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
Wikinvest Wire
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
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