- Candidates
- Login
- Setup Account
- Search Tools
- Resources
- Employers
- Employers
- Setup Account
- Login
- Products
- Resources
Bonnie Johnson
October 06, 2020
Newsletter ArticleIt’s your first chance to earn a real paycheck for full-time work—you get that initial job offer with an impressive salary and you’re ready to sign on the dotted line. Or perhaps it was less than you expected, and you want to give the employer a hard and fast, “no!” But just WAIT! It’s time to evaluate the job offer with personal finance in mind. Your job offer includes the total compensation package that goes beyond the paycheck.
If you chase the dollar, a few years later you may find yourself stuck in a dead-end job with an employer you despise. Plus, you’ve become accustomed to that higher salary, making it hard to transition elsewhere. AgCareers.com spoke with Adam Carroll, owner, National Financial Educators, about students evaluating job offers.
Carroll recommends that students, “Take a job for what you can learn, not for what you can earn.” Perhaps it’s an intriguing field, the perfect career path, or a reputable organization you can learn from and get where you want to go.
Evaluate your prospective personal finances. Figure out what you’ll really have in expenses, such as living costs (do some research if you’re relocating), transportation, food, and student loans. From there, your job offer might include other incentives, such as a car or cell phone, that you can subtract from your costs.
Carroll notes that, “Twenty-somethings often overlook health insurance,” and he classifies health coverage as a baseline employment benefit. It’s also difficult for many new grads to consider retirement benefits, but employers that offer a retirement contribution or match are giving employees free money! In addition, employers may help repay student loans or offer tuition reimbursement benefits.
Ask questions of the employer to get a feel for the benefits. Carroll suggested that candidates could ask the employer, “On average, how much would I pay per month for benefits/health care premium?” or even ask other employees, “How are your benefits?” “How’s the insurance coverage?”
Is it better to accept a higher salary and less benefits? Or a lower salary and better benefits? To figure out how to analyze your job offer, view AgCareers.com’s Marketing Intern, Morgan Miller’s, full interview with Adam Carroll by subscribing to the free AgCareers.com Career Success Kit for students.
