Raises Make All the Difference
We all know how great it is to get that long sought after raise. You should really consider what an impact raises have over your lifetime earnings.
I just did some runs on a retirement calculator and found it interesting how much annual raises made a difference. I put in the calculator that I was getting a 6% raise and my husband was getting a 4% raise, since this has thus far been on par with what our employers have given.
By retirement this meant that, starting at the same salary of $58,000, I would be making $153k and my husband would be making $80k. Pretty shocking if you ask me!
The lesson here: every little point counts! Negotiate, negotiate, negotiate! I've managed to keep my nose the grindstone and now enjoy a 40% increase in salary from just three years ago. Don't underestimate what you are worth, it will make a big difference in the long run!
Happy raises!
Miel
Stumble It!
2 comments:
Interesting calculation, but don't forget the "cost" of inflation.
$153k may seem like a lot of money now, but what will it seem like in 25 to 30 years?
Great post!
I have actually been thinking about blogging about this soon in a related capacity. I will have to reference this post!
Keep up the good work.
Tmac
Post a Comment