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

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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