What Is Considered a Good Salary?

Salary is perhaps the most important factor to consider when considering a job and also think about what is considered a good salary. What works for one person may not work for another. That's OK. This quick guide will help you determine a good salary, and provide the best combination of online resources to help you come up with a number that suits you.

What Is Considered A Good Salary? 

It is nearly impossible to find a single number because there are so many variables involved in determining what a "good" salary is. Decide what "good" is to you in order to determine what "good" salary means. These terms are important:

Living wage : An income that covers the essentials such as housing, food, and transportation.

Comfortable wage : An income that provides more than basic necessities

Ideal wage : An income that is higher than the cost of basic living expenses and other "wants," like travel and entertainment

According to the census, the national average household income in 2019 was $68,703. This number would be below the living wage, while an ideal wage would be higher. A good salary would be $75,000. It is higher than the national average and hovers around the average salary for the four most expensive states in the nation. In other words, a $75,000 salary would cover the basic necessities in even the priciest of areas.

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What impact could this have on your living costs and your debt?

High living costs can make it difficult to earn a decent salary. Common living expenses include housing, transportation, food, and health care. These expenses can make a great salary seem inadequate if you don't include them in your request. Your location and family size are important factors that can impact your salary and living expenses.

A significant amount of debt can also change your perception of what a "good" salary is.

According to Experian, mortgage loans, auto loans, student loans, and credit card debt were among the largest sources of consumer debt in 2019. More specifically, the Brookings Institution found that approximately 70 percent of college students earning a bachelor's degree will graduate with up to $40,000 in student loan debt, which could reduce an ideal wage to a comfortable or living wage.

This number could change depending on compensation. One in three employees surveyed by Allianz Global Assistance in 2019 said that they would trade a portion of their salary for unlimited vacation time. A "good" salary means one that includes "perks", which are not monetary but equally valuable.

What jobs pay the best salary?

You will earn more if you have more experience than you do in any other job. These five jobs could lead to a $75,000 starting salary or a mid-level job.

1. Corporate sales trainer

You help sales reps learn their job as a corporate sales trainer. Glassdoor reports that this job usually pays about $75,734. This salary can be achieved by having sales experience and a bachelor's/master's degree.

2. Computer engineer

Entry-level engineers generally make between $71,000 and $75,000, but mid-level engineers boast six-figure salaries.

3. Transport manager

If you have an interest in transportation and some experience in logistics or operations, you could make approximately $80,554 in this job, which is the national average salary for this role according to Zippia.

4. User experience (UX) designer

This role involves product testing, prototyping, and research to improve the user experience. Payscale reports the average salary as $74,239, but this figure could exceed $100,000 with increased experience, an impressive portfolio, and detailed knowledge of specific platforms.

5. Audiologist

You can make $75,000 coming into this career, but Salary.com reports the average median salary at $84,632. You will be responsible for diagnosing and treating patients with hearing loss. According to the Bureau of Labor Statistics, you need a doctoral degree and a license to perform this job.

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What can women do to negotiate for higher salaries?

In 2018, Robert Half reported that 45% of women have negotiated their salary. Negotiating and asking to be raised can help you get closer to a good wage and increase your earning potential. This is how much money you can make over the course your career. These strategies will help you negotiate effectively.

Plan ahead : Take the time to research industry norms and the average pay for your job.

Take into account your living costs : Are you looking for a comfortable, living wage, ideal wage, or a decent wage?

Always be prepared to back it : Talk about your achievements, exceed expectations and position your employer for success.

Find out the national average : This can be used as your baseline and then adjusted to generate a fair amount.

Add tax To give yourself some "wiggle room" when you negotiate, ask for $60,000 if you feel that a $50,000 salary will be enough to provide for your daily living expenses.