The wise job seeker understands the link between money and his or her career. Unfortunately, there are many people who never understand the connection and spend most of their career struggling. You might think I am talking about salary and yes, money and salary are connected, obviously.
How are money and your career linked?
What I am really talking about is understanding how to make sure you continually invest in your career and are in a position to do so.
Let’s take a little quiz, do you:
- Know your credit score?
- Check your credit often?
- Have a $1000 emergency reserve fund in savings?
- Grow a 3 to 6 month reserve fund in saving?
- Plan for retirement early in your career?
- Create a monthly budget?
- Build an annual budget?
- Know exactly how much you owe — your total liabilities?
- Run comparisons of income and expenses regularly through the year?
Ensure you understand money and economics
Whether you are making $35,000 or $120,000 or much more, it doesn’t matter how much you earn if you don’t have control of the 9 points above. I wish I understood what I do now 30+ years ago. If you are in the lower age ranges, you need to make sure you understand money.
As a professional resume writer, I worked with 1000s of people. My fees are dramatically different from what they were 30 years ago but so are my skills and talents. Yours will be too. Your value goes up with your experience. This is my concern about the misunderstanding of money:
- If you continually overspend your salary and don’t understand the value of money, you never earn enough in your career.
- Build plan for every project and a budget so that you don’t get surprised in the end.
- Prioritize purchases to make sure you spend the money wisely.
- Recognize that no job is forever and be ready.
What to do if you don’t understand money:
- Invest in a financial counselor
- At least, buy a financial book by one of the experts (and read it!)
If you work on building your understanding of economics, you better understand how to interpret what is happening in the world and its impact on you. You are more resilient and prepared if you do need to make a change in your career.