1. claim to respect and praise; excellence; worth.
2. something that deserves or justifies a reward or commendation; a commendable quality, act, etc
It's that time of year again at work for review and merit increase. It got me thinking of my salary and future potential earnings. Since I didn't win mega millions Tuesday night I plan on continuing to work for many years. I have been working full time for over 17 years. In that time I have had 4 promotions. With those promotions I had big increases in salary 10-12% or more. Typical merit increases run in the 3-5% ranges and over the last few years they have been in the 2-3% range. I took my current salary and assumed a 3% increase over the remaining years I expect to work calculating the increase each year and adding it to my base.
I was surprised to see the salary I would be earning in the years to come. Hopefully there will be a few promotions along the way, but I did not add any in. If you asked me if that would be enough 6-8 months ago. I would have told you no way. Now being on track to paying off my debt in the next 2-3 years, my salary seem much more manageable / livable.
Could you survive for the remainder of your career on a 2-3% yearly increase?