Let’s get this out of the way—a promotion is almost always a really good thing.

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It often comes with a pay raise, which is always good. It can represent a boost in responsibility, pushing your career forward.

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But here’s a question few have asked—is a promotion the best way to boost your income?

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Let’s do the math.

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The average income boost from a raise is 3%.¹ If you earn $60,000 per year, then you can expect a raise to give you an annual boost of $1,800. That’s $150 per month.

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Depending on your situation, that could make a huge difference for your financial picture. But it pales in comparison to other income-boosting strategies. For instance, changing jobs can boost your salary by 14.8%.² The average annual income boost from starting a business is $14,705.³

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Suddenly, 3% doesn’t seem all that impressive!

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Again, this isn’t to detract from getting a promotion. It’s a testament to your work ethic and grit.

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But if your entire career arc hinges on landing one promotion after another, you may need a better strategy.