Author Topic: How long did it take to double your salary?  (Read 34945 times)

Jesstache

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Re: How long did it take to double your salary?
« Reply #50 on: March 07, 2016, 10:17:25 AM »
2 years.  Started as an aerospace engineer out of college with big defense contractor for $47500.

Progression went something like this:

June 2005: $47.5k
Jan 2006: $52k
Jan 2007: $54k
Aug 2007: $100k (switched jobs to become a contractor, not common in my industry with only 2 years experience, was very risky but worked out well for me)
Aug 2008: $110k
Aug 2009: $120k
Aug 2010: $130k
Aug 2011: $130k (had a baby, didn't ask for a raise)
May 2012: SAHM
2013: SAHM
2014: $40k (two days a week part time independent contractor)
2015: $60k (suckered into working 3 days a week)
2016: $40k (back to 2 day work weeks)

The numbers listed are for a 40 hour work week. I spent the first 5 years of my career averaging 55-60 hour work weeks.  At the first job, I was salaried but OT was paid at the straight time rate.  At the second job, it was paid at time and a half so I was grossing much more than the numbers listed. 

2016 will likely be only $20k as I plan on stopping work this summer to go back to full SAHM status but I'm still trying to decide on this so I put down the equivalent yearly part time salary for my billing rate.

honeybbq

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Re: How long did it take to double your salary?
« Reply #51 on: March 07, 2016, 10:27:11 AM »
10 yrs. Same field/same position. Moved to 3 different states to achieve it. Plus moving to a HCOLA.

jrhampt

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Re: How long did it take to double your salary?
« Reply #52 on: March 07, 2016, 10:29:36 AM »
Interesting topic. 

For me, I started out in the $20ks and jumped around a bit, went to grad school, switched fields - both job function and industry, and didn't double my salary until 10 years later, when I got into the $50ks.  Then I moved out of the private sector and it only took about 3 years to double my salary again (from $50k ish to $100k+).  It continued to go up from there, as I got another graduate degree and changed jobs.  I could still go higher if I change jobs again to around $180k, but if I stay here I will probably plateau where I am.  I'm fine either way.

TheAnonOne

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Re: How long did it take to double your salary?
« Reply #53 on: March 07, 2016, 10:49:48 AM »
I quintupled it in 5 years...

Started at 40k, 5 years later made 200k

I think on my 3rd year I hit 90... so 3 years to double the first time..

mm1970

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Re: How long did it take to double your salary?
« Reply #54 on: March 07, 2016, 12:47:47 PM »
I dunno, probably 4 years, but then I started off as an ensign.  It was probably double by the time I hit LT.

Then after I left the Navy, it took 13 years to double that first salary.

MVal

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Re: How long did it take to double your salary?
« Reply #55 on: March 07, 2016, 02:10:46 PM »
Never did. Started at 32k. Ended at 44k.

(Teacher in low paying state.)

That is low.  My niece was hired as an elementary school teacher at just under $50k right out of school with no experience.  (And she lives in a low COL area.)

http://www.dallasnews.com/news/education/headlines/20150627-starting-teacher-pay-reaches-50000-in-many-north-texas-districts.ece

Whoa, cool! This might make me want to re-consider becoming a teacher. I already have a BA, I would just need teaching credentials.

rubybeth

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Re: How long did it take to double your salary?
« Reply #56 on: March 07, 2016, 02:17:57 PM »
Interesting question. I started with my first "real job" out of undergrad making about $25k annually back in 2003. I hated that job, so I quit and did part time work for many years, working two jobs, and then only one while I went to grad school. Top part-time income was around $22k in 2008. I got to double that when I started my first post-grad school job in 2009, at a starting salary of $44k. So, around six years to double my income.

Salary and value of benefits package (which I'm allowed to put into a 457b so I tend to count it as income for FIRE math purposes) is now over $60k, 7 years out of grad school.

Pooperman

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Re: How long did it take to double your salary?
« Reply #57 on: March 07, 2016, 02:20:49 PM »
2.5 years or not yet depending on how you count bonus stuff.

June 2013: $42k
Sept 2013: $50k
July 2014: $60k + 10%
Jan 2015: $65k + 10%
June 2015: $80k + 10% (on the headline this is where I doubled)
March 2016: $82k + 10% (this is the year I will double since bonus from last year will push me past $84k)

Cap_Scarlet

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Re: How long did it take to double your salary?
« Reply #58 on: March 07, 2016, 02:26:55 PM »
From memory I started at about $9,000 p.a. in 1986 and had doubled that by 1989, 10 x by 1999 and 77 times today!

onlykelsey

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Re: How long did it take to double your salary?
« Reply #59 on: March 07, 2016, 02:31:40 PM »
Per my social security statement:

2002 2,029 (age 15)
2003 2,445
2004 2,194
2005 52
2006 1,239
2007 1,697
2008 3,268 (finished college)
2009 4,057
2010 32,744
2011 3,375
2012 115,803 (finished graduate school, started work in March)
2013 153,950
2014 186,452
2015 269,321 (changed jobs)
2016 ~ 290K (I expect, we'll see)

ETA: I didn't answer your question. About five years. Realistically, if I counted based on full-year numbers, I will double it in 2017, having started my real career in 2012.   I think the hardest part for me was the 2012 foot in the door, and, to a lesser extent, the move last year.  I don't expect huge growth now, but I don't really need it.
« Last Edit: March 07, 2016, 06:25:49 PM by onlykelsey »

Reynold

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Re: How long did it take to double your salary?
« Reply #60 on: March 07, 2016, 02:36:32 PM »
R&D, 13 years to double entry salary, helped by a company-wide salary review that found I was underpaid.  I'd have never doubled it again, though.  Laid off at the end of 2008, went into a different field that still used my R&D background, and got a job that almost doubled it in 3 years.  Changing jobs within a company, or companies, or fields is definitely the way to go to do it quickly. 

Elliot

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Re: How long did it take to double your salary?
« Reply #61 on: March 07, 2016, 06:03:33 PM »
Real bummed about liking my current organization right now. Halfway considering getting a master's just for the 15k bump.

pdxmonkey

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Re: How long did it take to double your salary?
« Reply #62 on: March 07, 2016, 08:28:40 PM »
25k -> 52k ~3.5 years.
52k -> over 100k about 6.5 years.

bkmnky72

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Re: How long did it take to double your salary?
« Reply #63 on: March 07, 2016, 09:47:50 PM »
Good question.  I changed jobs which increased my pay each time.  It took me over 2 years to double from $22K (16 years ago) to $48K by changing jobs and state.  Then I got my MBA, and changed jobs again.  I doubled again 2 years ago. 

Kenbo

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Re: How long did it take to double your salary?
« Reply #64 on: March 07, 2016, 10:02:39 PM »
Year 0- 36000. This was almost a full year of my first full-time job.  Before this was school and part time work.
Year 1-40000
Year 2-44000
Year 3-52000- Last year. 

I'm about halfway there.  Dunno that I'll see that growth without moving areas.  I should be able to keep it growing  though. 

HappierAtHome

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Re: How long did it take to double your salary?
« Reply #65 on: March 07, 2016, 10:29:53 PM »
Four years, within the same organisation, mostly via promotions. $53k at 21 to $105k at 25.

Of course, I've now topped out (I'm only 28!) as I don't fancy becoming a manager and we only do inflation raises, not merit raises. But meh. Still a great salary.

Urchina

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Re: How long did it take to double your salary?
« Reply #66 on: March 07, 2016, 11:26:29 PM »
I work two part-time jobs. One is in the public sector and the other is teaching at a local community college.

It is not possible for me to double my hourly salary teaching. I get step increases based on years of service; they're not very significant. But then, I don't teach for the money (which, to be honest, is pretty solid, especially given that I love the job).

I could double my salary with promotions in my public sector job, but then I'd have to deal with the bullsh*t and stress of a higher pay grade position. I have no interest in selling my soul to that devil. My current position meets most of my needs, provides adequate challenge and lots of opportunities for positive strokes, and lets me sleep well at night. Plus, I get COLA raises and the occasional step raise based on length of service.

BTH7117

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Re: How long did it take to double your salary?
« Reply #67 on: March 09, 2016, 07:36:31 AM »
4 years, but with unique circumstances.

Out of law school in 2010, I took a job a county government agency for VERY low pay.  Great job, lots of fun, GREAT experience, but not much money.  In 2013, I left and took a job starting at almost double.  A year later, I made I surpased double the amount as my first job.  I'm not sure I would have been able to get job #2 without having done job #1.

So in a way, I look at my first job as a "deferred compensation" situation.

sleepyguy

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Re: How long did it take to double your salary?
« Reply #68 on: March 09, 2016, 08:16:42 AM »
I started right out of High School, doing call center/helpdesk support... that was $13.75 per hr if I recall correctly.  I'm still doing IT support til this day (15yrs now) and have moved out of call center area, but it took me a LONG time to double my salary.  I think it was something absurd like 5-6 yrs or something... mind you I lived with my parents awhile so even $14/hr then felt like TONS of money, haha.

I know MMM preaches hard work and career advancement etc etc, I was one never to cared too much and it probably shows in my job/career progression.  Til this day I still don't... work pays ok, benefits are good, time off and work life balance is very good.  I've turned down a few internal offers (upward movement) as it required too much travel (and too much work in general to be honest).  I guess i'm in 'coast' mode until FIRE.

Moral of the story, if lazy college dropout bum can make it in life... most can, lol :)
« Last Edit: March 09, 2016, 08:25:34 AM by sleepyguy »

infogoon

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Re: How long did it take to double your salary?
« Reply #69 on: March 09, 2016, 08:25:33 AM »
Doubled in ten years, tripled in fifteen.

Dicey

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Re: How long did it take to double your salary?
« Reply #70 on: March 09, 2016, 08:28:25 AM »
A much better question would be "How long did it take to double your savings?"

1. Counting the jump from first part time job to first career job is disingenuous.

2. It is not necessary to double your salary to achieve FIRE.

It's true that it's easier to save on a higher income, but look at all the formerly high-paid professional athletes. For every broke ex-jock or lottery winner, there are scores of modest earners who saved prodigiously and got out early with great success. Look no further than our own arebelspy, wherever in the world he is.

Do not be discouraged if you are not a high earner. Seek to double your savings. Then lather, rinse and repeat your way to successful FIRE.

TRBeck

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Re: How long did it take to double your salary?
« Reply #71 on: March 09, 2016, 10:06:31 AM »
Never did. Started at 32k. Ended at 44k.

(Teacher in low paying state.)

That is low.  My niece was hired as an elementary school teacher at just under $50k right out of school with no experience.  (And she lives in a low COL area.)

http://www.dallasnews.com/news/education/headlines/20150627-starting-teacher-pay-reaches-50000-in-many-north-texas-districts.ece

Whoa, cool! This might make me want to re-consider becoming a teacher. I already have a BA, I would just need teaching credentials.
Yeah, but as a teacher in Texas, I have to tell you that the salary doesn't move much from that starting point. Texas is great at recruiting new teachers; those who stick it out for a 1% salary step each year are few and far between. Lots of new teachers; few with experience, and the state's education system reflects it.

LiveLean

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Re: How long did it take to double your salary?
« Reply #72 on: March 09, 2016, 04:45:42 PM »
The question should be how long did it take to double your income. If you're looking to double your salary, it's because you're a fulll-time employee and relying on promotions or switching to another full-time job.

I quit my job in 1998 to go freelance and tripled my former salary the following year. Once you're free of an employer's salary cap and scared to death because you're feeling withdrawals from the every-other-Friday paycheck crack addiction, it's amazing what you can do.

mak1277

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Re: How long did it take to double your salary?
« Reply #73 on: March 14, 2016, 03:08:50 PM »
A much better question would be "How long did it take to double your savings?"


I understand what you're going for, but this is really not a meaningful question for anyone who started their career in debt or with zero savings.  Personally, I worked for 7 years before I had a positive net worth.

Al1961

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Re: How long did it take to double your salary?
« Reply #74 on: March 14, 2016, 04:11:17 PM »
I started articling in the fall of 1989 for the princely sum of $18k/year. When I retired 24 years and 10 months later, I had doubled my starting salary three times. First double took 4 years, second took 6 years, and the last one about 11 years.

 

Dicey

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Re: How long did it take to double your salary?
« Reply #75 on: March 15, 2016, 07:47:03 AM »
A much better question would be "How long did it take to double your savings?"


I understand what you're going for, but this is really not a meaningful question for anyone who started their career in debt or with zero savings.  Personally, I worked for 7 years before I had a positive net worth.

I understand what you're going for, but here's the problem I have with this line of thinking: Did someone put a gun to your head and force you to rack up debt? Every debt, including and most especially student loans, is a choice.
This exchange shows that neither question is a very useful metric, except perhaps for bragging or complaining. Everyone's situation is different. Comparing yourself to others is just another spin on keeping up with the Jonses.

JLee

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Re: How long did it take to double your salary?
« Reply #76 on: March 15, 2016, 08:05:55 AM »
A much better question would be "How long did it take to double your savings?"


I understand what you're going for, but this is really not a meaningful question for anyone who started their career in debt or with zero savings.  Personally, I worked for 7 years before I had a positive net worth.

I understand what you're going for, but here's the problem I have with this line of thinking: Did someone put a gun to your head and force you to rack up debt? Every debt, including and most especially student loans, is a choice.
This exchange shows that neither question is a very useful metric, except perhaps for bragging or complaining. Everyone's situation is different. Comparing yourself to others is just another spin on keeping up with the Jonses.
It's difficult to answer the question 'how long did it take to double your savings' because you have to have a starting point.  If you start with a dollar, you double over and over and over (2, 4, 8, 16, 32, 64, 128, 256, etc).  Speaking from a salary perspective, there's generally a 'first real job' number to use as a baseline.

sisto

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Re: How long did it take to double your salary?
« Reply #77 on: March 15, 2016, 05:41:32 PM »
I don't remember exactly when I doubled mine, but I think it was 5-6 years. It took me 15 years to quadruple my starting salary. I've been at the same company, but changed positions. The few years have been very slow moving though.

Tjat

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Re: How long did it take to double your salary?
« Reply #78 on: March 15, 2016, 06:01:21 PM »
Started at 47k in 2007, passed 94k early 2012...so just under 5 years. Same company, just steady raises and promos. That's excluding bonuses

WGH

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Re: How long did it take to double your salary?
« Reply #79 on: March 15, 2016, 07:20:36 PM »
7 years from $52k to $110k steady raises and three promotions.

I'm a bit topped out now but reside in a LCOL and love my organization and the people.

I wholeheartedly agree with you gotta job jump if you want big increases. I went from $30k to $50k to $60k in a year before I started working where I am now.

I'm beginning to get the itch to look around but my annual review is due and my boss promised to "do something for me." So we will see....

Schaefer Light

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Re: How long did it take to double your salary?
« Reply #80 on: March 16, 2016, 07:43:17 AM »
If you're not in a growing field, then there's a good chance you're never going to double your salary.  Especially if you started out at a decent salary.

 

Wow, a phone plan for fifteen bucks!