Money Girl reveals 5 tips for making more money, without having to get a second job or go back to school.
Tip #3: Consider Relocating
A good rule of thumb for an entry or mid-level position is to stay with an employer for a minimum of 2 to 3 years.
Moving to a big city or higher paying area of the county can be one of the fastest ways to advance your career with your current employer or a new one. Even relocating for just a few years can be a terrific way to bump up your salary trajectory.
Tip #4: Never Burn Bridges
Job hopping should never mean leaving an employer in a bad position. Always act professionally, make the transition as easy as possible for the team you leave behind, and never, ever burn bridges.
Tip #5: Don’t Hop Too Quickly
Unless you’re completed dissatisfied with your current job, don’t job hop too quickly. A good rule of thumb for an entry or mid-level position is to stay with an employer for a minimum of 2 to 3 years.
But the higher up you are on the corporate ladder, the longer you’re expected to stay. Also, don’t make a switch unless you can score at least a 10% pay increase.
More Benefits of Job Hopping
In addition to getting a bigger paycheck, switching jobs may have other benefits. One is getting exposed to new people, environments, challenges, and solutions. Even doing the same job at different companies may come with different responsibilities, which help you build new skills.
Boosting your income now can also help you get more income in retirement. Your Social Security retirement benefits are calculated in part by the indexed average of your top 35 wage-earning years. So earning more annual income can help you qualify for higher benefits, and give you more money to spend during retirement.
No matter if you score a raise in your current job or by hopping to a new one, don't forget to also raise your retirement savings. Invest a minimum of 10% to 15% of your gross income in a tax-advantaged account, such as an IRA or a workplace 401(k), to build a healthy nest egg for retirement.
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