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Not uncommon at all, especially if that $10/hr was a student job and the person is reasonably young.
On 1/1/2014, I was making $11.68/hr with no benefits at all. I'm now at about $60k with full benefits, and am expecting a promotion within the next year or so that will probably put me at $80k.
med students go from low/no wage to residency where they get a stipend of $60k+ and it just cost they 100k debt and four years. Another boost once they are out of residency to 150k+....
med students go from low/no wage to residency where they get a stipend of $60k+ and it just cost they 100k debt and four years. Another boost once they are out of residency to 150k+....
feel free to go this route, we need more doctors
A profession where there is some residency requirement probably isn't a good gauge here.
2013: $15/hr w/ benefits
Early 2014 (new job) $8/hr + tips (waitress) w/ no benefits
Late 2014 (new job/career): $14/hr w/ benefits
Mid 2015 (large promotion): $22/hr with lots of future potential and w/ benefits
Not as big as $10/hr to 80k, but a nice jump with lots of potential in a relative short period.
$20K (roughly $10/hr) to $80K is easily doable in many fields in 5 years. IT is one. Healthcare is another. It generally becomes harder though to move from $80K to $160K, which might take another 5-10 years. You can quadruple your salary when you start at the bottom, but there are less and less positions available once you get more senior, and a lot then depends on the individual's education, skills, and personality - as well as luck.
I had BA degree that I was unable to find employment with. I then finished an MPA and I was still unable to find decent employment here is my timeline. In 2012, I went back to college to pursue a computing degree and from there my prospects got much better.
2011: mixed of periods of unemployment and various $10 per hour jobs, no benefits
2012: mixed of unemployment and one job that paid $17 per hour for 2 months, then on to another for $10 per hour, neither had benefits
2013: quality assurance at $16 per hour, the other cleaning houses at $13 per hour, neither had benefits
2014: administrative position that paid $23 per hour for 2 months, then another position that paid $23 per hour for 2 months, neither had benefits
I graduated in mid 2014 with a master's degree and received an offer for a technical role at roughly $64,000 per year. From that point forward my offers for employment have been in similar ranges. I have been employed in my current industry for a year solid. Before there were many breaks in my employment, but not because I chose to have it that way. Employment in Los Angeles was extremely tough due to the competition.
The next offer I receive should be $70,000+ due to the demand in my field. So to answer your question, I do think that it is possible to make that kind of money in 5 years. I really think it depends on the field and room for growth.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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It sounds like the normal, common method of improving one's financial situation and career. Continue learning, do well at a job and move up to a better one. In some cases it can be multiple promotions within one organization, in others, it means applying elsewhere as better positions become available. Most often, the jump to entry level management (supervisor) is a significant salary increase, then on to Manager is an even bigger jump. Going from entry level to manager in 5 years is hard but not impossible.
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