What to do if you feel underpaid

Lauren Simmons knows what it feels like to be underpaid.

2017, at age 22 Youngest full-time female trader on Wall Street. But while Simmons earned only $12,000 a year, she learned that a male colleague with the same title and qualifications was earning $120,000 more than she did.

Simmons has vowed to never make less than $120,000 a year. Since leaving her trading floor in 2018, she has found success. Now 28, she Earned $650,000 in 2021 We plan to generate over $1 million in revenue in 2022 through a number of entrepreneurial ventures.

For those who still feel underpaid at work, Simmons says, the first thing to do is prepare an exit strategy before you bring up the topic of a raise with your boss.

When Simmons worked at the New York Stock Exchange, she asked for an annual salary increase from $12,000 to at least $60,000, but she knew the company would not agree. If upper management said no, she was ready to leave.

“Having an exit strategy isn’t necessarily bad business,” Simmons told CNBC Make It. “It shows that you know your worth.

However, you can feel conflicted at times, especially if you have a challenging job. If you’re having trouble separating yourself, look for what Simmons calls “value added.” Ask yourself: Is there any benefit to staying with a company that doesn’t get paid well?

Simmons’ stint at the New York Stock Exchange was her first post-college job, and she says she was very grateful for the opportunity. Still, she knew she had to think about her self-worth and her future career.

It’s okay to stay in a job you love, but it’s important to think long-term, she says.

“Loving your job will only get you to a certain level, and being motivated by money will only get you to a certain level,” Simmons says. It’s important to find a healthy balance that allows you to be happy with your life.

Even if you like your job, it’s up to you to decide that your employer isn’t paying you enough and find someone you might like who will give you your value. “It’s okay to pivot and say, ‘This isn’t for me right now,'” says Simmons.

Sign up now: Get smart about money and your career with our weekly newsletter

Do not miss it: For a whole week, I was just broke”: How three renters deal with New York City’s record-breaking rent