The fight for equal pay for my generation is over. We lost |

I’ve recently accepted a hard truth: I will never experience true pay equality in my career. Neither will most women my age.

If the gender wage gap follows its historical pace, many women working full time won’t reach pay parity with men until 2059 — 33 years from now, according to Bankrate’s analysis of U.S. Census Bureau data. By the time I’m 61, we might finally earn what our male colleagues make.

As a certified financial planner, I spend a lot of time talking to women about money — and I’ve had a front-row seat to how pay inequality compounds over someone’s career. I’ve seen brilliant, accomplished women discover they’ve been underpaid for years. I’ve seen mothers return from parental leave to find their career path permanently altered. 

But here’s what I’ve learned: If the system won’t pay us fairly, we have to out-earn, out-invest and out-strategize the pay gap. We can’t wait 33 years for equality. We need to build wealth despite a rigged system.

The permission trap 

When I received my first job offer, I accepted it immediately. I was excited someone wanted to hire me — I didn’t negotiate. I didn’t even pause to consider whether the offer was fair. This mistake early in my career probably cost me tens of thousands of dollars. 

This is an example of the permission trap. Women often wait for permission to ask for raises, promotions or better offers. We worry that negotiating will make us seem difficult or ungrateful. Historically, women have been less likely to negotiate than men, but even when we do negotiate, we get rejected more often. 

There’s also a confidence piece here. Generally, women feel less confident about their financial literacy and feel more pessimistic about their ability to succeed in today’s economy. 

This lack of confidence could explain why women invest less, keep more savings in cash and build less wealth over time, even though studies show women are better investors than they think (they’re also better investors than men, according to a 2021 Fidelity report on women and investing). 

While these barriers aren’t our fault, they are our problem. Becoming more aware of them is the first step toward overcoming them. Here are five strategies to build wealth. 

1. Negotiate like your future depends on it (because it does)

Your first salary often sets your earning trajectory. Every raise, every promotion, every future job offer builds on that initial number. If you start behind, you often stay behind unless you actively change course.

Consider this scenario: A woman starts her career at $60,000 while her male counterpart with identical qualifications starts at $74,075. Over a 40-year career, assuming identical three percent annual raises, that’s almost $1.1 million less in lifetime earnings — which doesn’t even include the compound effect on retirement savings, Social Security benefits and career advancement opportunities.

I learned this the hard way. After not negotiating my first salary, I made a commitment: I wouldn’t accept an offer without negotiating.

Start by researching your market and industry to get an income range. Some states now require salary ranges on job postings — you can use this information to your advantage.

When you negotiate, use specific data points. Instead of saying “I want to make more,” say “Based on my research, similar positions in this market range from $X to $Y. Given my experience with [xyz], I believe $Z better fits my expertise.”

I’ve personally used this approach in my own negotiations, and it works (in one case, I was able to negotiate a salary $10,000 higher than the original ask). Coming prepared with data makes the conversation less emotional and more objective. 

The best time to negotiate is when you have leverage — before accepting a new position, after a major accomplishment or when you’ve received an external offer. Don’t wait for annual reviews to discuss compensation if you feel like you’ve exceeded expectations. 

If your employer won’t budge on salary, negotiate everything else. Remote work flexibility, vacation time, continuing education budgets, equity and bonuses all have financial value. 

2. Make strategic career moves early and often

The fastest way to increase your income isn’t always climbing the ladder at one company — it’s often strategic job-hopping in your early career.

Workers who regularly switch employers earn more over their lifetimes than those who stay with one employer (though this isn’t always the case). This is especially important for women trying to overcome the wage gap. If you’re starting behind, incremental annual raises probably won’t close the gap. 

I’ve made three job moves in five years, earning almost 50 percent more during that time period. Staying at one employer during that period likely would not have yielded the same amount. 

Build skills that have compounding value. Every certification, credential, or specialized expertise you gain increases your market value. Think long term, as well: Sometimes a lateral move to a higher-growth industry or a company with better advancement opportunities is worth more long-term than an immediate raise in your current role.

3. Build alternative income streams 

If traditional employment won’t pay you fairly, you may need to compensate yourself. Diversifying your income sources gives you more control and more options.

I have freelanced for most of my career — whether that be content creation, copywriting, journalism, or UX design. This allowed me to build a six-figure net worth on a five-figure salary, and contributes significantly to my ability to save and invest. It’s also diversified my income in ways that protect me if my primary employment changes. 

That doesn’t mean you need to quit your job or start working 80 hours a week, but there is value in building something you own and control (and that can scale). That could mean:

• Consulting or freelancing in your area of expertise
• Building digital products or courses based on your knowledge
• Investing in rental properties or house hacking (renting out a room in your home)
• Creating content that generates passive income
• Driving for rideshare or delivery apps like Uber, Lyft, DoorDash or Instacart
• Pet sitting or dog walking through platforms like Rover or Wag
• Tutoring or teaching skills you already have
• Selling items online through platforms like Etsy, eBay or Poshmark
• Renting out your car when you’re not using it through services like Turo
• Virtual assistant work for businesses that need administrative support
• Photography or videography for events or social media content

Just make sure you find something that fits your schedule, skills and interests. Some of these options don’t require a ton of time and effort to start and can be built up over time. 

Roughly one in four adults have a side hustle in addition to their full-time job, according to Bankrate’s most recent Side Hustle Survey, earning a median $200 per month. Invested consistently over 30 years at seven percent returns, that’s almost $250,000. 

4. Invest aggressively and strategically

We can’t control what our employers pay us, but we can control what we do with every dollar we earn. Keeping your money in cash isn’t enough (especially if your savings account interest rate is below the inflation rate). 

Here’s what you could do: 

• Start investing immediately, even if it’s just a little. Time is your most valuable asset. A 25-year-old who invests $200 monthly until retirement will likely have more at 65 than someone who starts at 35 investing $400 monthly, thanks to compound growth. 
• Maximize your retirement contributions. At the minimum, contribute enough to meet any employer match — it’s essentially free money. If possible, max out your 401(k) and IRA. 
• Consider other tax-advantaged accounts. Health Savings Accounts (HSAs) are especially great: Contributions are tax-deductible, growth is tax-free and withdrawals for qualified medical expenses are tax-free. 
• Don’t be overly conservative with your investments. When you feel less confident in your investments, you may stick to less risky investments. If you’re decades from retirement, you’re risking not having enough.

If you’re unsure where to start, consider working with a fee-only financial advisor who can help you build a plan aligned with your goals. 

5. Invest in your financial literacy 

Understanding how money works — taxes, investing, real estate, building wealth — gives you options that a salary alone never will.

I’ve seen too many smart, accomplished women defer their money decisions to partners, advisors or family members because they don’t trust their own judgment. This dependency can be dangerous and limiting. 

Whether you’re single, married or divorced, you need to understand your complete financial situation. Yes, money isn’t always the most exciting topic, but it’s essential for your long-term success. 

Bankrate provides resources and calculators for everything from mortgage payments to retirement planning. 

Small decisions compound over time 

The forces that created the income gap aren’t problems that individual action alone can solve. And they aren’t going away anytime soon.

So while you can’t change the world around you, you can refuse to let it define your financial future and work to build long-term wealth for yourself. 

This means working within a broken system while advocating for change. Yes, we should push for pay equity legislation. Yes, we should call out gender wage discrimination. Yes, we should support policies like paid family leave and affordable childcare that would help close the motherhood penalty gap.

But we can’t wait for those changes to secure our own financial future. We need to also focus on making smart personal finance decisions for ourselves. 

I’ve accepted that I won’t see true pay parity in my career. But I haven’t accepted that the wage gap will prevent me from building wealth. Neither should you.