Have you ever wondered how your household income compares with the national average? Below outlines information released in the most recent 2014 U.S. Census Bureau report.
- In 2014 the median household income was marked at $53,657.
- The median has remained stagnant the previous three years. This is following two consecutive years of a decline in household income.
- From 2013 to 2014, the number of people working full time increased by 2.8 million.
- The peak median income was in 1999.
Worried about stagnant income? Although these statistics aren’t ideal, don’t be disheartened by them! Take this as an inspiration to address opportunities to increase your future income.
Strategies for Increasing Income
- Consider simply asking your current employer for a raise. Have a detailed list of your achievements and contributions at your organization to date. Be prepared to discuss the value you offer. What have you saved them? What have you made for them?
- Add to your skill set by seeking a degree in higher education or by earning certifications. Your pay is highly correlated to your level of education! Many employers will even provide tuition reimbursement for courses.
- Keep in mind, performance reviews weigh heavily on any pay increases you may be offered. Go out of your way to make yourself a vital asset to your company.
- Consider traveling for work; often this leads to an increased salary. Learning a new language would be beneficial as well.
- Make our money work for you! Invest early and often to create future cash flows to supplement your income. For example, a mutual fund would allow you to receive dividend payouts while the balance itself can also increase in value.
Growing fields to Consider
If a pay increase at your current job does not seem like a viable option, consider switching careers or picking up a part time job. According to a September 2015 CNN article the following fields are experiencing wages increases:
- Business Analyst – 10%
- Nursing Assistants – 5%
- Customer Service Manager – 5%
- Barista – 6%
- Pharmacy Technician – 6%
- Sales Consultant – 7%
- Security Officer – 7%
Keep in mind, switching employers is the best time to negotiate a higher salary. According to Forbes, a 10% – 20% increase is typical.
Need help getting on track?
Worried about increasing living expenses with a stagnant income? Contact Apprisen to see how our certified counselors can help you balance your budget.
To schedule an appointment call 1-800-355-2227 or visit our website https://www.apprisen.com to chat with a representative.