How a Mechanical Engineer Doubled Their Salary and Makes $116,500 Today
The Salary subreddit contains many inspirational posts from people who show their salary progression over the years. This recent post comes from a mechanical engineer who went from a $58k salary to a $116.5k salary in 20 years. The Redditor managed to raise their salary every year since 2004, and that includes economically challenging years like 2008 […] The post How a Mechanical Engineer Doubled Their Salary and Makes $116,500 Today appeared first on 24/7 Wall St..
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The Salary subreddit contains many inspirational posts from people who show their salary progression over the years. This recent post comes from a mechanical engineer who went from a $58k salary to a $116.5k salary in 20 years.
The Redditor managed to raise their salary every year since 2004, and that includes economically challenging years like 2008 and 2020. You can learn a lot from these types of posts, and we’ll share some of the top lessons below.
24/7 Wall St. Key Points:
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A mechanical engineer shares how they more than doubled their income in 20 years.
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Some commenters believe the mechanical engineer is underpaid and should either request a raise or work for someone else.
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You Have to Job Hop
The Redditor hasn’t been working at the same company. In fact, this individual has switched jobs three times: 2008, 2013, and 2020. The Redditor saw their earnings increase during each of those three years, but that’s been a common trend for this individual.
Research the Competition
Some commenters believe that the Redditor should be earning a higher salary based on their years of experience and the industry. The commenters also gave the Redditor credit for being an intelligent person in a high-stress job, further demonstrating that the Redditor could have possibly earned more.
Comments like these received a lot of upvotes, and they highlight an important lesson. If you want to get paid more, you should check your industry and see what the average salary is. While people who are just getting started may end up with a lower salary, individuals with more seniority can usually command higher paychecks.
A little bit of extra research can help you gauge if you’re getting paid at a good level or if you are underpaid relative to peers. It’s good to do this type of research annually.
Switch Your Career If Necessary
Some commenters mentioned how they or a friend they know switched from mechanical engineers to different career paths and instantly earned more money. One commenter reflected how their friend went from $90k to $140k per year right away by switching careers.
If you want to switch careers, you should narrow your search to high-paying careers that intrigue you. Then, you will have to learn the necessary skills, and that may include taking online courses and getting certificates. It’s extra work to pivot to a new career, but you can make a lot more money in the long run by doing so.
Ask for a Raise
Some of the commenters suggested that the Redditor should ask for a raise or change jobs. While job hopping is a common way to get a higher income, you should also ask your employer for a raise every year. The worst thing that can happen is that your employer says no.
If you don’t get a raise, you may want to look for a new job. Not receiving a 3% raise this year means you aren’t that likely to receive a 3% raise the following year.
When asking for a raise, highlight how you contribute to the company. You have to demonstrate your value during these negotiations. Even if you are a key player at work, you have to remind your employer of the value that you provide.
You can also submit job applications and see if you receive a higher offer. You can tell your boss that you got the offer and ask if they will match it. Strategies like these can help you get a raise without moving around from job to job.
The post How a Mechanical Engineer Doubled Their Salary and Makes $116,500 Today appeared first on 24/7 Wall St..