Can you justify your wage? Because your wage can certainly justify you.
A justified wage is money earned that’s determined by your skills, education, and work experience in the open marketplace. Depending on the skills you’re supplying and the market demand there is for it, your wage will be high or low...and either way, justified.
It’s common to hear "justified wage" used when talking about the minimum wage. The justified wage is basically the market equilibrium wage, while the minimum wage is a type of price floor, setting the price for labor artificially high.
It can also be used in an employee-employer context. You can ask for a raise using market information from PayScale and Glassdoor, showing your boss that you deserve a higher wage: a justified wage. It’s justified because you have proof of the market demand and going wage rate for your job, given your experience and skills.
Related or Semi-related Video
Finance: What is Compensation: Advisory ...2 Views
Finance a la shmoop what are advisory fee limits? well they're basically a
price ceiling above which financial advisors can't go yeah I can't go they [Financial advisors in an elevator and hit price ceiling]
can't touch that ceiling you know like hammer time, can't touch this...
so when you invest in a mutual fund you pay two fees there's a commission
and there's an annual management fee usually based on the assets you have
with them under management like maybe it's one percent on the first hundred [Asset rises]
grand that you have and then half a percent above a million or whatever
but there is a third and insidious fee element in the world called advisory
fees like how do you choose which fund to buy well if you have a financial
advisor they'll walk you through the lists of mutual funds out there and [Ice cream flavors appear]
index funds and all other set of funds as well well they're like a gazillion of
them and then that advisor will charge you for their time in some form right
someone's got to pay for their beach house well if you start adding up all
the fees you're paying for arguably no better performance than had you just [Itemized list of fees appear]
logged onto schwab.com or fidelity.com and bought an index fund hmm
well then you're gonna start to pause here it starts to be a big number in
those fees that eat meaningfully into your investment returns most buyers of [Pacman fees eating up money]
mutual funds are not financial gurus yeah not like that they're doctors and
lawyers and plumbing parts distributors and they really don't have a
sophisticated understanding of just how badly they could get taken by
unscrupulous financial advisors so the industry placed a series of structured
limits to keep the non gurus safe from the financial predators when it comes to
compensation and fee limits you know on advisory services and predators like [Tiger walking by]
this guy
Up Next
What are Wage Rates? Wage rates are pay scales that are predicated on labor value at an hourly rate. The free market sets the rate based upon suppl...
What are Real v. Nominal Wages? Nominal wages are simply the amount of money that’s earned, so salaries or hourly wages. Real wages are the purch...