Author Topic: Hit my 6 figure income goal! Massive Savings ahead!  (Read 6769 times)

toga62

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Hit my 6 figure income goal! Massive Savings ahead!
« on: March 09, 2014, 07:13:32 PM »
I work in tech and was making 75K last year, up from 55K the year before that.  I worked my butt off the last year with the goal of walking into my annual review and asking for $100,000+ (essentially a 33% raise) and after a day of back and forth with the boss... I got it!

I don't think I'd have gotten this if I hadn't discovered MMM and really set financial independence as a primary goal and motivation of mine.  With this extra money I can build my savings nest faster and rocket myself ahead to FIRE!

Sorry if this comes off braggish, I'm just overly excited and wanted to share the good news.  I'm not one to tell personal friends or family...

Gin1984

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #1 on: March 09, 2014, 07:17:26 PM »
You don't sound braggish.  Congrats for getting such an amazing raise, because you only got it because you deserved it!  You made yourself so valuable they found it worth paying you 100K.  Congrats again!

DaveSch

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #2 on: March 09, 2014, 07:44:53 PM »
Congrats!!!
Goes to show that the squeaky wheel gets the WD-40.

Dave

Stacheintraining

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #3 on: March 09, 2014, 09:10:18 PM »
Congratulations, that is awesome! Keep up the great work!

lexie2000

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #4 on: March 09, 2014, 09:13:46 PM »
I don't think you sound braggish AT ALL.  Congrats!!

HappierAtHome

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #5 on: March 09, 2014, 09:21:59 PM »
Awesome stuff! Amazing how a high income and low spending rate work together to create massive wealth :-)

What do you think your savings rate % will be given your new high income?

arebelspy

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #6 on: March 09, 2014, 10:26:00 PM »
Badassity.

If you don't succumb to lifestyle inflation, you can have an awesome savings rate!

Congrats.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

MinimalistMoustache

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #7 on: March 10, 2014, 12:53:30 AM »
Freakin' amazing! Congratulations toga62!! Thoroughly BA
What does MMM say? Time to put those little green soldiers to work :-)

Thanks for sharing this great news!

OldDogNewTrick

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #8 on: March 10, 2014, 09:49:04 AM »
Congratulations!!!! You handled it MUCH better than I did. I went out and purchased a $1500.00 LV bag. But that was a different life.

FIreDrill

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #9 on: March 10, 2014, 10:23:33 AM »
Congrats!  I work in the tech world as well and one of my goals is to get to that 6 figure mark as well so you are a huge inspiration.  Would you mind sharing what kind of tech work you do and where you're located?  I'm a little curious :).

SS

rocksinmyhead

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #10 on: March 10, 2014, 10:34:54 AM »
VERY cool!!! Congrats!!!!

(and one of the awesome things about this forum is it's the perfect place to "brag" about things you could never tell family/friends/coworkers :))

MrCash

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #11 on: March 10, 2014, 10:39:37 AM »
Congrats!  Keep up the good work.  And btw, we want you to brag.  That's motivation for the rest of us!

crumbcatcher

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #12 on: March 10, 2014, 11:27:16 AM »
w00t!

Good for you, that is an awesome achievement!  Sometimes the hardest thing is to do the asking. Badass!

greenmimama

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #13 on: March 10, 2014, 11:41:26 AM »
Very impressive, what is your savings rate goal?

Exflyboy

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #14 on: March 10, 2014, 12:40:40 PM »
Excellent,

Having got my first job out of University in the mid 80's I was saddled with employee loyalty where the employer would take care of you for life, even if they did not pay top dollar.

Its pretty clear that in recent years employees have simply become fodder to gotten for the lowest possible cost, worked to the point of burn out and discarded.

Now my outlook has completely changed.. Now its one of.. I will negotiate the maximum I can because you basically don't care about me, so I will work incredibly hard because I have to compete with my coworkers, but I have the same view of the world as you (mr employer) do. So you will pay me as much as I can screw out of you and when i get fed up with working here I will leave and find something else.

This was the approach I took with my last employer when it became clear before I retired that these folks were definately treating employees as commodities.

It paid off pretty well.

if I ever go and work for somebody again I will take the same approach, in fact I have already been offered a job.. I told them the salary I was prepared to work for.. They havent come back and I really don't care one way or the other.

Frank

soccerluvof4

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #15 on: March 10, 2014, 12:56:30 PM »
Congratulations!!

naturelover

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #16 on: March 10, 2014, 06:23:52 PM »
Congrats, that's awesome!

Can you share any tips with us on how you negotiated such a large increase? Are you in the same position as before and just identified all the hard work you had done over the last year (you said you "worked your butt off"), or was it a promotion to a higher level position? Any tips for those of us looking to ask for an increase? Thanks!

oldtoyota

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #17 on: March 13, 2014, 07:10:30 PM »
This post made me think of soccerluv4's signature line:

In life you don't get what you deserve. You get what you negotiate.

Congratulations!

Norrie

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #18 on: March 13, 2014, 07:44:40 PM »
Man, that's awesome. Congratulations, and best wishes for continued success.

toga62

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #19 on: March 13, 2014, 09:15:32 PM »
Thanks everyone!  Sorry I was out of town for work, but I appreciate all the good words!! Thanks so much.
I noticed a few questions so I'll address them all below;

What do you think your savings rate % will be given your new high income?
well, my living expenses will be going up when my last roommate moves out (her choice) but for a few months it will be close to 70% I believe.

Would you mind sharing what kind of tech work you do and where you're located?  I'm a little curious :).
I am a consultant specializing in web application information architecture and development, located in Northern California.

Very impressive, what is your savings rate goal?
I would like to keep near 70%, at a minimum something over 50%.

Congrats, that's awesome!

Can you share any tips with us on how you negotiated such a large increase? Are you in the same position as before and just identified all the hard work you had done over the last year (you said you "worked your butt off"), or was it a promotion to a higher level position? Any tips for those of us looking to ask for an increase? Thanks!

I've always felt I was under paid because I got this job right out of school and they weren't sure of my capabilities, so my "working my butt off" was mostly me tackling all challenges thrown my way and impressing my coworkers with my ideas and abilities.  I knew what my boss felt were good traits to have as an employee and I made sure to build on those.  In my review, they came to me with a number lower than I wanted,  and they asked what I thought.  I was just honest, I laid out everything I had done, reiterated the things they said themselves about my abilities and ended with the number I felt I should be earning.

I would say, make sure you know how to "approach" whoever it is you are talking to.  I knew my boss appreciated a no bullshit conversation, so I kept it to the point.  I remember at one point they asked "are you telling me you're not happy with a 20% raise?" and I just said "..actually, no, I'm not."

So yeah... every person's situation will be different, just go in with a plan and know who you're negotiating with.

zinnie

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Re: Hit my 6 figure income goal! Massive Savings ahead!
« Reply #20 on: March 13, 2014, 11:25:13 PM »
wow. good job negotiating that! 33% is sweet.

 

Wow, a phone plan for fifteen bucks!