16.01.11 Know Your Worth€¦ · Know Your Worth: Presented by @EmilyMiethner of @FindSpark In Partnership with @CreditKarma $230,000 • A good credit score saves you money. •

Know Your Worth: Presented by @EmilyMiethner of @FindSpark In Partnership with @CreditKarma

Welcome!As we wait, get to know each other!

Share your background, where you went to college, and a link to your LinkedIn, Twitter, and/or website.

Tweet tonight using #HustleSummit & @CreditKarma and we’ll pick one winner to win a set of tickets to Hustle Summit!


Dedicated to your career success!

200+ programs20,000 members1 awesome community





Credit Karma, the best way to keep tabs on your credit. Get free scores, reports and tips to help you get started at creditkarma.com.

Download their mobile app!


Thx to @CreditKarma for sponsoring “Know Your Worth” w/ @FindSpark! #FindSpark #HustleSummit

Thank you, Credit Karma!


Our community & impact


First, some basics


Let’s focus on making MORE

💰


Money isn’t evil

😈😇


You all have value

📈


Side Hustling


Pick something• What are you good at?

• What’s needed?

• What’s easy?

• Mindless or mindful?

• Work for yourself or someone else?


Make it official• Come up with the name

• Launch a website (use Wix, we have a code! FindSpark15 for 50% off)

• Get business cards


Tell people• Social media

• Your network

• Friends and family

• Make it easy for people to help


Make time• I don’t have time is the worst excuse on the plant. Period.


How to know what to charge

• Market rate • Break down what you make at your full-time job • Hourly vs. project • Get people to work on projects with you if needed • Factor in hard cards • What’s the value to your client?


One simple calculation• Overhead 10-15% • Margins 20-60% • Cost of your time • Cost of goods

Materials: $50 Time: $20 per hour Expected hours: 10 = $250 x 10% overhead = $25 x 35% margin = 87.5 Project fee = $362.50


Start somewhere• Seriously, just start.


Why does credit matter?• Kayleigh Gaddor, Community Manager @ Credit Karma


Are you interested in having a….?

• House • Car • Credit card that can earn cash back or other rewards • Apartment • Job • Cable, internet, utilities


$230,000

• A good credit score saves you money.

• Between the ages of 18 and 65, a typical consumer with a credit score below 640 could pay $229,538 more in interest than someone with a score greater than 750.

• Average household income is $51,939.

• Calculations of potential lifetime interest spending and savings are based on a credit lifespan of 18 to 65 years and an analysis of median debt amounts for auto, credit and mortgage loans of a sample of Credit Karma members in different age groups and credit score bands. Individuals were assumed to pay interest at applicable rates on the full debt amounts of their credit profile.


Credit Factors

High Impact Medium Impact Low Impact

On-time Payments Age of Credit Credit Mix

Credit Card Utilization Hard Inquiries

Negative Marks (ex: bankruptcy)


What is a credit score?

• 3-digit number that tells lenders how likely you are to repay your debts on time.


A credit score doesn’t contain…

• Age or ethnicity • Marital status • Employment information • Salary • Full picture of financial health or savviness


True or False?

👀


True or False?

• Checking your credit score damages it, so don’t do it too much.


FALSE!

• Soft inquiries don’t hurt your score. Check regularly!

• Use Credit Karma! They have an amazing free app.


True or False?

• All consumers have one “true” credit score.


FALSE!

• You have many different scores, depending on the credit bureau and score model used.


True or False?

• Late payments stay on your credit report for 7 years.


TRUE!

• On-time payments can account for as much as 35% of your credit score!


True or False?

• Carrying a balance month to month helps you to build credit faster.


FALSE!

• Paying your balance in full each month saves you money on interest.


True or False?

• If I ignore my student loans, they’ll go away.


FALSE!

• Ignoring your loans can negatively impact your credit score. Student loan debt is typically not discharged in bankruptcy, either. If you’re struggling, check out forgiveness plans and income-based repayment plans. You have options!


What should I do?

• Start small (student or secured credit card) so you’re ready to use credit responsibly in the future.

• Pay off your credit card balances in full each month.

• Keep an eye on your credit card utilization rate.

• Check your reports regularly for errors or signs of fraud.


Negotiation


Get better at speaking

• Pause • Practice • Don't interrupt • No filler words • Power pose • Have energy (sleep)


Do you research

• What is the industry average?

• What do your colleagues, mentors, friends and family think?

• What have you done to deserve the amount you want?

• Know if you’re ready to walk away


What NOT to do

• Don’t go in cold

• Don’t be demanding

• Don’t make it personal

• Don’t make them decide right then and there


When asked for your range

“In my previous role, because of the size of the company, the salary didn’t really connect with my experience level. Is the a range that is allocated for this role?”

Don’t give a range. Give a number, and start HIGH.


Counter offers

“I’m really excited to work here, and I know I’ll be able to excel at the role and add value. I appreciate the offer at $50,000, but was really expecting to be in the $62,000 range based on my experience. Can we look at a salary of $62,000 for this role?”


Seriously…practice

• On a mentor

• Out loud by yourself

• Record yourself with “voice memo”

• Write things down


Other factors

• Vacation

• Phone / computer

• Transit

• Early review

• Professional development budget


Q&A & Action time!


Action Items

• Write down 2-4 potential ways you can earn extra income

• Negotiate SOMETHING

• Download the Credit Karma app and check your credit

• Launch a website for your side hustle

• Ask your boss to schedule a review

• Research your goal industry’s / role’s salary ranges


Q&A

• We’ll answer questions while you make changes!

• Tweet tonight using #HustleSummit & #FindSpark and we’ll pick one winner to win a set of tickets to Hustle Summit!


Upcoming EventsHustler Bootcamp: A Virtual Resume WorkshopJanuary 19 @ 9:00 pm - 10:00 pm

Your Name on the Small Screen: Build a Website in 2 HoursJanuary 20 @ 12:00 pm - 2:00 pm

Hustle Summit!January 29 @ 4:00 pm - 10:00 pm


HUSTLE SUMMITA Hustler’s Discount for you!

$15 off General Admission with FS15 $25 off VIP Admission with FS25

25% off our Digital Packages with FSDigital

The earlier you register, the earlier you get access.


Thx to @CreditKarma for sponsoring “Know Your Worth” w/ @FindSpark! #FindSpark #HustleSummit

Thank you, Credit Karma!


Stay involved. You rock!

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Documents

16.01.11 Know Your Worth€¦ · Know Your Worth: Presented by @EmilyMiethner of @FindSpark In Partnership with @CreditKarma $230,000 • A good credit score saves you money. •