Let’s say your name is Robert. Maybe you should go by Bobby at work? Check that — why not Bob instead? According to a recent report released by TheLadders, the shorter the name, the better (when it comes to your wallet, that is).

Upon analyzing the first names of the site’s six million members against factors such as industry, salary level and location, their experts concluded a correlation between the number of letters in a name and actual salary ranges.

So, if you want to go by Bobby instead of Bob, it’ll cost you about $7,200. Here’s why: Every letter added to a name decreases a salary by $3,600. This could equate to almost $288,000 over a 40-year career for dear ol’ Bobmeister!

The online job matching service dug a little deeper to find out if going by a succinct nickname will indeed bring in the bucks. After they tested 24 pairs, they concluded a higher comp associated with a shorter name for 23 of the pairs. The only one that didn’t was Lawrence vs. Larry.

And in case you’re wondering about spelling such as Sarah compared to Sara, the latter version got more bang for its buck. Yes, as per their findings even one letter made an impact when the name was essentially the same. The key, of course, is being consistent at work, online and in person. 

Although their findings suggest the link between shorter names and bulkier paychecks, we’re still big advocates of kicking it old school by working hard and negotiating to get paid what you’re worth — short name or not.