three times the amount overnight.

David Grasso:
I constantly sit down and watch my credit cards, and watch all those automatic payments. You know, the automatic payments are so convenient, but they can bedevil you financially.

Bobbi Rebell:
Okay David, before I let you go, I want you to share with us a money tip. And I know the different podcast we had David Bock who is well known for talking about the latte factor, which is all about making sure you don't have your money kind of whittle away on the small things. He always keeps reminding me that it's a metaphor, that it's not literal, that people can have their coffee, but it's about the little things. You are not about the little things. You're about the big things when it comes to your money tip.

David Grasso:
Well, I mean I'm holding a latte in my hand right now, so you know, let's focus on the big things. I have an app called Trim. And it really focuses on the big stuff that's coming out of my account. You know, if I had to follow every latte that I spent money on, I would go crazy. So I use an app called Trim. And it shows me major money movements above $250 that come in and out of my account. That way I notice, if my paycheck wasn't deposited. It I didn't pay a bill on time et cetera. If there's too much money. There's never any mystery as to how much money I'm supposed to have in my account.

Bobbi Rebell:
David, thank you so much. That is awesome. I am going to check out Trim right away, and I'm going to definitely keep my eye on the big things in life. Thank you for joining us.

David Grasso:
Absolutely. From one defensive consumer to the other.

Bobbi Rebell:
All right. Here is my take on what David had to say. I was pretty struck by David's passion for being a defensive consumer. Making money is of course meaningless if it all goes flying out the window.

Bobbi Rebell:
So financial grown up tip number one is to fight for your price. Just this week I went to pick up a prescription at CVS. It was replacing a liquid prescription. This was in a tablet form because of manufacturing problems with the liquid form. So this was not my choice. We've been paying $25 a month. CVS rings up the new prescription. Get this guys, $161 and this is not a one time deal, this is monthly.

Bobbi Rebell:
So we called the insurance company, they basically said, "Well, tough luck. It's not on the formula list. So you're stuck. I was really frustrated because number one, it's not my choice. It was literally the same medicine just in a different form. And the doctor had told me the generics were not a good fit. So that wasn't really an option for me. So I was not going to give up.

Bobbi Rebell:
I looked online because I know there are sometimes coupons available for drugs. And I did find one that said up to 84% off. Literally it was 84% off if you qualify. So of course I had to wait on the line again. And I had them ring it up with a coupon this time. And guess what, no, I did not get a huge discount. Nothing. Not only did I not get a discount. They said you have to forego your insurance if you want us to ring it up this way. So I said, "Sure, how much worse could it get?" And you know what it came up as? $354. And by the way this is for 30 tablets, and it's going to be a monthly prescription.

Bobbi Rebell:
I was pretty upset. So I went to the drug company's website. I was thinking maybe I will write a complaint letter, I don't know. But I looked around there, and by the way this was Pfizer to their credit. They have a program where after you get into their system and fill out the proper paperwork and all that stuff you can actually get this medicine for $25 a month.

Bobbi Rebell:
So that is what I did. And after a grand total of almost two hours of waiting in line, calling lots of people, getting codes and so on, lots of back and forth with this pharmacy, another pharmacy, the drug company, the insurance company. It was a mess, bottom line I paid $25 when some people are paying as much as $354 for this same medicine. Fight for your price, please. Take the time and find out, can you get a lower price for something. And especially when it comes to medication these days there are so many changes going on in our healthcare system. Look for everything. And absolutely this was Pfizer, go to their website, see if they have a program for people to get drugs. It does not necessarily ... It's not income based as far as I know this one was not. Look for those opportunities to get the same medicine at a fraction of the price. It's worth it.

Bobbi Rebell:
Financial grown up tip number two. David talked about an app called Trim. Now it helps him with the big stuff. But what I would say to my latte sipping friend is that while you do need to focus on the big stuff to really move the needle in your finances, and to reach big goals like retirement and saving for a down payment and all that stuff, you also should watch the pattern of the little stuff. So, if you're going to have the latte that's fine. But think about the fact that if you are having a latte every singe day, then that does become a big thing. So just keep that in mind.

Bobbi Rebell:
Thank you all so much for taking a few minutes to listen to our show. The feedback and support, truly appreciate it. Love hearing from everyone. Take a moment please to rate and review us on Apple podcast. I keep bringing you these inspiring stories. I hope you enjoyed David Brasso's story and that we all got one step closer to being financial grown ups.

Bobbi Rebell:
Financial grown up with Bobbi Rebell is edited and produced by Steve Stuart and is a BRK media production.

 

Farnoosh Torabi was underpaid and overworked as a young journalist. But a key piece of information put her on the road- albeit a rocky road- to doubling her pay.  

In Farnoosh’s story you will learn:

-What to ask your HR department to find out if you are underpaid

-Strategies to use if your pay is at the low end of the salary range for your job

-When to know it is time to look for a job outside your current company

-How to handle the big question “How much do you want to make” during job interviews

-How to turn an employers promise of a future raise, into an immediate salary bump

In Farnoosh’s lesson you will learn:

-How to most effectively advocate for yourself

-How Farnoosh was able to persevere even when she faced pushback about her compensation

-The importance of getting the information in advance of negotiations

In Farnoosh’s money tip you will learn:

-Why she advocates checking your numbers every day

-What weight and wealth management have in common

-How she uses Mint

-How checking your finances can help catch financial fraud or hackers

In My Take you will learn:

-My mothers suprising negotiating technique

-How I got a salary above my ‘reach’  range by using it

-My dad’s philosophy on how companies show appreciation

-How to handle being offered a higher title and more responsibility- without a pay bump

Episode Links:

Find out more about Farnoosh’s course “Personal Finance for Grads” on Investopedia.com by going to academy.investopedia.com and look for Personal Finance for Grads. 

Be sure to use the code FARNOOSH20 to get 20% off the $99 course lifetime access. 

Farnoosh also mentions Mint, where you can also check out her columns.

You can learn more about Farnoosh Torabi on her website http://farnoosh.tv/

 

Follower her on social media:

Twitter: @FARNOOSH

Instagram @farnooshtorabi

Facebook: www.facebook.com/FarnooshTorabi

Listen to the So Money podcast on itunes

And check out  my episode from when How to be a Financial Grownup came out!

 

 

Farnoosh Torabi was underpaid and overworked as a young journalist. But a key piece of information put her on the road- albeit a rocky road- to doubling her pay. Listen to this Financial Grownup podcast to learn how she doubled her salary and how you can too. #Salary #SalaryIncrease

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Transcription

Farnoosh Torabi:
I was in my mid 20s, wanting to get a raise at my job, kept asking over and over again to no avail. Finally, my father clued me in to this term that was really ground-breaking for me.

Bobbi Rebell:
You're listening to Financial Grownup. With me, certified financial planner, Bobbi Rebell, author of How to be a Financial Grownup. You know what? Being a grownup is really hard, especially when it comes to money. But it's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
So, what were the magic words my guest's father told her about? And no, they were not, "I quit," or anything like that. But I do promise you, friends, you will learn a lot about the harsh reality of trying to pry more money out of a current employer, emphasis on current.

Bobbi Rebell:
You're also going to learn a whole lot about the power of information. My guest is Farnoosh Torabi. She is a big name in the personal finance space. You probably know her as the host of the So Money podcast. She's also the author of a growing list of best-selling books, which began with the, You're So Money; Live Rich Even when You're Not, published in 2008, and her most recent, When She Makes More. She also has a red hot course on Investopedia on personal finance. What else? I'm going to ask her about it. Here is Farnoosh Torabi.

Bobbi Rebell:
Farnoosh Torabi, you are a financial grownup, and I am so excited to be chatting with you today.

Farnoosh Torabi:
I'm so glad that I earned this designation. Financial grownup, how great. Thank you for having me.

Bobbi Rebell:
I'm so happy you're here, and you're definitely a grownup, and by the way, I have you to thank for inspiring me to do this podcast. It was something that I was thinking about for a while, and we had a little conversation in the green room at the 92nd Street Y before a conference, and that was kind of the final push that I needed. So, I am forever grateful, so thank you.

Farnoosh Torabi:
Oh my gosh. Well, I'm glad to help. I'm happy to serve. I'm in. So wonderful that you're doing this. It makes a hundred thousand percent sense.

Bobbi Rebell:
Women podcasting about personal finance is a category that we want to grow, so we're all in this together. Speaking of growing, you are moving into courses. You have a really cool new thing happening with one of my favorite websites, Investopedia.

Farnoosh Torabi:
Investopedia.com basically brought my dreams to life. I've always wanted to do a money course, but as you know, as people listening know, a course is a big project. It's not just the teaching of the course, but it's the marketing, the infrastructure, the sales, the production, and frankly, all that just made me get dizzy and not feel like at all interested. I just wanted to show up and teach.

Bobbi Rebell:
But this is where you say, "It was worth it, though."

Farnoosh Torabi:
It was worth it. Well, they came to me and they're like, "We'll do all the back end stuff if you can just show up and teach," and that was music to my ears. So, together in collaboration, we created a nine-module money course, catered to graduates, people who are just recently out of college, young adults. They're getting their first paycheck, their first real paycheck, and they want to learn how to maximize it, how to make the most of that weekly/monthly paycheck.

Farnoosh Torabi:
So, you're going to learn about how to budget, how to save, how to invest properly, how to earn more, as salaries have been stagnant for a long time, so really excited about that.

Farnoosh Torabi:
If you go to academy.investopedia.com, and you look for Personal Finance for Grads, that's the new name of the course. We ended up switching it, because we wanted it to be really specific about who we were targeting. Personal Finance for Grads. And if you use the code, FARNOOSH20, you'll get 20% off. It's just 99 bucks, but you'll get another 20 bucks off with that code, FARNOOSH20.

Bobbi Rebell:
And also, maybe a good graduation present. Just a couple of months from now, people will be graduating. It's a really good thing, even if you're not a graduate, to think about gifting to someone.

Farnoosh Torabi:
Great idea. Yeah, thank you. Thank you for that plug. It's lifetime access, so whether you buy it now, or in six months, or today, you'll have it forever.

Bobbi Rebell:
Good stuff, and by the way, when I was studying for my CFP, Investopedia was my go-to destination when you're looking for some arcane financial term, they have it all there, so that's my nod to Investopedia.

Farnoosh Torabi:
Well, they're the largest resource for financial information, so makes sense that you were able to bank on their definitions.

Bobbi Rebell:
Right, no one would have some of these terms, but they have everything there, so they're a good place to check out, and get your course.

Bobbi Rebell:
But I also want to talk to you about the money story that you have brought today, because it has something that I would love to do, which is that it doubled your salary. So, tell me. How exactly did you double your salary?

Farnoosh Torabi:
I was in my mid 20s, wanting to get a raise at my job, kept asking, over and over again, to no avail. Finally, my father clued me in to this term that was really ground-breaking for me. It was what's known as your salary range or your salary band. It's information that human resources typically has at the ready to give you. They're not going to voluntarily give this to you, but it is your right to know.

Farnoosh Torabi:
So, I went to HR, because what this salary band essentially tells you, is what your employer has budgeted for your job, for your post. At the time, I was a producer. I discovered through HR that the salary band for my job at this particular new station, was anywhere from $44,000 up to $85,000/$90,000.

Bobbi Rebell:
That's a big range.

Farnoosh Torabi:
That's a big range, and guess what? I was on the very low end of that range, despite having been there going on three years, doing multiple jobs that were above and beyond my original job requirements-

Bobbi Rebell:
And they didn't just come to you and say, "You're working really hard. Let's just give you [crosstalk 00:06:09]-

Farnoosh Torabi:
No.

Bobbi Rebell:
No, really? That's shocking.

Farnoosh Torabi:
When did that ever happen? So, I was taking all the right steps, but this was gold, you know, learning actually what my company at the most, valued me at, was gold. Now, I will say that I used that in my next meeting with my boss, "Since I have some updates, I discovered that I actually can make up to, you know, $90,000 in this role. I've been here for three years. I'm still at the very low end. I'm like in the fifth percentile of this range, so I'm not saying I want to make $90,000, but I do think we could bump me up like five or ten K." And it was, "Okay, maybe when we review budgets." It wasn't like a done deal.

Farnoosh Torabi:
So, then I started to really see the handwriting on the wall, started to look outside for a new job. When I got interviews, I never forgot that salary range, and when I finally got close to a deal at this new employer, and they were talking money, they said, "How much do you want to make?" And I remembered that range, because that range was not ... Look, remember that's not just a range probably for your employer, but it's industry norms.

Bobbi Rebell:
Right, companies know what's going on in their sector.

Farnoosh Torabi:
They know what's going on, and this new job that I was interviewing for, was a step up for me, and it was a more senior position, so that range was probably not even valid, but I used it as a baseline. So I said, "I would like to make $100,000." They said, "Well, we don't have a hundred, but we can give you 80."

Bobbi Rebell:
That sounds good.

Farnoosh Torabi:
I said, "Okay, well, you know what? I really, really want a hundred," and they said, "Well, why don't we start at 80, and then in six months we'll review where you're at, and we'll discuss maybe giving you a hundred at that point."

Farnoosh Torabi:
And I'm like, "Okay. This is the time to take all the money you can." When you're in negotiations. In six months, they're not even going to remember what they said about some meeting they wanted to have with you.

Farnoosh Torabi:
So, I said, "Look, can I have 90, and then I won't bother you in six months."

Bobbi Rebell:
I like that.

Farnoosh Torabi:
And they said, "Sure," nice and clean. And you know, so effectively, I doubled my salary. I went from 45 to 90, and I owe credit to knowing that salary range.

Bobbi Rebell:
So, Farnoosh, what is the lesson from your Financial Grownup money story?

Farnoosh Torabi:
The lesson is, you have to be your biggest advocate. You have to continually be curious about what it is you're after. So, I was not going to take "No," for an answer from my boss, and I just kept exploring, and digging, and questioning, "How can I make more money?"

Farnoosh Torabi:
And I talked to my family about it. It ended up my dad was the one who told me about this salary band thing, which I had no idea about. If I hadn't told him about it, I probably wouldn't have walked into HR, and asked them for the number, so don't give up. You know, a "No," is one step closer to a "Yes." As long as you stay curious, and determined.

Bobbi Rebell:
So, let me ask you. Do you have a day-to-day money tip, an everyday thing that you can recommend to people that they can implement right away?

Farnoosh Torabi:
Implement right away. I would say check your numbers every day. Look, I don't do this all the time, but I do step on a scale quite frequently, because I want to make sure that, you know, if I had a pretty crazy weekend of eating, I can check in with myself. I keep myself accountable. Like I'm, "Okay, I've gained a few pounds. I need to be mindful of what I'm putting in my mouth this week."

Farnoosh Torabi:
Your money's the same thing. Like you might have a week or a month where you overspend. It's important to know where you're at at all times, so that you can adjust. You can continually readjust and adjust and fine-tune your finances, but you're never going to be able to do that unless you have the knowledge of where you are financially.

Farnoosh Torabi:
So, on my phone, I am constantly checking my bank balance, my credit card balance. I check my Mint app, just to see am I over-spending, under-spending? I set budget limits for myself. This maybe isn't an every-hour or an every-day thing, but it certainly should be a regular, maybe twice to five times a week kind of thing.

Bobbi Rebell:
Well, it's also smart to check in because there's so much hacking and fraud, that this way you spot it.

Farnoosh Torabi:
Absolutely, right. For that reason alone, you should be checking your bank account.

Bobbi Rebell:
Awesome. Thank you for all the amazing advice, and thank you for being part of this new program. We really appreciate it.

Farnoosh Torabi:
My pleasure. Thank you.

Bobbi Rebell:
Here's my take, guys. Part of being a financial grownup is taking advice from your parents. I'm not always the best negotiator. I'm going to toss this one to my parents, and share some advice that they have given me over the years.

Bobbi Rebell:
Financial Grownup negotiating strategy number one, courtesy of Adele Rebell, the Just Keep Your Mouth Shut technique, meaning let the other person say the first number.

Bobbi Rebell:
True story, I once had a number in mind as a reach for a job. I didn't think I was going to get anywhere near that kind of money, but I kept my mouth shut, let them make the first move, and the offer came in $10,000 higher than that reach number.

Bobbi Rebell:
Then, I sat there. I was calm, cool, collected, pretended it wasn't enough money, asked for more, and you know what? I got another $5,000.

Bobbi Rebell:
Bonus tip, by the way, from my mother, the Keep Your Mouth Shut strategy can also work for losing weight. I'm a CFP, not a nutritionist, but guys, it does work, because of course you eat less food.

Bobbi Rebell:
Okay, back to our focus on money. Financial Grownup strategy number two, comes from my father, Arthur Rebell. Companies show love and appreciation with money. Companies may try to distract you with a fancy new title and lots of new responsibilities, but then they don't give you a meaningful raise.

Bobbi Rebell:
Imagine if you tried to pay your Visa bill by saying, "Well, my budget's tight, but I'm going to call you my Senior Global Credit Card. Yeah, not so much. Take the higher title, and say "Yes," to moving up in terms of responsibilities. That's all good, but just know, it is not the same as a raise. Companies show love through compensation, aka money. So try to keep the focus on the money.

Bobbi Rebell:
Thank you all for the amazing feedback that we have already been getting on the program. It is truly appreciated. Please subscribe, download, share, review, rate, all that good stuff. We need it. We are a brand new podcast. All of your support means the world to us.

Bobbi Rebell:
I hope everyone enjoyed the show, and that we all got one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK Media Production.