Compensation and salaries

What are you worth? A million dollars I am sure!

Salaries may rise and fall, but there are some simple rules which I have devised over the years.

1. As you get older, your overall compensation should increase.

2. As you move from one position to another, your compensation should increase.

3. If you lose your job unexpectedly, you may have to accept a lower paying job in the short term, but make sure it is temporary.

4. Titles do not make up for compensation. It is better to be a manager making 60K a year versus a vice president making 40K a year.

5. Rule 5 is negated if your compensation package includes equity/stock/commission in the company - you can make up for the difference.

6. If your occupation, industry or geographical area "tops out" at a certain compensation level, be assured, your pay will be at or below that number.

7. Ignore the overall economy; there are people making millions during recessions and others out of work during boom years.

8. Move with the money. If your chosen profession pays more elsewhere, know why; and be willing to go where the money is.

9. Your current salary determines how much you will make at your next company.

10. Two salaries are better than one.

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