The Ultimate Guide to Growing Your Salary

Lauren Torres ("Kitty") 14 Comments

We’re Millennials. Which means we graduated from college in 2009, just in time for the Great Recession to really fuck with our job prospects and salary levels. Nevertheless, we persisted, managing to carve careers out of the bleak post-recession landscape, a feat that eventually led to us being amateur career advice-givers right here on the internet!

I lead with all this because circumstances are feeling… familiar. The COVID-19 pandemic has hammered Gen Z especially, just as they’re starting their careers and building independent lives. And no matter your age, the pandemic took a toll on a lot of folks’ livelihoods. They’re facing challenges like what we experienced, and we hate it. So our time has come! Learn from your slightly-elders, younglings!

Graduating in a recession leads to earnings losses of about 9% compared to those who graduate in balmier financial climates. The pay gap takes a full decade to become statistically insignificant. For the average worker, that amounts to five grand in a single year. The lost opportunities to invest some of that income—as well as the recession-graduate’s stymied options for other jobs—creates a staggering wealth gap.

Worst of all, it’s completely fucking unfair, because those affected were kids when this hot mess was cooked up, yet still the ones who have to eat it. You have every right to be salty about that.

So here’s what we suggest you do to get yourself back up to the level you deserve.

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Yanely Espinal Gets Real About Financial Strategy in New Book Mind Your Money

Piggy 3 Comments

During our reign as the overlords of Bitches Get Riches, Kitty and I have met a lot of interesting and successful people: millionaires, rich startup founders, wealthy media darlings, best-selling authors. But every once in a while we meet someone way more interesting.

The first time we were booked to speak at an event with Yanely Espinal, we did a collective double-take as soon as she started talking (and not just because of her delightful Brooklyn accent). Yanely was talking about strategies for breaking the cycles of generational poverty, how to make wealth-building accessible, and practical ways to motivate, educate, and inspire normal-ass humans to reach their money goals.

Most folks probably know her as MissBeHelpful on YouTube and Instagram. But Yanely has been making a name for herself all over the place as a storyteller who makes financial concepts straightforward and blessedly non-boring. The Brooklyn native also left her job as an elementary school teacher to direct general do-goodery at the educational outreach nonprofit Next Gen Personal Finance.

And naturally, we dig her with a real big shovel.

I caught up with Yanely to talk about her new book, Mind Your Money, and find out what she has against exorbitant credit card interest rates.

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5 Horror Movies About Money to Terrify You This Spooktober

5 Horror Movies About Money to Terrify You This Spooktober

Lauren Torres ("Kitty") 15 Comments

Just in time for Halloween, we’re here to pitch five of our favorite horror movies about money. We just noticed it’s been far too long since we wrote something unabashedly silly. Forgive us!

You may not know this about us, but we Bitches are high-key obsessed with scary movies. If we’re hanging out together, odds are high we’ll throw on something with ghosts, ghouls, werewolves, or axe-wielding serial killers. There are three main reasons this genre appeals to us:

  1. Horror movies are creative. They often have tiny budgets, which forces filmmakers to work with what they have and hone in on what matters. Many household names got their start in the proving grounds of horror. It’s a chance to see fascinating examples of undiscovered genius.
  2. Horror movies expose uncomfortable truths about life and society. All great spooky films are about something real. The surface-level scares of a zombie horde are symbolically linked to our deepest anxieties about other people. The vampire is the unknown outsider; the werewolf the uncontrollable id. The horror genre boldly leaps into subjects where comedies and dramas fear to tread.
  3. Adrenaline is a helluva drug. We’re too old to know where to get good drugs. We have to make them the old fashioned way: by abusing our endocrine systems. With art!

And really, isn’t that what’s interesting about money, too? Our ~*whole deal*~ is trying to make the best, most values-aligned decisions we can with limited funds. This article is extremely on-brand and aligned with our core mission. DO NOT try to tell us otherwise!

Today, we’re plugging a few of our favorite horror movies with a financial twist. The terrifying root of each one is something related to money and the power it brings.

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Update: Do I Have a Right To Know About My Partner’s Finances?

Piggy Leave a comment

Friends, I come to you today breathless with excitement. Remember Anonymous Rex, the bitchling who wrote to us about their secretive significant other? The one whose partner was all like “I can know about your finances, but you can’t know about mine“? The one whose partner was most likely hiding something sketchy from Anonymous Rex, according to moi?

They wrote back.

And oh baby is it juicy:

Hey Bitches,

Anon with the cagey significant other here. Turns out they were alarmingly deep in debt, were not honest about how much they were working, and more. They were very upset about having to mention anything financial, and were pissed that I thought I had a right to know their personal matters.

So, I broke up with them. Not just because of the finance stuff, though it was definitely the straw that broke the camel’s back. And I feel freer and happier than I have in years. Which probably sounds really heartless, because you’re supposed to be all torn up about ending relationships, especially ones that are as serious as that one was, but… it’s true. I don’t know what it says about the relationship if when it ends, all you feel is overwhelming relief, but… that’s how I felt.

Thank you so much for your response to my question. It’s good to know that it isn’t crazy or invasive or unreasonable to want to know a significant other’s financial situation/how they handle their finances. I was beginning to think it was. I’ll keep that “personal finance is personal—not private” mantra in my head, going forward.

-Anonymous Rex again

No but in all seriousness it sucks to be vindicated in this way. The full-body orgasm I receive from being right about something is somewhat dampened by being right about bad shit happening.

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Life Insurance: Responsible Investment or Waste of Money?

Lauren Torres ("Kitty") 6 Comments

I didn’t understand anything about life insurance until I was in my late twenties. I’d just started a small blog with a friend (you wouldn’t have heard of it), and it was unclear how many people were reading it. Until one day, when a shocking email arrived in our inbox. A company wanted to give us money to recommend a product.

The product was life insurance.

Jess (that’s Piggy to the uninitiated) and I regarded this offer with the confused-yet-intrigued energy of hungry fish watching a worm wriggle on a hook. Obviously we hadn’t had the audacity to make a preemptive affiliate marketing policy. Life insurance sounded like the kind of thing responsible adults should have, right? And it would be cool to offset the cost of running the site, wouldn’t it? We agreed to take a few days and devote our shower thoughts to the idea.

Like many a wise rainbow trout, we decided against the hook. No matter who you are, easy money is always a fat and juicy temptation. But we agreed we’d rather run the blog at a loss than sell random crap to our readers. Happy with this decision, we sat down to our inbox to find two more unsolicited affiliate offers.

These products were also life insurance.

In the years since, they’ve never stopped coming. We get a new one at least once a month. Now, we have the experience to understand why life insurance companies are so eager to pay bloggers to rep their stuff. Today, we’ll permanently burn that bridge by explaining how it works—and why we think most life insurance isn’t worth it for the majority of our readers.

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Ask the Bitches: Do I Have a Right To Know the Private Details of My Partner’s Finances?

Piggy 5 Comments

When we started Bitches Get Riches, we thought we’d be writing mostly about paying off student loans and building credit scores. And to be fair, we’ve done a lot of that! But more and more we find ourselves coming for Dear Prudence’s job. Because it turns out handling finances within a romantic relationship is hella complicated! And sometimes we get a question about financial transparency among partners that does us a concern.

Like this one:

Hey bitches! I know personal finance is personal, but if your significant other is being cagey about their finances even after you’ve been together for years and want to move in together/get married, is this a red flag? I don’t expect them to disclose all their spending habits or whatever, because yeah, personal finance is personal. But I feel like it’s reasonable to want to know what their income is and how much debt they have, especially if they know those things about you and you’re planning on a life together. Those things affect the rent you can afford and all sorts of stuff. But they act like I’m unreasonable and invasive for wanting to know, which makes me wary.

Anonymous Rex
Lack of financial transparency... scares me.

You’re right to be wary. And you’re definitely not being unreasonable. Let’s unpack this suitcase of red flags.

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If Your Employer Refuses to Negotiate Salary, Try These 11 Creative Counteroffers

If Your Employer Refuses To Negotiate Salary, Try These 11 Creative Counteroffers

Lauren Torres ("Kitty") 5 Comments

Have you ever gotten yourself all hyped-up and battle-ready to ask for more money—only to learn your employer REFUSES to negotiate salary?

This happened to me when I was a young professional. I went for a role at a company that tied its job offers to intelligence test scores. (This is not a normal or cool thing to ask, by the way. It’s elitist, ableist, racist, irrelevant, and indicative of really bad leadership. Alas that I was young, dumb, and living on breadcrumb…s.) The recruiter warned me in advance that this employer refused to negotiate salary beyond their initial offer.

Now, the joke was on them! I’m one of those people who needs to make an L-shape with her fingers to tell left from right. And once hired, I’m about as biddable as Spirit, Stallion of the Cimarron. But if you put a test in front of me, I’m gonna destroy it. So by their own stupid system, they were forced to offer me an absurdly high sum. My salary doubled overnight. Although I hated that job and left after six months, it was the best job transition I’ve ever made.

All of which is to say: if a potential employer refuses to negotiate salary, it doesn’t mean that their offer is bad. Internal policies far more benign than the one I just described dictate salary offers. Some employers have a strict system for salaries based on tenure, experience, performance, or job title. Others must adhere to government guidelines or union rules regarding fair salaries.

It also doesn’t mean that the conversation is over. You can ask for so much more than money! When an employer refuses to negotiate salary, they’re giving you leverage to ask for other things. Today, I’ll give you a few ideas for creative counteroffers that will make your life better and sweeten any job transition. Even better, I’ll suggest some simple scripts you can follow to maximize your chances that they’ll say “yes.”

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When It Comes to Salary Negotiations, Are You Asking for Enough?

Lauren Torres ("Kitty") 10 Comments

“Oh god, oh god, the hiring manager just asked me about my salary requirements” is a text I’ve gotten a dozen times from friends and coworkers over the years. For a young professional, it’s usually the most fraught moment in the entire hiring process.

And for good reason! How you handle salary negotiations has enormous financial consequences. The right answer can catapult you forward… and the wrong one can set you back years.

How do you know that the number you’re asking for is within the right salary range? And how do you start off on the right foot while negotiate your starting salary? Fear not, my children, for we are here with some tips that will help you make sure you’re not selling yourself short.

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Join Us for “Burning the Bootstrap Mentality” at the 2023 Plutus Impact Summit

Join Us for “Burning the Bootstrap Mentality” at the 2023 Plutus Impact Summit

Lauren Torres ("Kitty") 3 Comments

Kitty will be speaking at the Plutus Impact Summit on September 21-22, 2023. Sign up to attend here!

I have a confession. Piggy and I have been doing a lot of speaking in the past year. But you haven’t seen it, because they’ve been private events and conferences. This reveals a hypocrisy at the core of Bitches Get Riches. We pretend to be women of integrity and bravery, and yap on and on about inclusivity n’ shit, but the cold facts are these:

  1. We’re too cowardly to ask for a +10,000 on those invites.
  2. We wanted to minimize competition over drink tickets and/or cheese boards. Excuse me. I woke up early and brushed my hair. Those Bud Lights and sweating cubes of cheddar on a toothpick are obviously MINE.

But all of that is going to change! Because I’ll be speaking at the Plutus Impact Summit, and you can come too!*

It’s a virtual event running on the afternoons of Thursday and Friday, September 21 and 22. Tickets are dirt cheap, and the first 150 people to register will get a free copy of keynote speaker Farnoosh Torabi’s latest book, A Healthy State of Panic.

The Plutus Foundation is one of our very favorite organizations. They’re a nonprofit dedicated to the financial education of everyone—emphasis on the everyone. Honestly, they’ve done more than anyone we know to spotlight diverse new voices within the personal finance space. They’ve consistently rejected the traditional “suck it up, anyone can do it if they buy apartment buildings instead of food” bullshit we so loathe, and challenged the community to dig deeper and do better.

Given that, it’s no surprise they asked me to join a session called Burning the Bootstrap Mentality alongside Rich Jones and Kevin Payne. LORD, send us MILK, for this panel is going to be SPICY, and I cannot WAIT!

You can see the full agenda here. All of this year’s speakers are undeniably incredible. The lineup includes many of the people we love best and respect most. We’ll plant our lovely asses in the audience for every session. And if the topics interest you too, we hope you’ll join us!

Join us at the 2023 Plutus Impact Summit

*Tragically, because this is a virtual event, you will have to provide your own Heinekens and crudités + elegant tub of ranch dressing.

Learning To Reverse the Golden Rule

Piggy 12 Comments

As we mentioned in our last article, Kitty and I recently taught a workshop on burnout. We did a ton of research around it. Obviously, we already knew that burnout sucks and is bad (not our hottest take, historically). But that research led us to a much deeper, scarier understanding of exactly how widespread and devastating burnout really is. It’s the difference between knowing how big a blue whale is because Google told you, and knowing how big a blue whale is because it’s rising up from the water beneath you.

The causes of burnout aren’t straightforward. A variety of cultural, organizational, and individual traits work together to burn a person out. Although bigger structural issues deserve the lion’s share of blame, individual struggles with perfectionism, breakneck compulsory productivity, and a cruel inner voice appear in story after story.

I recognize those struggles in the stories we’ve heard from readers. And from many personal friends and loved ones. And from my coblogger, Kitty.

But most especially, from myself.

Today I’m discussing why I hold myself to a higher standard than I hold everyone else. I want to think about how to let go of this unhealthy habit and start treating myself with more kindness and compassion. And since I know this is something I’m profoundly Not Alone in, I’ll share what I’ve learned.

Note: I talk about suicidal ideation and post-traumatic stress in this post. If you don’t feel ready for those topics, maybe skip this one! And if you struggle with suicidal thoughts, please call 988 for help and resources from the Suicide and Crisis Hotline.*

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