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10 step pay raises
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<blockquote data-quote="refineryworker05" data-source="post: 3072399" data-attributes="member: 66082"><p>Using the average for 401k's or income can be very misleading. For example, if you have 10 people and their wages are $20k, $21K, $23K, $27K, $28K, $34K, $36K, $52K, $55K, $500k. The average of all their incomes is $79.6K.</p><p>The median of all of their incomes is 31K. The median income is much more representative of their incomes than the average because half are above median income and half are below. Whereas the average is more than all but one earn.</p><p></p><p>Plus $93,000 is nothing to retire on and that is an alltime high. Its bad.</p></blockquote><p></p>
[QUOTE="refineryworker05, post: 3072399, member: 66082"] Using the average for 401k's or income can be very misleading. For example, if you have 10 people and their wages are $20k, $21K, $23K, $27K, $28K, $34K, $36K, $52K, $55K, $500k. The average of all their incomes is $79.6K. The median of all of their incomes is 31K. The median income is much more representative of their incomes than the average because half are above median income and half are below. Whereas the average is more than all but one earn. Plus $93,000 is nothing to retire on and that is an alltime high. Its bad. [/QUOTE]
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