The Balancing Act
I've been asked why I spend so much time writing about work as a financial coach. Elements of it are obvious. The career we pursue influences our income level. The benefits we receive can impact our progress towards wealth. But there are also more subtle nuances that pique my interest. That's what I'm going to cover in today's post.
The fact that you receive a paycheck from your employer creates an inevitable bias when viewing your career. It’s easy to let these biases create paralysis towards action. This typically plays out in one of two ways.
I Love My Work, but the Pay Sucks
Do you feel underpaid for what you do? You have lots of fun doing the job, but it's not paying for the lifestyle and wealth that you desire. If you get stuck in this rut, it can quite easily draw you to the conclusion that you screwed up your career choice or you're going to have to give up work that you love to make a living wage. The logical conclusion is that you're going to have choose between money and fulfilling work.
But this is not necessarily reality. It's time to ask yourself these questions.
Am I not paid well because of my job situation or my career choice?
Are you sure that this career is a dead end financially? Or have you found yourself in a situation where your employer is not paying you the going rate? Compensation varies wildly within an industry, and you might just be on the raw end of that curve. It may be time to look around and see if you can do better.
Are you wading in the "generalist" waters and if you simply "niche" down, you will have better paying gigs?
People pay you to solve problems. Whether that is the problems within an organization, selling a product, or delivering a service; people are going to pay you based on the level of problem you are solving. Your job is to find the unique problems that others simply are not capable of solving. How can you focus your work so that you offer something no one else does? This applies to employees and entrepreneurs. It doesn't matter. If the solution to the problem is valuable enough, your current employer will pay you fairly for it or else you will find someone that does.
Is there an adjacent career that will maintain the love affair with the work you do, but pays a significantly higher rate?
The work you do is largely a set of skills that you've developed and utilize to add value for others. Rarely are your skills a "one-trick pony" that have no application to another field. Ask yourself, do you have people in your network that you can interview to understand how the skills that you enjoy using can be rebranded in a more lucrative industry.
Ok, so that covers those hurting financially. Now for the really miserable lot.
I Make Good Bank, but the Work Sucks
Welcome friends. I have felt your pain. It's an awkward place to be. You're comfortable because the paycheck affords a nice lifestyle, but the hours you put in at work become more and more of a grind the more successful that you are. Some would call this a first world problem. I'd consider it an unacceptable outcome. You're experiencing that same balancing act that our friends above are wrestling with, but unlike them, you're disconnected from the value you are giving for your efforts. That is a terrible feeling. So, what do you do about it?
Is your money a source of freedom?
If you fall into this bucket, clearly your career is not freeing. So, what are you doing with the spoils of your daily grind? Buying lifestyle? Okay, I get it...but this is likely tethering you to more of the same. Consider spending some time finding that balance point between lifestyle and freedom. This will look different for everyone. Part of it is about saving and traditional investing, but part of it is about buying opportunity. Creating what I call inflection points, where you can take serious action in your career and completely change the game.
Are you waiting for a magic wand?
It's not going to happen on its own. You can't wish it into existence. The work begins by dedicating time to it. You may resist because you've started associating hard work with misery. Don't let this happen. Establish a Power Hour. It's how you change the game.
What is your ignition source?
Your career has been one primary thing for a while now. A paycheck. It sucks. But there are other things that you are passionate about. Lean into those things. Is there something in there that someone would be willing to pay you money for? It doesn't matter how much. You've got a well-paying gig right now. It's all about generating momentum towards something that you enjoy. You need a taste of what our friends above have.
My definition of freedom is having the skills, knowledge, and resources to dedicate my time to the things that I love. In other words, if my friends in Group 1 start walking to the west and my friends in Group 2 start walking to the east, they will meet freedom in the middle.
Who's ready to get to work. 🙂