The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
There’s a 50/50 chance you’ll get a raise in the next year—at least according to a recent survey that found about half of all American workers (52%) got a raise in the past 12 months.
That may seem like good or bad odds depending on if you’re a glass-half-full or a glass-half-empty person. But according to economists, it’s reflective of how much progress the U.S. needs to make before it fully recovers from the 2007–08 financial collapse.
Raises and annual bonuses used to be a mainstay of having a job, but have been few and far between since the Great Recession. Today’s average hourly wage has about the same purchasing power it did in 1978 after adjusting for inflation. Don’t be discouraged though —getting a raise isn’t impossible—sometimes it’s only a matter of asking. As many as 84% of people who ask for a raise get one. And if you do get a raise, it’s all the more reason to be intentional with your money. To ensure you’re making the most of your raise, take these seven steps now.
Getting a promotion can backfire, but whether your raise is due to a promotion or not, if you practice some restraint and are intentional with your spending, you set yourself up a successful financial future. Getting a raise is a time for celebration—you’ve worked hard and you earned it! But, before you buy top-shelf bubbly, take a minute to make a conscious decision about what’s right for you and your money.
Sources: Economic Policy Institute | Pew Research | Bankrate 1, 2 | Jobvite
March 11, 2021
Personal Finance
March 1, 2021
Personal Finance
February 18, 2021
Personal Finance