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Is job hopping good or bad? Should you job hop to increase your income? Job hopping is one of the ways to increase your income in a short amount of time and while there are pros and cons to being a job hopper, it can boost your income by a significant amount

0:00 - What is Job Hopping and Why Should you Job Hop
Think about two people, Alan and Bob, working the same job both making $50,000. Let’s say on average they get a 5% raise every year. Let’s say Aaln asks for a $3000 raise and Bob does not. And for 10 years they work the same job continuing to get that 5% raise every year

How much would you initially guess the difference in salary between the two would be after those 10 years?

Comment down below your guess!

It would end up being about a $5000 difference in salary and even more shocking, the total earnings for those 10 years, would be more than $40k. So not only is increasing your income important, but how to increase your income and when is important as well.

The example teaches that even a somewhat small increase to your salary early on in your career, given enough time can build up to make the difference between buying a car in cash or not.

So what’s an easy way to increase your salary in a short amount of time. One of the best ways to boost your income is to job hop, and there for sure are pros and cons to job hopping. I’ll explain how to job hop and the pros and cons of job hopping and hopefully this helps you determine if you should do it, and how to do it.

So what does it mean to job hop. To start, what is the definition of job hopping and why should everyone consider it as a way to increase your income. Job hopping is where you spend a year or so at a position, and leave that position for another company for a higher salary. If my company only gives a 2% increase in my salary each year, then if I can find a new job that gives me 3% more. Then in one year, I’ve made a 1% increase in my salary that wouldn’t have happened otherwise.

1:23 - How Job Hopping led to a $10,000 increase in income

In fact, I just talked to a friend that worked at the same company for 10 years. Any time he tried to ask for more than the standard raise, he was rejected. He got contacted by a competitor that offered $5k more than his current job and he accepted the offer.

Then his current job found out and beat that offer by $2000. So a job where they never budged on raises, was now giving him a $7k. To be transparent to the competitor, he told them he needed more time to think about the offer. The competitor said, well make it easy and beat the new offer by $3000. From that one job hop, he increased his income by $10k. And like I said, over time that dramatically shifts his life.

In fact, once again assuming a 5% increase and working 10 years, that difference would be more than $16k in his salary or income, and a difference in total earnings of almost $150K

2:31 - The Pros to Job Hopping
The most obvious pro to job hopping is the additional salary you're making. You don’t even actually have to commit to a new job, just by using the idea of job hopping to your advantage, can help boost your current income at the same job.

Another potentially pro, is that a lot of companies only have so much set for raises, if everyone else is job hopping and the company uses more money to hire new people, then that's less money set aside for raises and that's less money for you.

So even by not doing anything, you’re losing out.

3:12 - The Cons to Job Hopping
Over time, you could end up job hopping so much that you reach a cap on your earnings. You could end up at a job that you don’t even like. Or you never stay at a place long enough to build relationships with coworkers. And if you job hop too much, you’ll have a job history that doesn’t look too great.

Now, in the end, it's up to you if you want to job hop or not. You have to weigh out the pros and cons.

4:31 My Thoughts on Job Hopping
For me, I believe job hopping is a great tool when thinking of how to increase your income. I don’t worry so much about the long term impacts. You see, the whole trend of job hopping is becoming more common anyways, so in the end, employers will become used to it.

And as far as the company loyalty aspect, if you ever felt guilty about job hopping. I like to keep in mind that most companies would not hesitate to fire you if you stopped bringing them enough value regardless of your loyalty.

I’d also say, you have to consider the skill and improvement aspect of job hopping. Most jobs have this huge learning curve where you learn a lot early on. But given enough time, you just end up doing the same daily tasks and never learn anything new. When you think about your long term career goals, learning new skills is probably critical to that process.

Hopefully you found this video useful in determining if job hopping is good or bad and how to job hope to increase your income!