What was one of the biggest secrets to my career growth? Financial stability. Although a strong financial base and career growth are two seemingly unrelated topics, nothing can be further from the truth. A strong financial base gives you options, gives you a sense of peace, and allows you to invest in yourself. This will undoubtedly give your career the boost it may desperately need.
As you can see, a strong financial base and career growth are two topics that go hand in hand. And they do so in a way that can have an enormous positive effect on your overall success and well-being. To show you what I mean, I will share with you the 4 ways my career changed once I developed my own financial foundation. Let’s get started.
1. More Career Path Control
First of all, a strong financial foundation has given me way more control of my career path. Imagine being able to choose your job based on your passions, interests, and personal growth, instead of just your need to make money. With a strong financial base, you can take advantage of opportunities that fit with your goals without worrying about how they might affect your finances.
When you’re financially stable and have an emergency fund, you’re better able to try out new jobs, change industries, or even start your own business. This freedom to make decisions based on what you want to do instead of what you have to do can lead to a more satisfying and successful career path.
This is especially important in the current economy, where companies are conducting massive layoffs. Having a strong financial base can give you more peace of mind because you know you and your family will be fine no matter what your employer plans to do. This intimately ties in with setting up an emergency fund. Having money put aside for when times get tough allows you to take the time to readjust when needed and take advantage of all the amazing opportunities that might come your way.
2. Less Stress + More Focus
Your mental and emotional health are directly affected by how stable your finances are, which in turn affects how well you do at work. Stress about money can weigh heavily on your thoughts, keeping you from doing your work and making it harder for you to focus and do well. Imagine having to write an essay when you’re constantly worrying about whether there will be food on the table next week. You can probably guess that this essay will hit less hard than when you have a clear mind to fully focus on the task at hand.
When your finances are stable, you’re better able to deal with stress that may come your way at your job. As well as think more creatively and fix your problems more effortlessly. This clearer thinking can help you do your job better and make you a more valuable asset to your company, which could lead to a raise or move up in your career. This is a profound way in which a strong financial foundation may allow you to progress in your career in ways you wouldn’t have thought possible.
3. Spend Money On Continuous Development
Investing in yourself through schooling, training, and skill development is an important part of career growth. Whether it’s to build up your skill base and be a more valuable asset to your company, or to start your own business—you will inevitably have to invest time and money into yourself. If you don’t have a stable source of income or a sum of money saved up, it can be very hard to pursue some type of training or development courses.
If you have a solid financial base, you can put money into your personal and professional growth by taking advanced courses, going to workshops, or getting certifications. To speak for myself, these investments significantly expedited my career path and allowed me to grow as a person. As you improve your skills, you become more competitive in the job market. If you’re skilled and experienced, you will be the person that companies seek after. This makes you more likely to move up in your work and get jobs that pay more. But to get there, you need to have the financial base that allows you to invest money into this.
4. Long Term Financial Security
Your earning potential and responsibilities change as your job does. A strong financial base makes sure that your growing pay fits with your lifestyle and goals for the future. Strategic financial planning, like investing and saving for retirement, can give you a safety net for when you stop working. This security gives you peace of mind and lets you retire in comfort and enjoy the fruits of your work.
Another way in which a strong financial base allows your career to flourish long-term is having the mental capacity to plan ahead. Just as you have less stress and more focus at your job, a strong financial base gives you the peace of mind to think ahead for your own future. Where do you want to be in 10, 20 or 30 years? Being able to think about this because I didn’t need to worry about having food on the table the next day has made a huge positive change in my life. If there’s one thing that has helped me build the life and career I want, it’s a solid financial base to work from.
A Foundation To Build Upon
As you have read in this article, one of the most important things that has helped me build the career I want is a strong financial base. A financial foundation and career growth may seem unrelated, but there is a strong relationship between the two that shouldn’t be undervalued.
Having this financial base allows me to take advantage of the opportunities that come my way. Additionally, not having to worry about money makes it easier to focus on the task at hand and will decrease your stress overall. This will have a profound effect on the quality of work that you put out and will open doors for you that you don’t know exist right now. To build on that, a strong financial base allows you to invest in yourself, making you more competitive in the job market—which can boost your income massively.
It should be clear by now that when you put money into your financial health, you are also putting money into your career. By knowing and taking care of both, you set yourself up for a future in which your financial and professional goals will fit together well.
About the Author:
Marc Russell is a top financial educator and coach. After college, he climbed the ranks at top financial institutions including The Vanguard Group. Over his career, Marc earned his stockbroker and financial advisor licenses before he became a full-time business owner.
Despite his career success, Marc struggled with debt until he used his own financial tips to pay off $80,000. His business, BetterWallet, teaches new investors how to manage their money strategically. Marc’s work has been featured in numerous publications, including Time Magazine, CNBC, Harvard Business Review, Bankrate and USA TODAY.
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