If you considering a home business endeavor, as part of the necessary self assessment to determine your “stomach” for likely uncertainty, it’s important to establish your current worth in the marketplace.
For example, an accountant living in California considering a career change to follow his passion of selling an old family salsa recipe should undoubtedly consider the financial ramifications. According to the Bureau of Labor Statistics for 2008, an accountant’s “median” annual income in California was $64,700, and the $59,400 in the United States. In addition, the “high” annual income for accountants was $108,500 in California and $102,400 in the United States. In this calculation, “median” means 50% of accountants earn less and 50% earn more than the applicable figure (e.g., $64,700 in California) and “high” indicates that 90% of accountants earn less and 10% earn more than $108,500 in California.
In another example, for a retail salesperson in Florida, the median annual income for 2008 was $22,900 ($48,300 for high earners) in Florida, with the national medium being $20,500 (with $39,800 for high earning retail salespersons).
We invite you to use the Salary Calculator provided below to provide you with the base information by state and even zip code for your particular occupation to better facilitate your decision-making process.