When considering if a move is worth it or not for the extra pay, people generally compare the raise to their current salary but this could be misleading to your situation and biased in favour of staying in your current position. For example, if in my current job I get $3000 after taxes and in a new role I could get $3300 after taxes. If in your current job you're able to save $500, when weighing both up, instead of thinking it's a raise of 20% you could also say your savings raise by more than 60% - this would imply that if I stayed in this situation at the rate of $500 a month, in 5 years I would have saved $30000 but with the move I'd be able to save $48000. Add in some investment returns and we're talking about a difference of close to 20 grand over 5 years or at $3000 a month with $500 savings you would take another 3.33 years to get to the same savings level. Extend this concept to 25-30 years and we're talking about a difference of 15-20 years of savings. This might be especially handy if you're someone to think about financial independence and retirement.
Submitted May 24, 2017 at 02:38AM by milliondollar87 http://ift.tt/2rSyQgU
