May 4, 2026
When Meryl Streep was first offered the now-iconic role of Miranda Priestly in The Devil Wears Prada, she didn't just sign on the dotted line. In fact, she turned it down.
"I said, 'No, not going to do it,'" Streep recalled in a recent interview on Today (1), while promoting the long-awaited sequel alongside co-stars Anne Hathaway, Emily Blunt and Stanley Tucci. She said she had a feeling the movie would be a hit, so instead of accepting the initial offer, she decided to test her leverage by asking for double the offered salary.
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The studio didn't push back. They agreed immediately. Looking back, Streep framed the moment less as a power move and more as a realization. "It took me this long to understand that I could do that," she said, noting she was already decades into her career when it happened (2). She also knew something many workers overlook: the employer needed her, too.
The film went on to earn more than $325 million worldwide and became a cultural staple, with Streep earning a Golden Globe and an Oscar nomination for her performance (3).
And while most people aren't negotiating multimillion-dollar movie deals, the lesson behind Streep's decision is surprisingly universal: when you understand your value and are willing to ask for it, the payoff can be immediate. And when it comes to your own career, the stakes are just as real.
Why negotiating your offer matters more than you think
The moment you receive a job offer is often your strongest opportunity to negotiate, and one of the most important financial decisions you'll make.
That's because your starting salary doesn't just determine your first paycheck. It sets the baseline for future raises, bonuses and even retirement contributions. Annual wage growth tends to be modest, about 3% to 5% in many industries, according to data from the Bureau of Labor Statistics (4). So a lower starting point can follow you for years.
Business Insider says that failing to negotiate early in your career can cost you significantly over time, potentially adding up to $1 million in lost earnings (5). And yet, many people don't even try. A report from Resume Genius found that more than half of workers accept the first offer without negotiating. (6)
Once you're in the role, your leverage shrinks. Budgets are set, expectations are defined and employers may have less flexibility to make meaningful changes to your pay.
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How to negotiate your salary like a pro
Here's how to put yourself in the strongest position to negotiate a higher salary, even if your last name isn't Streep.
Do your homework on market pay
Before negotiating, understand what your role is worth. Tools like Glassdoor, Payscale and federal data from the Bureau of Labor Statistics can help you benchmark salaries based on your experience, location and industry.
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That research can pay off. A broad body of negotiation research shows that candidates who negotiate, especially when informed about market pay, tend to secure higher salaries and better benefits than those who simply accept the first offer (7).
Ask for more, even if it feels uncomfortable
It's easy to assume an offer is non-negotiable, but employers often expect candidates to push back. A survey from Fidelity Investments found that 87% of people who negotiated their salary or benefits received at least part of what they asked for. (8)
Streep's story is an extreme example, but the takeaway is simple: if you don't ask, you're leaving money on the table.
Use leverage when you have it
Your negotiating power increases when you have options. Competing job offers, in-demand skills or even strong interview feedback can give you an edge.
Research from Yale University suggests that workers with outside offers could have the opportunity to secure higher wages (9). Even signaling that you're exploring multiple opportunities can strengthen your position – just be aware that it could backfire. It's possible that your employer could view your mention of outside offers as you being dissatisfied with your role or the company.
Negotiate more than just salary
If an employer can't move much on base pay, other parts of your compensation package may still be flexible. That can include signing bonuses, performance bonuses, stock options, remote work arrangements or additional paid time off.
Looking at the full package (not just the paycheck) can help you maximize your overall compensation.
Streep's bold move worked because she recognized her value and wasn't afraid to test it. You may not be negotiating a multimillion-dollar film contract, but knowing how to ask, and when, could still make a meaningful difference in your financial future.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Today (1),(2); The Hollywood Reporter (3); U.S. Bureau of Labor Statistics (4); Business Insider (5); Resume Genius (6); UCLA Anderson Review (7); Fidelity Investments (8); Yale School of Management (9)
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Clay Halton is an associate editor at Money.ca, covering a wide range of consumer-focused financial stories. He has over seven years of experience in digital publishing and has written and edited for outlets including PCMag and Investopedia.
