Just got promoted

[bjl584]

After a lengthy process, I finally received a promotion yesterday.
Slight change to my job title, but basically I'll just be getting recognized and paid for work I do anyway.
I received a $11K salary bump

[kork13]

Get paid significantly more for the work you're already doing .... That's the best kind of promotion! Congrats!!

[ua_guy]

Nicely done! Congrats!

[srblanco7]

Congratulations! More money as well as the recognition is great. Why the lengthy process (if you’d care to share)? My initial reaction was that could be a bit of a yellow flag for the company.

[bjl584]

Congratulations! More money as well as the recognition is great. Why the lengthy process (if you’d care to share)? My initial reaction was that could be a bit of a yellow flag for the company.

It's a good company. No yellow flag.
The lengthy timeline is due to the fact that out parent company is in Belgium. That parent company in turn reports up to a holding company in England.
So, multiple layers of red tag to get things done, especially things that involve large sums of money.
If we were a local privately owned firm, this would have probably happened long ago.

[Jluke]

Congrats and glad that worked out for you.

im sure that process took more than 11k in company time and resources for the final decision to be made. I think the saying is Tripping over dollars to pick up nickels.

[disneysteve]

Congrats! That's great news. I understand that large ships turn slowly but at least they finally caught up to paying you appropriately for the work you're doing. It's always nice to get that recognition and compensation.

[Fishindude77]

Congrats !

[LivingAlmostLarge]

Congratulations! Better than nothing

[Tabs]

Congrats to you!

[rob62521]

That's wonderful! Congratulations!

[myrdale]

Nice!

Now the hard part. Don't increase your lifestyle, but rather increase your investing!

$11k extra a year, so after taxes probably around $8k or about $700 per month. That will max your Roth or maybe up your 401(k).

[disneysteve]

Nice!

Now the hard part. Don't increase your lifestyle, but rather increase your investing!

$11k extra a year, so after taxes probably around $8k or about $700 per month. That will max your Roth or maybe up your 401(k).

Excellent advice. I always did a bit of both where I would loosen our spending budget slightly and invest the rest. That way I felt like we benefited immediately from the raise and still boosted the long term savings. If I got a raise of $700/month, maybe I'd say we could spend an extra $100/month and invest the rest. Usually I identified a particular recurring cost to cover with the raise like hiring a lawn guy or getting cable TV or something like that.

[LivingAlmostLarge]

I agree you should increase your life a bit and save the rest. Life is about living.

[bjl584]

Nice!

Now the hard part. Don't increase your lifestyle, but rather increase your investing!

$11k extra a year, so after taxes probably around $8k or about $700 per month. That will max your Roth or maybe up your 401(k).

No plans to increase my lifestyle, so most of the extra money will most likely end up saved and/or invested for now.
I do have a few major purchases on the horizon, but I've already been saving for those anyway. This will just increase the rate that I save up.

Traditionally, I've been pretty good about not allowing lifestyle creep to take hold.
With every pay bump I've ever received, I've always bumped up my savings and investing rates along the way.