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Ep 24How To Make More Money
1:21

Career & earning · 1:21

Your goal in a negotiation is to eliminate the tension with legitimacy

I'm not telling you I'm worth this or this. I'm telling you I did this for this company this year. What do you think it's worth?

Mitchell Eisenberger

Ep 24Apr 23, 2022

How To Make More Money

with Mitchell Eisenberger

The goal is to kill tension with legitimacy. (advice from a former boss)

Mitchell Eisenberger

More moments · 3

1:01
The range was $60K to $80K for five years' experience. He had none and still got $80K
1:12
Want a bigger raise? Get another company to outbid your salary
1:20
The president of the Nets ignored my emails for a full year

Try this · top 3

Quotes

“You're not going to harm yourself by giving somebody else information. You can only help them.”

Mitchell Eisenberger

“I find that the best way to make more money is not within the company. It's telling another company what you're making here.”

Eli Langer

“I'm not telling you I'm worth this or this. I'm telling you I did this for this company this year. What do you think it's worth?”

Mitchell Eisenberger

“You need to be prepared that even if you do everything right, someone can just say no.”

Mitchell Eisenberger

“Don't get bitter. Don't get down. Keep getting on the horse.”

Mitchell Eisenberger

Takeaways

  1. 1 Not talking about money holds people back: they don't know what salaries to aim for.
  2. 2 Schools should teach useful skills like Excel and how the stock market works.
  3. 3 The 2008 crash closed off his planned big-law-firm path and pushed him into a corporate job at Lord & Taylor.
  4. 4 He negotiated the top of the range ($80,000) with no experience by calmly saying he wouldn't take less.
  5. 5 Big companies often give 1-3% raises and promote slowly. Bosses there often can't pay more even if they want to.
  6. 6 Many companies only match pay once you bring an outside offer. By then, you've already started looking elsewhere.
  7. 7 In small businesses no two roles are the same (his "snowflake effect"), so pay varies widely and depends on showing your value.
  8. 8 Some owners pay loyal early employees far more out of gratitude. That skews what others expect, and it's out of your control.
  9. 9 A move to a small healthcare business came with a 25% raise right away. His pay more than doubled over eight years.
  10. 10 He later took a big pay cut to go out on his own for equity and freedom, supported by side income and passive investments.
  11. 11 He avoids crypto and NFTs because he doesn't understand them.
  12. 12 Much of the outcome is in Hashem's hands. Do your best and don't get bitter.

Full episode

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