The Unspoken Ripoff of Salary Pay - The Rise of “Expensive Money” Jobs

Get your up and work. Do you know how happy I was at 27 building a business that wasn't even mine? Happy as f Literally everything I do in my life is to live a life that most people can't relate to, become addicted to what's hard.

You know, I'm happy when I work, I'm happiest when I'm busy, and I'm most fulfilled when I'm contributing.

Rise and Grind Culture teaches us that our worth is tied to our productivity, and in order to make good money, you have to sacrifice. It tells us that long hours and difficult working conditions are not only normal, but surviving it is to be admired. This clouds our understanding of how boundary crossing our work can be. And you may be in a job right now that pays you expensive money and you didn't even know it. If you're new here, I'm Madeline Mann, a human resources leader and job search strategist who turns job seekers into job shoppers. You may have seen me in these places. Be sure to hit subscribe if you haven't already. Expensive money is a term I created to describe jobs where the salary you are paid comes at a much higher cost than normal. A normal job requires around 40 hours of your week, gives you several weeks of vacation, and you get your nights and weekends mostly to yourself. But a job that pays you expensive money requires so much of you that you don't go on vacation, or if you do, you find yourself standing on the beach taking a call while the rest of your clan is in the water with snorkels. It takes your evenings and weekends. It takes your sleep and your mental health from all the stress. Yes, if your job checks a few of these boxes, you may be making expensive money right now. When you look at the stress of the role, the toll on your health, the lack of sleep, the loss of weekends and free time, the deterioration of personal relationships, that salary actually appears to be too low for how much you're giving up. Some careers that are notorious for paying expensive money include working as a lawyer at a top firm, management consulting surgeons, and investment banking. Now, the people in these careers are not necessarily victims. As a matter of fact, Harvard Business review found that 66% of people with extreme jobs or jobs that are high earning and very demanding say that they love their jobs. Or in the clip that we showed of Gary Vaynerchuk at the beginning of this video, happy as he said he gladly worked 15 hours a day, seven days a week for a $40,000 salary, which, when you pull out your calculator comes out to just over $7 an hour. That is the hourly rate of someone who makes $15,000 a year with 40 hour work weeks. So you can see how expensive this money is. But Gary still did it. And we still work these kinds of jobs too, all the time. A 2021 Goldman Sachs working conditions survey revealed that first year analysts at on average 95 hours a week sleep five hours a night. And this has resulted in deteriorating their mental health and relationships with family and friends. 95 hours a week is 13.5 hours a day if you're including weekends. So that's essentially 9am to 10:30pm every day or more likely much of the time is logged during the week. So that's 19 hours a day where they may work from 8am to 3am, get five hours of sleep and do it all over again. Any way you slice it is torture. As you work your way up in investment banking, the hours may get slightly less intense, but we have to acknowledge the earning potential is high. An investment banking analyst at Goldman Sachs with one to three years of experience makes on average about $154,000. Looking at that number you might think okay, this now doesn't sound so bad because that's a lot of cheese for, for a 22 year old at the first big kid job. Compare that to the minimum salary full time employees must be offered at jobs in California, my homeland, at $58,500. These Goldman Sachs analysts are making 2.6 times more than their peers. If we calculate how much someone makes per hour with a California minimum wage salary in a 40 hour work week, that comes out to about $28 per hour. Then if we take a Goldman sachs anal making 154,000 smackaroons working 95 torturous hours, they make $3 more an hour. When I did this calculation, I had no idea these numbers were going to be so close. Are you as shocked as I am? Let me know in the comments. You only make three more dollars an hour. Absolutely. Grinding your life away than any other entry level salary job in California. This is expensive money. I think many of us, especially early in our career, would be extremely grateful for a salary that hits $154,000. But that money is gonna cost you hand over your sleep, your free time, your relationships, your health. If you were to add monetary values to each of those things, how much would you value it? Such as your health, how much is that worth spending time with your loved ones? What dollar amount is that now? Maybe you're young and your health can withstand a significant hit and your relationships can all take a back seat right now and your number one focus is making that sweet, sweet moolah then making expensive money may be the right move for you right now. Or maybe you're proud to work hard and it's part of your identity I can relate to. This achievement has been largely the main driver of my self worth during my life. Even venturing into workaholic territory, I have had to deprogram my mind from constantly asking the question how can I make this time productive? What can I do right now? What if while I do the dishes I march in place so that I'm working out and then, oh, I'll listen to a business audiobook. Every second has to be jammed with value and well, honestly, this has gotten me far. I've had a very successful career and now business, but there were times when I crossed too far into unhealthy territory. These rise and grind influencers like Tai Lopez, Rachel Hollis and Gary Van or Check beat the drum of hard work and further reinforce that this is the most important aspect of our identity. Even if your job isn't on the extreme end of expensive money, if you're a high earner, it's likely that you're putting in a lot of time. According to Harvard Business Review, 62% of high earning individuals work more than 50 hours a week, 35% work more than 60 hours a week and 10% work more than 80 hours a week. Take that slap on a typical one hour commute and this 60 hour work week means leaving the house at 7am and getting a home at 9pm five days a week. On top of this, many of these people forgo taking vacations and take 10 or fewer vacation days per year despite being entitled to more. But even without high pay, you can still be in an expensive money role. Especially especially if you're salaried Companies get a sweet deal when it comes to paying salaries. It's like paying one price for an all you can eat buffet and then staying for breakfast, lunch and dinner to get all of your money's worth and then some. There is a misconception though that you either need to grind to make big bucks or you have to have your paycheck stay small. There are other options. For example, in my coaching program, I help my clients to steer away from low paying or expensive money careers and instead focus on great paying careers that don't take over your life. There are fantastic high salary careers out there that won't cause you to hate your life they just aren't the typical careers you first think of and you likely haven't heard of some of the best ones. Additionally, if you are short on money, the only solution isn't to sign over 95 hours of your week to the the Golden Money Goblin Side hustles are a hot topic for a reason. Creating a side business, though it does often take a lot of energy to get it up and running, is a great solution to find a way to make more money without trading more hours. This is what I did and I was able to more than replace my full time income with my side business while working full time. It was hard work no doubt, but it was liberating knowing that the only place I received income and didn't have to be from my employer. The US has rightfully maintained the reputation of having some of the longest working hours as it tops the OECD stats compared to most other countries. And then when a couple has a baby, the US remains the only industrialized country in the world that has no paid parental leave. Which is absolutely mind boggling and embarrassing as a nation that we lack something so incredibly basic. But it further impresses this narrative that no time should be spent off of work and you need to either grind or get out of the workforce bucko. And honestly, then you have a job with even tougher hours as a stay at home parent. As remote work and international business continue to increase, we will see cultures rubbing off on each other, hopefully for the better, sometimes for the worse. China became known for their 996 work culture. 996 stands for working 9am to 9pm six days a week. The 996-working hour system was deemed illegal by the supreme people's court in 2021, but the culture didn't change overnight. Such as Chloe Shi, who works in the US but worked for the China based company TikTok, said that she was subjected to this brutal around the clock culture from working at a Chinese company.

I'd have UK meetings from 8 to 10am and then US meetings from 10 to 6pm and then Beijing meetings from 7pm midnight.

There has been a major backlash against expensive money jobs and hustle culture in recent years with emphasis on work, life balance and the I do not dream of labor movement. I have no dream job. I do not dream of labor. The COVID 19 pandemic was a wake up call for many people to start thinking about how they spend their time and what kind of work they do actually want to do. In the Great Resignation following the onset of the pandemic we saw millions of people leave their jobs. A Pew Research center study reports that in 2021, people were leaving their jobs for better pay, more opportunities, and better work environments. The good news is that may have been the right move for a lot of people in 2023. Job satisfaction numbers are at an all time 36 year high, according to Forbes. In the end, remember that you have at will employment. You can choose your career and whether or not to work a job. If you choose an expensive money career and love it, I completely support you though. The worst is when we stay in a toxic job where we work long hours but the pay isn't fabulous. If that's the case, you've got to get out. I will link a resume workshop below that shares my super high performing resume formula. So grab that and I'm rooting for you in the job search. Have you ever made expensive money? Let us know in the comments. And it's so great to see you here at the end of the video my friend. And since you rocked it, be sure to hit a like on this video as well as subscribe to this channel. If you haven't yet, you've got this wi fi high five.