Last week Jordan and I were thrilled to welcome little Henry Ellis into our family. He’s our first child and well, let’s just say I had no idea what to expect.

These last 10 days have been a whirlwind and after an extended stay in a hospital room that costs more than any hotel I’ve ever stayed in as well as a lot of 2 AM Amazon orders, one thing is incredibly clear:

Even with all the prepping and planning, this little guy is going to be expensive.

Don’t get me wrong, he’s absolutely worth every penny and more. He’s the best. But as we recognize equal pay day today, on April 10th, I can’t help but get more frustrated than usual with the pay gap. We all know women are paid less, but sometimes those stats feel so removed from our day to day life.

If you haven’t already seen the stats, here’s a quick snapshot:

And this adds up. A $7,000 salary difference early on can add up to over $1 million in lost earnings over a career.

But stats are just that: a collection of data points.

How does it really affect you?

As I sit here thinking about how to create a financially secure future for our little guy, the pay gap feels more personal.

I wasn’t always great at negotiating – it was a skill that I had to learn and to be honest, it made me super uncomfortable at first. Now that I’m self-employed there are moments that I still struggle to charge what I should. But as I look at this little guy I know that pitching for bigger jobs and upping my rates won’t just benefit me, it’ll benefit his future as well.

Women graduating business school negotiated for, on average, 7% less pay than their male classmates. That’s so much better than the average pay gap where women earn 80% of what men make, but it’s still significant.

I did a little math and to me (for him) that 7% pay gap represents:

  • Fully funding his 529 plan for the year, or
  • Sending him to the nice nursery school down the road, or
  • Flying all of his grandparents out to London every year for a visit

 

You don’t have to have a child to put the pay gap into perspective. Imagine losing 20% of your income tomorrow. What would you do? What life changes would you have to make?

These changes could affect the groceries you can buy. Or it can be about the house you live in, the vacations you take, the debt you need to pay off, the future that you want to have.

Whatever means the most to you, use that, and rather than just listening to the statistics, make the pay gap, personal.

 

How much are you being underpaid? And what does that mean to you?

THE LATEST & GREATEST

How to Stop Overspending – Tools to Organize Your Money

The best things in life are free. Right? When it comes to the tools that I'm currently loving to help me organize my money, that's definitely true. I've shared before how I'm not naturally a saver, but I've managed to set up systems and nudges that make it easier for...

read more

How We Manage Our Money, in 15 Minutes a Month

This month was rough money-wise, but great life-wise. You win some, you lose some, right? With a baby arriving, I have been going a little overboard buying things that I hope will make life easier. We’ve also had a slew of doctors bills, which I’m sure is only the tip...

read more

March Financial Goals Update: How I Make More Money

When Jordan and I sat down to make our goals for 2018, we knew this would be a big year. “Make more money” isn’t a unique goal but the goal was intrinsic to enabling our live bigger goals. We were expecting our first child in March, we are saving up to build a home on...

read more

HAPPY HOUR FOR YOUR INBOX

smart reads + self-care + inspiring interviews all sent to your inbox every Friday. So you can say "see ya" to those Sunday scaries.

The Weekend Buzz

 

Every Friday we’ll bring you a roundup of the most interesting stories, things to learn, and things you’ll definitely want to do toward reaching financial freedom. Sent straight to your inbox.

You're almost in - just head over to your email to confirm and then you're on the list!

Money Makeover The Worth Project

Quickly get your finances in order.

It’s time to use money as a tool to live a better life. And not just when you’re 65. A better life now. Let’s spend the next 24 hours re-thinking your money. Grab my FREE guide and start your 5 simple steps today!

You're almost in. Head to your email to download the worksheet.

No Budget Workbook The Worth Project

Managing your money doesn’t need to take all day.

This is a simple way to put your money on auto-pilot and create the ever so important habit of happiness when it comes to spending. This is easy – and good – and will leave you spending less than an hour each month thinking about your bank account.

You're almost in. Head to your email to download the worksheet.

Pin It on Pinterest

Share This