How much should you be paid?

Most of us don't like to talk about our salaries. We're afraid we're making more or less than our co-workers, which could make things awkward. And anyway, we're more concerned about producing great work, right?

The problem is, the leaves hundreds of portfolio school grads entering the interview and hiring process completely in the dark. Making money a huge focus is a bad idea. But being ignorant to your market value is just as bad. So here are my two recommendations to anyone in this business:

1. Check out the salary monitor at talentzoo.com. It's not complete, and it can be fairly general at times, but it's about as accurate a tool as I've come across.

2. Continue to interview throughout your career. Even if you're not interested in leaving your current job, this will help you be aware of what you're worth. So when you finally do want a new job, and HR asks you, "What kind of salary are you looking for?" you can answer with confidence, and not just say, "Um...However much you can give me."

How to Double Your Salary

This post isn't really about money. But I'm going to talk about it to make a point.

Years ago I was the writer on a certain campaign. We shot five spots with a man who was (probably still is) one of the best directors in the industry. The ideas were on strategy so the client loved them. The spots were creative so the agency loved them. And the production was pretty high-end with a lot of props and visual effects so they were fun spots for everyone to make.

When we wrapped, my producer turned to me and said, "Congratulations. You just doubled your salary." I asked what he meant, and he said, "Put this stuff on your reel, and wherever you go next, expect twice as much as you're getting now." This was before anything was even edited. We had barely started to listen to music for the spots.

But that's pretty much what happened. The spots were better than anything I had on my reel at the time, and they got some national recognition. So when I took another job a few years later, I was able to ask for almost twice as much.

(Let me pause to say that you should never take a job for money. Never. It can be a factor. It can be something you earn. But never let it be your motivation. Take a job you don't like and no number on your paycheck can comfort you if you're waking up every day thinking, "Crap. I have to go to work.")

But this post isn't about doubling your money. It's about putting yourself in a position to do the kind of work that you and your agency can be proud of. Money is just a convenient metric for determining the value of your work.

I was very lucky to be the writer on that campaign. I was lucky to be at an agency that championed great work, even when the clients didn't. I was lucky to have a partner who wanted to make the work better, and a creative director who knew how to make it better. I was lucky to be on this particular assignment because for every great campaign they let us do, we had to produce eight terrible ones. They weren't Nike. So getting this particular assignment was just dumb luck. And that sometimes happens, too.

But if you're not at that kind of agency, with that kind of partner, and that kind of creative director, it makes it more difficult to double your salary. To say nothing of doing great work.

So give yourself as many opportunities to luck out as you can.

Start Working On Your Other Portfolio

Here's another thing you won't learn in portfolio school:

As soon as you land your first job, begin investing immediately in your 401(k).

This is a big enough deal that I think it's worth breaking format to mention on a blog about advertising and putting your book together. At the risk of sounding like a banker, here's a brief explanation (don't wade through Wikipedia on this one):

• A 401(k) is a retirement plan held by your company. Usually through someone like Fidelity or Vanguard.
  
• You choose a certain amount from your paycheck to be deposited into your 401(k).
• That money is invested into a collection of stocks, bonds and mutual funds of your choosing from a list of options within the company's plan.
  
• Most companies will match your contribution to a certain extent (usually 5%).
• That means if you're making $30,000, and putting 5% ($1500) in your 401(k), you're getting an extra $1500 a year from your company. Free money!

So when you're filling out the ream of paperwork HR will give you on your first day, indicate that you'd like to contribute to a 401(k). Find out how much the company will match and have at least that much of your paycheck put into the account. (And I recommend anytime you receive a raise, increase your contributions by at least 1%.)

Yes, paying off debt and student loans is important. Yes, the economy is awful right now. But you absolutely need to do this. Just because you're a creative type doesn't mean you can't be smart about your own future.

I recommend the following books to anyone starting out on a career who knows absolutely nothing about money:

Personal Finance for Dummies by Eric Tyson

Smart Couples Finish Rich by David Bach

You may also want to check out this, this, and this.