How many times were you in a position to negotiate your salary?

Financial Mechanic is a software engineer at the age of 25. She's negotiated for her salary several times which has boosted her income into the impressive 6 figures. She's now on her track to reach FI at the age of 32.

You'll love her story.

We also chat about...

How to get a job in software engineering
How she applied to jobs
Why she wants to reach FI
Her timeline for the next few years
How negotiating booster her income to 6 figures
Her love for travel

Enjoy this chat with Financial Mechanic, and please subscribe to us in iTunes if you enjoyed it!

Show notes and links from today's episode

Financial Mechanic Blog
Financial Mechanic on Twitter and Instagram
7 Tips for Negotiating - How I Doubled My Salary in Two Years
Tackling the Money Taboo — How to Talk About Your Finances
How I Became a Software Engineer Without a CS Degree
Don’t Climb The Ladder; Take the Elevator
On Love and Money—The Mechanics of Shared Finances
Codecademy
Khan Academy
Book: Cracking the Coding Interview
MatLab
Episode: Canada’s Youngest Retirees and the 3 Paths to FI – Millennial Revolution
Chautauquas

Key takeaways from our chat with Financial Mechanic
1 - You'll learn the most on the job
Financial Mechanic has a degree in mechanical engineering, but got a job in software engineering. She explains that she did have to pick a coding language to work on so she could apply to the job, and recommends Javascript as a good place to start. But she does admit that she learnt most of what she knows on the job itself. If you're thinking of a career pivot she recommends looking for a job geared towards a junior position, or even checking out schools for people who want to change industry. She researched the interview questions and read the book 'Cracking the Coding Interview' to be fully prepared.
2 - Negotiate when switching job
When negotiating, FM recommends to ask employers to give the first number. Both Gwen and J also talk about the importance of knowing what to expect, whether by talking to someone already in the company or doing some in-depth research. If the employers don't give you a number, you can also ask for a range, and aim for what you feel they would accept. J emphasises that you don't need to reveal how much you got paid in your last job when applying to a new one. J and Financial Mechanic recommend not to be confrontational and to look for a win win situation. If the company can't afford the money, you can also try asking for more vacation time or other benefits.
3 - The more you negotiate the better you get at it
The more negotiating Financial Mechanic did, the better she got at it. She started with $65k salary, moved up to $72k and then $105k. After that her salary kept increasing 10%, and she gained more confidence to ask for more. She admits that there are not a lot of resources for women to learn effective strategies to negotiate, but with continuous practice she now feels confident.
Questions? Like or dislike? Leave us a comment!
Want to support the podcast? Here are three things you can do.
1. Start tracking your net worth with Personal Capital using our link. It's free.
2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week.
3. Join our Facebook group and connect with other members of the FI community.