MONEY Sports

Patriots’ Rob Gronkowski Hasn’t Spent a Dime of His NFL Salary

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Kevin C. Cox—Getty Images Rob Gronkowski of the New England Patriots celebrates after Super Bowl XLIX on February 1, 2015.

Gronk claims he has not spent "one dime" of his $10 million in contract money.

New England Patriots tight end Rob Gronkowski has been saving like a pro during his five seasons in the National Football League—at least according to his new book, It’s Good to Be Gronk.

The football star claims he has been spending only his endorsement money, not his NFL salary, and avoids making big-ticket purchases.

“To this day, I still haven’t touched one dime of my signing bonus or NFL contract money. I live off my marketing money and haven’t blown it on any big-money expensive cars, expensive jewelry or tattoos and still wear my favorite pair of jeans from high school,” Gronkowski writes in an excerpt of the book published Monday on Sports Illustrated‘s MMQB blog.

If that’s true, he’s likely amassed at least $10 million (or more, if he’s been investing his savings). Given that a disproportionately high number of NFL players blow through their money and end up filing for bankruptcy, it seems that Gronk is a rare role model among his peers.

Well, at least when it comes to money.

TIME career

What You Need to Know About Negotiating Your First Salary

businessman-woman-handshake
Getty Images

Here's how to have the often-awkward conversation

Conversations about money in the workplace, and salary negotiations in particular, are always difficult—but if it’s your first time having those discussions, it can be especially intimidating. That’s why we launched “Adulthood Made Easy,” a podcast through Panoply, that helps young women navigate the real world, from their first salary negotiation, to their first apartment hunt.

In the pilot, Greg Giangrande, Executive Vice President and Chief Human Resources Officer at Time Inc. (Real Simple‘s parent company), offers advice about what you can (and can’t) ask for during your first year on the job. The best part? Host Sam Zabell works right here at Real Simple, and she has to have this entire money conversation in front of both of her bosses. Listen below, and if you want to hear more, make sure to subscribe in iTunes or on your favorite podcast app.

 

This article originally appeared on Real Simple.

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MONEY Workplace

Why Summer Is a Great Time to Ask for That Raise

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iStock A raise can help you get in better shape, financially.

Midyear is the best time to negotiate a salary bump.

This is the second installment in Money’s Midyear Financial Checkup. Read the first installment, on how to recalibrate your investments, here.

You’ve suffered through years of stagnant wages. But in 2015 workers stand the best chance of getting a raise since the financial crisis, according to a PNC survey of small and midsize businesses late last year. Midyear is the best time to negotiate a bump because budgets are still flexible and you’ll have time to make your case with your boss, says Lydia Frank, editorial director at PayScale.com. Wait until year-end, at your annual performance review, and you’ll run into stiff competition for raises.

Here’s how to do it.

Demonstrate your value. Not only will this increase your odds of getting a raise, it could boost the amount (see chart below). Start by requesting a midyear review. This will let you know if you’re on track to meet this year’s goals. It’s also a chance to remind the boss of your accomplishments.

Play mind games. At the meeting, provide a specific range of pay you’re seeking. This makes you look flexible, but it also anchors a figure in your boss’s head. For instance if you want $90,000, set a pay range of $90,000 to $95,000. Behavioral studies show discussing a number first and then making your case works best. Finally, offer a written summary highlighting your accomplishments. This will make your achievements concrete for your supervisor, Frank says.

Hedge your bets. “Experience is in demand,” says Steve Gross, senior partner at consulting firm Mercer. Execs willing to jump ship are likely to command a 15% bump. Even if you prefer to stay put, having an offer can help you negotiate with your current firm. Dip your toes in the hiring pool by signing up for a job site like Poachable, which is anonymous and lets employers come to you.

Money
TIME Careers

These are the Most Extreme Jobs

skydiving
Getty Images

Venom milker and skydiving instructor make the list

Adrenaline addicts looking for a new job may want to consider a few of the following: Crocodile physiologist, venom milker and skydiving instructor. They all made a list of the world’s most extreme jobs, at least according to YourTradeBase, a company that helps other businesses with the entirely sedate job of completing their paperwork.

Take safari guide, for example, which was identified as the extreme career with the highest average salary. They are exposed to potentially dangerous animals like lions, work in an area lacking in medical facilities and drive on muddy and bumpy dirt tracks. But let’s face it: Despite the danger, it’s a great job.

Here are he most extreme jobs ranked by average salary per year (or season) are:

  1. Safari Guide: $73,000
  2. Professional Stuntman: $70,000
  3. Crocodile Physiologist: $62,500
  4. Storm Chaser: $60,968
  5. Cave Diver: $58,640
  6. Smoke Jumpers: $33,000
  7. Venom Milker: $30,000
  8. Skydiving Instructor: $24,000
  9. Whitewater Rafting Guide: $6,675 per season
  10. Everest Guides: $5,000 per season

In case you were wondering what a venom milker does, YourTradeBase writes that it’s a position to “massage the venom glands of many snakes, whilst pressing their fangs on a plastic plate/tube, to collect their venom.” It notes that “snakes don’t enjoy being milked.” Well, imagine that.

MONEY Wages

Here’s One Statistic Explaining Why You Haven’t Gotten a Raise Lately

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Krakozawr—Getty Images

A big chunk of workers are yearning for more hours, raise or no raise.

More than one-third of American workers would be willing to work longer hours without a raise, according to a new Federal Reserve report.

The report, which surveyed nearly 6,000 individuals about their financial well-being, found 36% of respondents would prefer to work more hours at their currently hourly wage. Another 58% of respondents said they are happy with the number of hours they currently work, while 5% wished they could work fewer hours.

While those who took the survey were not necessarily hourly workers, a Federal Reserve spokesperson said the question is a general proxy for whether employees would be willing to work longer for higher pay.

As Bloomberg notes, the Federal Reserve’s findings may help explain why inflation-adjusted wages have remained essentially flat, even as the economy has improved.

“When [Federal Reserve Chair Janet Yellen] says that the unemployment rate probably does not fully capture the extent of slack in the labor market, this is exactly what she’s talking about,” said Thomas Simons, a money-market economist at Jefferies LLC, in an email to Bloomberg. “Until workers perceive that there are more opportunities available that offer higher wages, they will be content to work for the same rate rather than take a risk for more.”

MONEY salary

Temps Make 10% Less Than Full-Time Employees for the Same Work

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Joerg Steffens—Getty Images/OJO Images RF

It's common knowledge that temp workers aren't treated as well as full-timers. But this is pretty awful--and blatant.

There’s bad news for those working as temps or on-call workers—a group of Americans that has grown since the recession.

Despite doing equivalent work, so-called “contingent” employees earn about 10.6% less per hour than standard full-time workers, according to a new report from the Government Accountability Office (GAO).

Contingent employees made up about 18% of the workforce in 2014, up from 12% in 2009. That increase has come in great part because of growth in the “gig economy,” says Mary Beth Maxwell, the Principal Deputy Assistant Secretary for Policy at the U.S. Department of Labor.

“For some, these changes represent greater access to the labor market. For others, they mean reduced access to workplace protections, benefits and stable income, and increased exposure to health and safety risks,” Maxwell wrote in a letter to the GAO.

Indeed, a different new study reveals that on-demand workers (like Uber drivers) most commonly cite low pay as their top reason for quitting.

Some temp workers are paid especially poorly compared to their full-time counterparts, the GAO report found: Teachers and educators make nearly 14% less than standard workers per hour if they are contingent. On the other hand, construction workers make about the same on an hourly basis no matter if they’re contingent or collect salaries full-time.

Unsurprisingly, the job benefits are worse for contingent workers–that is, if they receive benefits at all. Temps are about two-thirds less likely than standard workers to have a work-provided retirement plan and less than half as likely to have employed-based health insurance, the study found.

MONEY home prices

10 States With the Least Affordable Homes

Diamond Head, Oahu, Hawaii
Carl Shaneff—agefotostock Diamond Head, Oahu, Hawaii

A new study shows where in the U.S. home prices are the most out of whack with income.

In most parts of the country, a family with a median household income should—ideally—be able to afford a median-priced home in that area. In fact, an analysis of county-level data from RealtyTrac showed that a monthly payment on a median-priced home was more affordable than fair-market rent on a three-bedroom unit in 76% of counties studied, making buying a home the more economical choice for many Americans.

Of course, there’s a lot more at play when determining if you can afford a house than looking at your paycheck and the rental market—buying a house often requires a home loan, which can be tougher to come by if you don’t have good credit. At the same time, a good credit score will only get you so far in the home-buying process, because if housing in your area is exceptionally expensive, even a median household income may not get you much house. (This calculator can show you how much house you can afford.)

To determine the states where housing is least affordable, the Corporation for Enterprise Development divided the state’s median housing value by the median family income in that state, according to 2013 Census data. A breakdown of all 50 states and the District of Columbia is available through its Assets & Opportunity Scorecard tool. Here are the states with the least affordable homes.

10. (tie) Rhode Island

2013 median housing value: $232,300
2013 median household income: $55,902
Ratio of median housing value to median income: 4.2

10. (tie) Vermont

2013 median housing value: $218,300
2013 median household income: $52,578
Ratio of housing value to income: 4.2

8. Washington

2013 median housing value: $250,800
2013 median household income: $58,405
Ratio of housing value to income: 4.3

7. New Jersey

2013 median housing value: $307,700
2013 median household income: $70,165
Ratio of housing value to income: 4.4

6. Oregon

2013 median housing value: $229,700
2013 median household income: $50,251
Ratio of housing value to income: 4.6

5. New York

2013 median housing value: $277,600
2013 median household income: $57,369
Ratio of housing value to income: 4.8

4. Massachusetts

2013 median housing value: $327,200
2013 median household income: $66,768
Ratio of housing value to income: 4.9

3. California

2013 median housing value: $373,100
2013 median household income: $60,190
Ratio of housing value to income: 6.2

2. District of Columbia

2013 median housing value: $470,500
2013 median household income: $67,572
Ratio of housing value to income: 7

1. Hawaii

2013 median housing value: $500,000
2013 median household income: $68,020
Ratio of housing value to income: 7.4

Those are some eye-popping figures, especially if you’re from the other end of the spectrum, like Iowa or Michigan, where the median home price is just 2.4 times the median income in those states. Places like Hawaii, D.C. and California are significant outliers, though.

Nationwide, the median-priced home ($173,900) is 3.3 times the median household income ($52,250), but homeownership remains out of reach for many Americans. Homeownership rates are at their lowest level in more than two decades, partially due to tight credit in the mortgage market. To have the best chance at getting a home loan, borrowers need to focus on improving their credit standing (you can track your credit scores for free on Credit.com) and paying down debt, so they can prove their ability to repay a home loan.

More from Credit.com

This article originally appeared on Credit.com.

MONEY Workplace

9 Ways to Make More Money at Work

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Jamie Kripke—Corbis

Career strategies for every stage.

Even if you’re not among the super-savers who are on their way to becoming 401(k) millionaires, there are plenty of ways to build wealth on the job. Whether you’re just starting out, in your peak earning years, or planning a career second act, here are 9 ways to fatten your paycheck.

1. Begin your career in a wealth-building city. To maximize your earning potential, minimize the amount you spend on housing—for most people the largest chunk of their monthly budget. According to Zillow.com, three metro areas where job growth exceeds the median 1.3% and housing costs are below the typical 2.9 times income are Dallas (job growth 3.3%, housing costs 2.5x income); Atlanta (job growth 2.4%, housing cost: 2.7x income), and Indianapolis (job growth 2%, housing costs 2.4x income). Plus, these are great places to live: Dallas suburb McKinney and metro Indianapolis both made it onto MONEY’s annual list of the best places to live, while Atlanta is home to the headquarters of Fortune 500 companies including Coca-Cola and UPS.

2. Don’t wait for a performance review to ask for a raise. Most companies do performance reviews in February or March—but set budgets before the end of the prior year. If you can make the case for a raise, start the conversation no later than December.

3. Lead with the dollars. You are more likely to get a raise, and a higher one at that, when you say what you want first and explain why you deserve it second. “It sounds like a trivial difference, but it produces a significantly different outcome,” says negotiations expert Robin Pinkley of Southern Methodist University. You’ll also do better if you couch your request in a range. Asking for an extra $5,000 to $7,000 a year beats plain old $5,000. You’ll seem cooperative and flexible—and make it harder for the boss to return with a lowball counteroffer, according to a new study by Daniel Ames and Malia Mason of Columbia University.

4. Become a free agent. Workers may get 3% raises in 2015, but execs who jump ship can expect 15%, says the executive search firm Salveson-Stetson Group. A raise like that at the age of 40 can boost lifetime income by 9%.

5. Repackage yourself. When you were starting out, you may have played up your full work history. As you advance in your career, tailor your résumé to experiences that speak to a specific job—for instance, how you boosted sales at your last position, says Marcelle Yeager, president of Career Valet. Also, put education credentials at the bottom, says professional résumé writer Dawn Bugni. That you got a bachelor’s degree 20 years ago doesn’t mean that much now.

6. Automate your job search. There are simple ways you can help prospective employers find you with little effort. For starters, make it easy for hiring managers to spot you by filling your LinkedIn profile with keywords associated with the type of job you want. The service will make suggestions for you, but look at job listings posted on the site by companies you want to work for to see what keywords they use as well. Also, sign up for the anonymous job site Poachable, and download the app Poacht.

7. Climb one more rung. After 45, only the top 2% of earners see real continued wage growth, on average. So it’s time to gun for one more big promotion. For example, while the median salary for a software engineer is $76,000, senior engineers can expect $101,000, according to payScale.com.

8. Switch ladders. Didn’t snag the pay you deserve? With the economy adding 266,000 jobs a month, you have options. After giving notice, arrange a friendly exit interview with the boss—her endorsement will be valuable in the next switch.

9. Have a Plan B. Your middle years are crucial savings years, but perilous careerwise. On average, unemployed Americans 55 to 64 have been jobless for 11 months. so lay the groundwork for a backup plan—whether it’s a short-term project, freelancing, or a business idea.

Adapted from “101 Ways to Build Wealth,” by Daniel Bortz, Kara Brandeisky, Paul J. Lim, and Taylor Tepper, which originally appeared in the May 2015 issue of MONEY magazine.

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MONEY salary

Tesla’s Billionaire CEO Elon Musk Works for Peanuts

Musk has paid himself California’s minimum wage for the past two years, but he only kept $1 and returned the rest to the company. It appears he did the same this year.

MONEY Kids and Money

4 Important Lessons to Teach on Take Your Kids to Work Day

Girl on phone in medical lab office
Stanislas Merlin—Getty Images

On the fourth Thursday of April, working parents all across America take their children to work with them so they can see what Mom or Dad do for a living.

April 23, 2015 marks the 22nd year of ‘Take Our Daughters and Sons to Work’ Day.

Some companies have organized activities for their young visitors; others have little or no planning. Regardless of how things work at your office, you can use your workplace to teach kids about the value of money.

Of course, your lessons must be age-appropriate. It’s difficult, if not impossible, to teach your toddler about the stock market, and older children will be bored with simplistic discussions. With that in mind, here are a few ideas that can spur your thinking on appropriate lessons for your kids.

Salary – You can give younger children an analogy of worth and value by equating your work time to money and purchases. Give them a frame of reference by how much of your work time it takes to buy an ice cream cone or a bike.

Beware of two unintended consequences — make sure your children do not think that just because you work a certain amount of time they will get an ice cream cone or a bike, and make sure they understand that your salary is private. You do not want them relaying their newfound information to everybody they meet in the hallway or the elevator.

Profit – If you work in a manufacturing environment, you can show your children the products you make and talk about profit in general — how it takes money to make the products and how your company has to charge more to be able to pay employees and stay in business. Make the discussion age-appropriate and do not use actual company numbers unless you’ve cleared it with your manager (and even then, it’s not a good idea to be specific).

You can extend the profit discussion to retail jobs as well. It may be harder to illustrate in an office environment, but it’s not impossible to do so.

Sales – If you’re in a retail environment, you may be able to show your children how transactions take place. When ringing up a customer’s cash purchase, you can go over basic math skills with younger children by letting them “help” you make change and hand it out to the customer. You can engage your older children with discussions about credit cards and debit cards — how they work, what the difference is between the two, and pros and cons of each.

Taxes – If you can keep out your own biases (and we all have them), you can teach your kids about taxes. For example, in the retail environment, you can explain why the customer pays more than the price on the price tag because of taxes, where the tax money goes, and how it’s spent.

Take Our Daughters and Sons to Work Day isn’t for everybody. If your workplace is hostile to the idea, you don’t think you can pay sufficient attention to your child and still do your job, or you can’t keep them from disrupting the office, then don’t participate. A bad experience at the office is worse than no experience at the office.

However, you should spend extra time with your children later on and talk to them about what you do at work. You can use that time for teachable moments about money. They may not pay close attention or seem to appreciate the effort now, but as they grow up, you’re more likely to see the fruits of your efforts. Take the extra time to teach your kids about money, and they’ll reward you by staying out of trouble (and out of debt) with their good money-management habits.

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