What is a good salary?

When assessing the pros and disadvantages of a potential employment opportunity, compensation is likely one of the most complicated elements to consider. When it comes to determining what constitutes a "good" income, what works for you may not work for anybody else (and that's perfectly OK). You can equip yourself with the correct knowledge to come up with a figure that works for you if you have a fast guide on establishing a suitable pay and the right mix of web resources.

What really constitutes a decent income, and why is that the case?

Because there are so many components that go into determining what constitutes a "good" income, it is almost hard to pinpoint just one figure to use. Decide what "good" means to you before attempting to ascertain what constitutes a "good" pay. Think of it in these terms:

A pay that allows one to provide for one's fundamental needs, including food, transportation, and shelter, is referred to as a living wage.

A comfortable pay is defined as an income level that enables one to afford more than just the essentials.

The ideal salary is a level of income that is more than the cost of covering basic needs, living expenditures, and "wants," such as traveling and enjoying entertainment.

In 2019, the average income for a household in the United States was $68,703, as reported by the Census Bureau. A pay at or below this level would be considered a living wage, whereas a wage at or above this level would be considered an ideal wage. In light of this, a salary of $75,000 would be considered satisfactory. It is higher than the national average and hangs around the average wage for the four states in the country that are ranked highest in terms of overall cost of living. In other words, an income of $75,000 would be sufficient to meet the cost of the essentials in even the most expensive places.

How may that figure fluctuate based on the amount of debt you have and your cost of living?

The high cost of living might make it difficult to enjoy even a decent pay. In addition to the costs of housing, transportation, and food, the typical cost of living also includes the cost of medical care and the cost of child care. If you don't account for them in your request, you may find that your living expenditures eat up half of your income, which would make even a respectable wage seem inadequate. You should also consider your location and the size of your family, since these two criteria have a significant influence on both the amount of money you make and the amount of money you need to survive.

In a similar vein, having a big amount of debt might alter how you perceive a decent pay. According to Experian, the most significant sources of consumer debt in 2019 were home loans, vehicle loans, school loans, and credit card debt. To be more specific, a study conducted by the Brookings Institution found that approximately 70 percent of college students who earn a bachelor's degree will graduate with up to $40,000 in student loan debt. This debt could reduce an ideal wage to one that is comfortable or sufficient for living expenses.

This figure could shift as a result of changes to various other parts of the compensation package. According to a poll that was carried out in 2019 by Allianz Global Assistance, one in every three workers said that they would be willing to forego some of their compensation in return for an infinite amount of vacation time. In this scenario, a "good" pay is one that comes with "perks" that do not contain monetary worth but are as desirable. These "perks" might include things like free food or gym memberships.

A salary of $75,000 is respectable, but for some women that amount will go farther than it would for others. If you are a single parent or the sole provider, pay child support to the parent who has custody of the child, or have pre-existing health conditions, you run the risk of seeing a rapid decrease in your salary. This is especially true in light of the recent increase of 4% in health care premiums for single and family coverage.

Not to mention the fact that $75,000 is not an acceptable starting pay. To make $75,000 per year in the United States, you will likely need a master's degree in addition to at least five to seven years of relevant work experience. Although this is not the case for all jobs or in all fields, it is a typical occurrence. Combining these factors results in a gender pay gap, which makes it more challenging for certain women to earn this amount of money.

Which kind of occupations, in general, provide a satisfactory income?

The more experience you have in a job, the greater the likelihood is that you will receive a higher salary. These five occupations may bring you a starting salary of $75,000 whether you are just starting out or are in the middle of your career.

1. Corporate sales trainer

You are responsible for assisting sales reps in their professional development if you work in corporate sales training. According to Glassdoor, the average annual salary for this position is around $75,734. It is possible to earn this pay if you have previous experience in sales and either a bachelor's or master's degree.

2. Engineer in charge of computers

Mid-level engineers often earn wages in the six figures, but entry-level engineers typically make between $71,000 and $75,000 annually.

3. Manager of the transport system

According to Zippia, the national average compensation for this position is roughly $80.554 per year. If you have an interest in transportation and some expertise in logistics or operations, you could be able to earn this amount working in this area.

4. User experience (UX) designer

In this position, you will be responsible for doing product research, testing, and prototyping in order to enhance the experiences of other people. According to Payscale, the average income is $74,239, but this number might go up to more than $100,000 with sufficient experience, an excellent portfolio, and in-depth understanding of several platforms.

5. Audiologist

Although starting salaries in this field may be as high as $75,000, Compensation.com estimates that the usual median salary is closer to $84,632. As part of your responsibilities in this position, you will conduct hearing tests on individuals and diagnose their conditions. The Bureau of Labor Statistics states that in order to be qualified for this position, you must possess both a doctorate degree and a license.

How exactly may women use negotiation to increase their salaries?

According to research conducted by Robert Half in 2018, forty-five percent of working women negotiated the pay they received. You may come closer to a decent pay and boost your earning potential by negotiating and asking for increases. Your earning potential is the maximum amount of money that you are capable of earning over the course of your career. Utilize each of these particular methods to guarantee that you are doing productive negotiations:

Prepare yourself. Allow yourself a sufficient amount of time to do research on the typical salary for your job and field of work.

Think about how much it costs you to live. Which of these three — a livable pay, a comfortable salary, or an ideal wage — is your goal?

Be ready to provide supporting evidence. Be prepared to discuss the ways in which you have achieved your objectives, gone above and beyond what was expected of you, and set your company up for success.

Get familiar with the national average. Take this as your starting point, then change it as necessary to come up with a value that is reasonable.

Add tax. If you have calculated that a salary of $50,000 is sufficient for you to lead a comfortable life, you should ask for $60,000 so that you have some "wiggle room" in the bargaining process.

Read the evaluations of the firm on InHerSight. Before you ask for a pay increase, you should look at the evaluations that were provided by other women. Glassdoor, Salary.com, and Payscale are three other websites that might be helpful online tools.