Ever wondered how much purchase power your paycheck is really packing? The folks at coupon tracking site Retale.com developed a fun new tool that lets users plug in their annual salary and find out how many hours (or days, weeks, months, even years) it would take them to be able to afford certain basic goods like housing, a car, or a meal.
On an average U.S. household income of $51,393, it would take a worker more than 11 minutes to earn enough to buy a $4 burger and three-and-a-half YEARS (without a raise, that is) to scrounge up enough to pay (all cash) for a house (median price: $188,900).
If that’s not fun (depressing?) enough, you can also use the tool to compare your salary's purchasing power to people in other professions, such as a lawyer, a CEO, a truck driver, and even celebrities like LeBron James and Oprah Winfrey. In the time it would take a typical worker to earn $25, Oprah, who earns a staggering $300 million in annual income, has already banked close to $150,000. On the plus side, that worker would have more purchasing power than a construction worker, who would earn $15 in an hour with an average take-home pay of $31,460 a year.
To get a really accurate calculation, we recommend using your POST-tax salary.