We discuss negotiation skills and money a lot here at 99U and for good reason: when we don’t maximize our worth it can have cumulative effects and end up distracting from creative pursuits. Leave a dollar on the table when you are 22 and it can translate to thousands in lost earnings over the course of your life time. The New York Times recently wrote about the economic plight of those recovering from a down job market and how those affected by low salaries — especially Millennials — typically remain stuck that way. From the piece:
These [recession] troubles, many economists fear, left serious scars, and not just psychic ones. Now that the economy has entered a steady but slow recovery, younger millennials wonder if they can make up that gap. Lisa Kahn, a labor economist at the Yale School of Management, studied the earnings of men who left college and joined the work force during the deep recession of the early 1980s.
Unsurprisingly, she found that the higher the unemployment rate upon graduation, the less graduates earned right out of school. But those workers never really caught up. “The effects were still present 15 or 20 years later,” she said. “They never made that money back.”