Category Archives: Benefits

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The Average U.S. Hourly Wage has Increased 25% Since 1997

The average U.S. hourly wage has been increasing steadily over the last 10 years. The increase has been from $12.51 an hour to $16.75 an hour, an increase of 25%. If increases continue at the current rate then in 2017 the average hourly wage will be $20.00 hourly (about $40,000 annually), $26.30 hourly in 2027 (about $52,000 annually), and $32.96 hourly in 2037 (about $66,000 annually). You can bet that inflation will keep pace though!

Below you will find a table with the average hourly pay for U.S. workers from 1997 – 2007.

Career Hacker careerhacker.com Bill Inman Employment Jobs Interview Resume Blog Success Boss Work Hiring

The following graph represents the same timeframe:

Career Hacker careerhacker.com Bill Inman Employment Jobs Interview Resume Blog Success Boss Work Hiring

For more information see:

The U.S. Department of Labor Bureau of Statistics
The White House Economic Statistics Briefing Room – Employment

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Career Hacker * http://www.careerhacker.com * By Bill Inman * http://www.billinman.com

Seven 2007 Job Trends

Here are “Seven Major Job Trends for 2007” by Matt Ferguson, CEO of CareerBuilder.com.

7 trends 2007

View the entire article with supporting statistics at:

 Seven Major Job Trends for 2007. [CareerBuilder – Matt Ferguson]

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Career Hacker * http://www.careerhacker.com * By Bill Inman * http://www.billinman.com

More Education = More Earnings

The more education one receives the more money they are likely to earn. The following chart shows how average weekly earnings are effected by educational milestones.

Earnings Chart
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Career Hacker * http://www.careerhacker.com * By Bill Inman * http://www.billinman.com

Conventional Career Success Frustrates High Money Earners

Money Frustration“There are people who assumed that their hard work and conventional ‘success’ would leave them with no worries,” writes Matt Miller of Fortune Magazine. These people include doctors, accountants, engineers, lawyers, and Vice Presidents. The frustration of these individuals lies in the fact that there is seemingly no way for these to live with ‘unlimited’ means even with a large income. Is this attitude based in greed or are there deeper career challenges that limit our earnings potential and rewards even if we become a high money earner in the U.S.? Will we be able to retire early? Do we believe that a degree or advanced degree with carve a path towards financial freedom? Read the following article to learn more about this ‘bubbling’ frustration.

 Revolt of the Farily Rich. [Fortune – Matt Miller]
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Career Hacker * www.careerhacker.com * By Bill Inman

Can You Reach $5M in the Bank with a $45K a year salary?

401k.jpgFinancial freedom gives you more choices, like the choice to retire. But it seems ever elusive for most. Can a person go beyond simple financial security and save $5,000,000 within a 40 year career at a salary of $45,000  year?

 Theoretically:

  • 37 year career
  • $45,000 a year salary
  • 25% of salary contributed to a 401k plan
  • 6% company match
  • 4% salary growth a year
  • 10% annual return

Equals $5,000,000.

These may seem achievable (although the 25% savings plan may be high for most) and even likely for families who have a dual income and follow this plan. However, life’s suprises can become roadblocks in this plan. In any event, you can ‘improve your chances,’ as is outlined in the Money Magazine below, by:

  1. Building a cushion
  2. Not assuming your next egg’s value is locked in
  3. Re-assessing your progress periodically

37 years. $5 million. What could go wrong?. [Money Magazine – Walter Updegrave]

Your pay raise lacks “benefits”

Woman Holding MoneySo you are excited about your pay raise and where your career is headed. Remember that your costs of being an employee may be rising too. On average up to 16% of salary increases will go to pay for healthcare cost increases the next year. 

Healthcare Costs to Eat Up Chunk of Pay Raises. [Business and Legal Reports – BLR]