How a Great Resume Adds Many $1,000s to Your Lifetime Earnings
Lesson 4 Module 2
The Monetary Benefit of Using a Professionally Created Resume
What is the difference in dollars that can be attached to a great resume? I content that using the right resume can help substantially increase your earnings over your career lifetime.
While money shouldn’t be the number one reason you change jobs, or accept a job offer, it’s very important. Having said that, you want and should get paid fairly, and competitively.
There are several very tangible dollars that can be directly attributable to a top resume! A great resume can help strengthen your interview and therefore your bargaining power during salary negotiations!
I encourage you to use your own salary and do a computation like this from wherever you’re at in your career up until the age you expect to retire. It can be a real eye opener…and I hope an exercise that will help motivate you to insist on being paid competitively.
This example compares two competing job offers.
According to a large study conducted in 2018 by a Brooklyn-based consulting firm, Recruiters perceived candidates with professionally written resume to be worth 7% more than other candidates!
That's not all. Be sure to read the lesson on "How to Get a Free Resume Critique" for some additional statistics showing additional values of a professional resume that are quite compelling!
Eye Opening Compensation Calculation...
Let’s take a simple example of an individual making a job change from a base salary of $100,000. I’ll use that number because it’s simply easier to visualize the effects of what I’m about to show you.
Use a mortgage calculator like this one to quickly see the difference. This tool helps make you aware of how much money you (and your spouse/mate, if applicable) will have the opportunity to manage between today and retirement.
Let's use the $100,000 beginning salary and track it for 20 years with the assumption that you're 45 years of age and will retire at age 65. I'll not add anything for a partner's annual income.
I'll use an average of 5% annual raise over the 20 years. The calculator shows your total accumulated earning over these 20 years at retirement age to be: $3,306,595.
Now, do the calculation increasing your average annual increase to 8%, only a 3% increase (not the 7% average a professionally written resume produced according to the above survey). Your total accumulated earning over these 20 years at retirement age has increased to: $4,576,196!
That's an eye opening difference of: $1,269,601!
What if you're younger than 45? Let's do that beginning at age 25 assuming a beginning salary of $50,000 and retiring at age 65.
Again using an average of 5% annual raise over 40 years. The calculator shows your total accumulated earning over these 40 years at retirement age to be: $6,039,988.
Now, do the calculation increasing your average annual increase to 8%, only a 3% increase (not the 7% average a professionally written resume produced according to the above survey). Your total accumulated earning over these 40 years at retirement age has increased to: $12,952,825.
That's an eye opening difference of: $6,912,837!
This doesn’t even take into consideration other factors such as promotions, future job changes, etc.
Several job changes using a great resume would be even more beneficial because you may get more than one raise in a give year.
But, I want to emphasize again, compensation isn’t the first thing you should consider. Long term career growth – should be your first focus. However, a great resume increases your opportunity of finding and securing a more challenging and rewarding job!
Think in terms of ROI - return on investment - when you think about your resume. It’s much more important than most people believe.
Think about this...
You are likely to pay a tax professional to prepare and file your annual income tax, why wouldn't you invest in a professional resume writer who has the potential to increase your lifetime income by many thousands of dollars!
Using a professional resume is vital to your career!
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