To retire successfully, you need to have enough money to live on until you die. This requires saving money, and preferably investing it in assets that gain value over time.
Technically, you could also just… die soon. (Early Retirement Actually-Extreme.)
Imposter syndrome and self-esteem issues are big obstructions for a lot of people
Jedi mind trick: If you feel like an imposter, tell yourself it is your moral duty towards the society to remove yourself from the workforce by early retirement as soon as possible.
More seriously, no matter how incompetent you are, I assure you that there is a person who doesn’t know half of what you do, and makes at least twice as much money, in the same profession.
Don’t use your lack of a network as an excuse not to apply for things though
If you don’t have a network, the first thing you can do immediately is make a list of colleagues you have good relations with. Write a short description of your relationship (you may forget it 10 years later), and ways to contact them other than the company e-mail: private e-mail, private phone, pages on social networks… (The more the better, because some of these may not be valid in a few years.) This is the list you will call 10 years from now, asking: “Hey, how are you? Where do you work? Do you like that work? Is your company hiring?” If you are still at school, write a list of your classmates.
If they continue insisting without giving a range, just politely repeat that you’d rather not share.
If for whatever reasons you find yourself psychologically unable to follow this strategy, a possible alternative is saying 1.5 × your current salary. (Make it 2 × your current salary if you are less than 5 years out of school.) It is a number even a shy person should be able to say with a straight face. You can practice it with a mirror.
Some companies try the trick with “fixed part of salary + part that depends on performance”. (Spoiler: at the end of each year they will say “well, this was an exceptionally bad year, so we are not going to pay the performance bonuses.”) In that case, ask for 2 × the fixed part of your current salary, and then agree that 25% of that number can be the performance bonus. This will make both sides happy.
Having an emergency fund improves your well-being by giving you leverage and letting you get through life events with minimal disruption.
Also, you will be less tempted into buying all kinds of small insurance, that people will keep pushing on you. As a rule of thumb, self-insurance (that is, if the emergency happens, you solve it by taking the money out of your emergency fund) is cheaper than insurance.
I found my favorite strategy for responding to salary questions on r/negotiation several months back: “Right now I’m focused on trying to figure out if this job is a good fit for the direction I want to take my career. If we both decide it is, I’m sure we can come to an understanding on salary.”
Then, if they press: “Well I don’t think it’s fair to consider just salary in comparing job offers. I’d have to look at a total holistic benefits package to fairly compare two offers.”
Then if they insist: “Look, you and I both know that my naming a desired salary puts me at a negotiating disadvantage. Please don’t ask again.” At this point, you probably don’t want to work at this company anyway.
Technically, you could also just… die soon. (Early Retirement Actually-Extreme.)
Jedi mind trick: If you feel like an imposter, tell yourself it is your moral duty towards the society to remove yourself from the workforce by early retirement as soon as possible.
More seriously, no matter how incompetent you are, I assure you that there is a person who doesn’t know half of what you do, and makes at least twice as much money, in the same profession.
If you don’t have a network, the first thing you can do immediately is make a list of colleagues you have good relations with. Write a short description of your relationship (you may forget it 10 years later), and ways to contact them other than the company e-mail: private e-mail, private phone, pages on social networks… (The more the better, because some of these may not be valid in a few years.) This is the list you will call 10 years from now, asking: “Hey, how are you? Where do you work? Do you like that work? Is your company hiring?” If you are still at school, write a list of your classmates.
If for whatever reasons you find yourself psychologically unable to follow this strategy, a possible alternative is saying 1.5 × your current salary. (Make it 2 × your current salary if you are less than 5 years out of school.) It is a number even a shy person should be able to say with a straight face. You can practice it with a mirror.
Some companies try the trick with “fixed part of salary + part that depends on performance”. (Spoiler: at the end of each year they will say “well, this was an exceptionally bad year, so we are not going to pay the performance bonuses.”) In that case, ask for 2 × the fixed part of your current salary, and then agree that 25% of that number can be the performance bonus. This will make both sides happy.
Also, you will be less tempted into buying all kinds of small insurance, that people will keep pushing on you. As a rule of thumb, self-insurance (that is, if the emergency happens, you solve it by taking the money out of your emergency fund) is cheaper than insurance.
I found my favorite strategy for responding to salary questions on r/negotiation several months back: “Right now I’m focused on trying to figure out if this job is a good fit for the direction I want to take my career. If we both decide it is, I’m sure we can come to an understanding on salary.”
Then, if they press: “Well I don’t think it’s fair to consider just salary in comparing job offers. I’d have to look at a total holistic benefits package to fairly compare two offers.”
Then if they insist: “Look, you and I both know that my naming a desired salary puts me at a negotiating disadvantage. Please don’t ask again.” At this point, you probably don’t want to work at this company anyway.