A career presents a position with prime opportunity to move up the corporate ladder toward bigger and better rewards. Every individual that finds themselves in such a position will face a variety of hurdles and short-comings based on how they manage their finances during their stay in their field; it’s the ones who embrace personal finance that will ultimately come out on top.
The Two Sides of the Equation
Despite all the wonderful benefits of having a stable career path – it’s all too common to see an individual take a nose dive due to their inability to manage their personal finance.
The increase in earnings and responsibility often goes to their heads (and ego) so they begin to live outside their means since they have yet to adjust to their new income bracket.
On the flip side, those that are stuck on the lower end of the business may feel they have missed the opportunity to grow but the reality tells us that they have just as much potential to improve their career as those on the other end of the spectrum due to ownership of ones’ personal finance.
In essence: moving up in your career is just as much about understanding money as it is about earning more based on a higher position.
Growth in Careers through any Approach
What’s the best way to approach a career (regardless of current standing)?
It comes down to smart financial decisions.
The intelligent careers-driven individual will see when to take the charge and improve their positioning within the company but if they neglect their ability to manage their money their future is just as bleak as if they turned down the position.
The one that gains the most from a growth in their career are the ones that can readjust their lifestyle to their increase in pay; they become aware of a greater influx of income so they can accurately invest in savings which will allow them to keep that level of lifestyle well into their retirement.
A great way to get into this mindset is through the knowledge distilled through a tool such as MyMoneyCheckup.
This tool is a free resource (also available in Spanish) that has been created in part by the NFCC, Ohio State University, and other contributors to allow any individual to gain a greater understanding of their personal finance.
The main feature of the MyMoneyCheckup tool is the financial report.
The financial report is a visual guide to understanding the main areas of finances including budgeting, borrowing, savings, housing, and retirement.
The report is easy to understand because it uses color-coordinated graphics:
- Green (good)
- Yellow (moderate)
- Red (bad)
Those areas marked by red should be on the top of your list for adjustment (then followed by the yellow). Additionally, there are helpful video guides, articles, and bonus tools that are shared in each of the main sections if you need additional assistance with their understanding.
After you’re done digging through the report, you should use the financial calculator tool to begin your budgeting based on your new career and take-home income.
What you may find is that far more money goes toward the unimportant things due to that raise in pay; now you will see what causes a limit to your career outlook.
So how does all of this lead to career growth?
It’s simple: having a better understanding of your personal finances will allow you to invest in the areas that will aid in rising up the corporate ladder; you will have the ability to save more of your pay, invest in the future, and budget for growth than those that can’t adjust to the new lifestyle brought on by greater income. Consider that next time you gain a promotion.
Vijayraj Reddy
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