According to Central Statistics Office the average salary in Ireland (2016) of a full-time employee was a 'grocery-shop' more than €45,000. Knowing that figure might make you feel that you're doing well or it might make you feel like making progress on the income you are bringing in. In reality this is the main thing for many of us as we go through our careers, our own sense of value and worth can unfortunately rest squarely on the amount of money we are paid to do a job for someone else! It's totally cock-eyed but for many people in Ireland's society this is what they judge their success on. It's something that I am passionate about changing over the years, I just haven't quite figured out how yet (answers on a post-card please!).
Anyway, as 'things' pick up in our economy, there are more and more jobs for people to move to, more and more salary increases happening, in comparison to 2008-2013 at least! While it is not being achieved by everyone there are at any one time many people getting salary increases, be that as a result of promotion, moving to a different employer on a higher salary, or hitting targets when they had not been in the 'rough times'.
Welcome back to another edition of the Informed Decisions Blog, Ireland's #1 Financial Planning Blog & Podcast! This week we will explore some of the common things that people do with salary increases, and share a few ideas to ensure you don't do the same!