Career happiness is a multi-layered pursuit. One major component is having a career with a salary that produces financial stability. Financial stability can lead to a wealthy lifestyle. Although salary and wealth can be intertwined; wealth is not solely based on your salary. Wealth is a mindset and lifestyle.
You can lay a foundation for wealth today, regardless of your current salary. Wealth building requires that you dismiss the myth that only the wealthy have the luxury of choosing jobs they are passionate about. When you use these wealth power moves, you streamline future salary negotiations and break the pattern of choosing jobs that make you miserable.
1. Secure Salary Supporters: Successful business conglomerates know and understand that creating powerful alliances increases their value, revenue, and influence. You need to use the same framework of intentionally aligning yourself with people and organizations that can increase your connection to wealth opportunities. Ask yourself, how can this connection lead to paychecks and platforms? Use the Networking Tracking Tool found in Work Journal’s Career Kit to track and nurture your salary supporters leads.
2. Know Your Cost: Wealthy people hire accountants to manage their income and expenses. They know that not tracking where their money is going is a recipe for it quickly depleting. When you don’t know the cost of your life you create a space for desperation. Desperation leads to accepting and feeling trapped in toxic work environments. Calculate your current expenses and income, project what price point would look like wealth for you and get connected with a financial advisor. Most banks provide them at no additional cost and there a variety of low-cost resources to DIY strategize your wealth pathway.
3. DWUM: Some wealthy people are labeled eccentric, misers, and penny pinchers because of their frugal habits. The reality is their wealth is linked to a concept popularized in the 1940s. DWUM is their life philosophy and it has lead to them keeping their wealth in recessions and leaving a financial inheritance for their families. Here’s how you can apply this wisdom, the next time you are about to spend money ask yourself the following questions: Can I do without this item?, Have I used the entirety of the product I wish to replace? Can I repair or relocate the product instead of buying another?
4. Master Multipurpose Purchases: Wealthy people make purchases that serve them in a variety of ways. If they buy a house, its not only a dwelling, it’s an investment, tax write off, and something future generations can benefit from. The next time you pay a bill or purchase an item ask yourself “What are three ways spending this money can benefit me?” If you can’t list three ways to multiple your investment, consider not doing so or research a way to decrease the amount you spend on it.
5. Billionaire B’s : Wealthy people spend top dollar on antiques and rarities. You can profit from their passion. Buy used career and business tools, borrow resources when available, and bargain price points. These strategies allow to build savings, reduce expenses, and stretch your resources.
6. Invest: Invest in what will invest in you. Stop spending time and money trying to DIY everything. An expert can reduce lifetime costs and expedite your wealth goals. Sure, you can remove your own tooth, but a dentist can do so with medically approved techniques, reduce your recovery time, and hep to alleviate the discomfort. The same goes for investing in a career coach, realtor, event planner, doula, etc.