I have never been aggressively ambitious. I didn't get into engineering looking to become rich. I don't desire to be an executive. However, I want to improve my families lifestyle. How do you get beyond cost of living increases and start getting more money to spend? Are the only options entering management or job hoping? What has worked you?
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How to stay ahead of inflation? 2
- Thread starter HDS
- Start date
Picking up additional qualifications can sometimes earn you a hike in pay. In the UK I've known people earn more after getting chartered or getting a masters degree (but I've also known companies that don't care and don't pay more). I would guess the same can be said of getting your PE or getting your masters in the US as well, depending on who you work for.
HDS,
Here is an analogy. Why is some team willing to pay $70 million a year to player A, and another team only $50 million?
Your worth is often determined by other people's needs. That is why people often "job hop". Another company is willing to pay more because their need is more. Does this make sense?
If your current employer is not willing to pay you more (yes, I have seen many raises that did not keep up with inflation), the only way to make more is to go somewhere where they value you more.
"Do not worry about your problems with mathematics, I assure you mine are far greater."
Albert Einstein
Have you read FAQ731-376 to make the best use of Eng-Tips Forums?
Here is an analogy. Why is some team willing to pay $70 million a year to player A, and another team only $50 million?
Your worth is often determined by other people's needs. That is why people often "job hop". Another company is willing to pay more because their need is more. Does this make sense?
If your current employer is not willing to pay you more (yes, I have seen many raises that did not keep up with inflation), the only way to make more is to go somewhere where they value you more.
"Do not worry about your problems with mathematics, I assure you mine are far greater."
Albert Einstein
Have you read FAQ731-376 to make the best use of Eng-Tips Forums?
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1
- #23
You have to be realistic and practical. At your present company, what are the opportunities for advancement and what are your chances? How does your pay compare to industry averages.
If there seems to be limited opportunity at your company, you might consider changing jobs. This can certainly earn you at least a temporary pay boost.
Increased pay generally comes with:
1. Increased capability (personal growth)
2. Increased responsibiltiy
3. Competitive pressure
Maybe there's a pot of gold somewhere else, but maybe there isn't. It depends on where you are, what you do, and how willing you are to re-arrange your life to make more money -like moving across the country (a few times) perhaps.
And of course, no one **ever** thinks they have enough money.
If there seems to be limited opportunity at your company, you might consider changing jobs. This can certainly earn you at least a temporary pay boost.
Increased pay generally comes with:
1. Increased capability (personal growth)
2. Increased responsibiltiy
3. Competitive pressure
Maybe there's a pot of gold somewhere else, but maybe there isn't. It depends on where you are, what you do, and how willing you are to re-arrange your life to make more money -like moving across the country (a few times) perhaps.
And of course, no one **ever** thinks they have enough money.
Theophilus
Mechanical
Start your own business. You'll learn a lot.
Jeff Mowry
Reason trumps all. And awe transcends reason.
Jeff Mowry
Reason trumps all. And awe transcends reason.
controlnovice
Electrical
I recommend the book,
"The Millionaire Next Door"
Pretty much stated that most of the wealthy were those that did not show it (by driving the BMW, the Plazma screen, the big house, etc), but were those that preserved it (by living in the same house, driving a 10yr or older car, not buying the latest and greatest, etc)
______________________________________________________________________________
This is normally the space where people post something insightful.
"The Millionaire Next Door"
Pretty much stated that most of the wealthy were those that did not show it (by driving the BMW, the Plazma screen, the big house, etc), but were those that preserved it (by living in the same house, driving a 10yr or older car, not buying the latest and greatest, etc)
______________________________________________________________________________
This is normally the space where people post something insightful.
CarolinaPE
Mechanical
I too would recommend The Millionaire Next Door, at least it is fun to understand what "big hat no cattle" means
. You have to either grow your top line (income) or cut your bottom line (expenses). Start a budget to see what can be cut off the bottom line. Years ago we started a budget and began to take cash out bi-monthly for groceries, dining out and my wife and I each got an "allowance". This is very similar to talk show host Dave Ramsey's technique (dang it he beat me to the punch!) who is noted for helping people with financial issues. Now to grow the top line I am afraid I agree with the other posts for the most part that you have to possibly change jobs to get a bump in pay. Research salary.com, etc to see if you are in line or not with your qualifications and current pay. If not I usually bring it to my employers attention that you are not being compensated competitively. Give them some time (a year or so?) to make things right, otherwise cut your losses if you can because it may not get any better. The job market is pretty tight here and may be for you as well, now may be the time to strike. Good luck!
. You have to either grow your top line (income) or cut your bottom line (expenses). Start a budget to see what can be cut off the bottom line. Years ago we started a budget and began to take cash out bi-monthly for groceries, dining out and my wife and I each got an "allowance". This is very similar to talk show host Dave Ramsey's technique (dang it he beat me to the punch!) who is noted for helping people with financial issues. Now to grow the top line I am afraid I agree with the other posts for the most part that you have to possibly change jobs to get a bump in pay. Research salary.com, etc to see if you are in line or not with your qualifications and current pay. If not I usually bring it to my employers attention that you are not being compensated competitively. Give them some time (a year or so?) to make things right, otherwise cut your losses if you can because it may not get any better. The job market is pretty tight here and may be for you as well, now may be the time to strike. Good luck!
rnordquest
New member
I'm very much in the start your own business camp. I'm still an engineer but I'm also doing real estate and network marketing. One of my engineer friends has already retired doing this, took him about 12 months. He's thankful everyday that I told him about it.
Go to work because you enjoy it but don't plan on using that for a great retirement strategy. My 7 layoffs have taken care of that.
The book that got me started was "Rich Dad, Poor Dad".
Go to work because you enjoy it but don't plan on using that for a great retirement strategy. My 7 layoffs have taken care of that.
The book that got me started was "Rich Dad, Poor Dad".
SylvestreW
Mechanical
Yeah, savings get you there, but there's nothing wrong with striving to maximize your earnings. And to do that - switch jobs.
There is little to no loyalty from most companies nowerdays, so why should employees show any?
If your yearly raise is 3-6%, and a job change nets 15-50%, why the heck stay (unless you believe what are are learning now is worth the dollar-value loss)?
As someone on here has as a signature, "you don't get what you deserve, you get what you negotiate"
There is little to no loyalty from most companies nowerdays, so why should employees show any?
If your yearly raise is 3-6%, and a job change nets 15-50%, why the heck stay (unless you believe what are are learning now is worth the dollar-value loss)?
As someone on here has as a signature, "you don't get what you deserve, you get what you negotiate"
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