When people think about their careers, they think about skills, role, designation, the brand value of the company they work for, or wish to work for, the number of people who report to them, and in addition they think about salary, perks and benefits.
These are all important things.
But they are not THE most important thing. THE most important part of a career plan is a financial plan.
There are three reasons why a financial plan is the core of a career plan. Let me go over them.
First, any career, howsoever successful, will ultimately end in failure if it does not lead to financial security. We all work hard, long hours, we take unbelievable stress, we commute for hours through a toxic pollution haze. It is worthwhile to take the time to think about what we do with the money we are making. It is not enough to make large salaries. Examples abound of famous stars and sportspersons who made millions in their heydays, but were ultimately left bankrupt, unable to finance even a roof over their head. It is not enough to have a large income. It is necessary to plan how that money will accumulate into enduring wealth and financial security.
Second, your career choices depend largely on your finances. The choices you can make, or let go, depend on the money you have.. Want to start up? You will need the staying power of personal wealth. Want to negotiate hard for a raise? You will need the safety of a large balance to be able to bargain hard. Want to wait for the right role to come along before you start working again after a hiatus? You need money to have staying power without a salary. Personal wealth provides you flexibility. It multiplies your options as you grow in your career. It provides you the cushion to take risks, because you know that even if you fall, you have enough to get back up again.
Third, a financial plan helps you set the priority of your career in the larger scheme of your life. For a few of us the working life is all there is to life. This set of persons gets up every day raring to go to office and does not wish for anything more than to be able to work at the office lifelong. For many of us, however, a career is a means to other ends. We spend our time at office working with great dedication and effort, but desire more from life than just an office and a designation. Do you know what is truly important to you? A world tour? A holiday home? Kids’ education? Your own house? A year biking in the mountains? And do you know what is perhaps not so important? All careers involve a tradeoff between time spent earning and time spent spending. The financial plan helps you make your choices. It can help you determine what you must have, what you can let go, and how long and in what way you need to work to have enough money to get what you truly want.
If you do not have a financial plan, then you really don’t have a career plan. Write to us at SphereGreen.Investments@gmail.com and we can help you understand how to develop a basic but effective financial plan for free, and then help you set it into action.
Click here to view or download our presentation on basic DIY financial planning
These are all important things.
But they are not THE most important thing. THE most important part of a career plan is a financial plan.
There are three reasons why a financial plan is the core of a career plan. Let me go over them.First, any career, howsoever successful, will ultimately end in failure if it does not lead to financial security. We all work hard, long hours, we take unbelievable stress, we commute for hours through a toxic pollution haze. It is worthwhile to take the time to think about what we do with the money we are making. It is not enough to make large salaries. Examples abound of famous stars and sportspersons who made millions in their heydays, but were ultimately left bankrupt, unable to finance even a roof over their head. It is not enough to have a large income. It is necessary to plan how that money will accumulate into enduring wealth and financial security.
Second, your career choices depend largely on your finances. The choices you can make, or let go, depend on the money you have.. Want to start up? You will need the staying power of personal wealth. Want to negotiate hard for a raise? You will need the safety of a large balance to be able to bargain hard. Want to wait for the right role to come along before you start working again after a hiatus? You need money to have staying power without a salary. Personal wealth provides you flexibility. It multiplies your options as you grow in your career. It provides you the cushion to take risks, because you know that even if you fall, you have enough to get back up again.
Third, a financial plan helps you set the priority of your career in the larger scheme of your life. For a few of us the working life is all there is to life. This set of persons gets up every day raring to go to office and does not wish for anything more than to be able to work at the office lifelong. For many of us, however, a career is a means to other ends. We spend our time at office working with great dedication and effort, but desire more from life than just an office and a designation. Do you know what is truly important to you? A world tour? A holiday home? Kids’ education? Your own house? A year biking in the mountains? And do you know what is perhaps not so important? All careers involve a tradeoff between time spent earning and time spent spending. The financial plan helps you make your choices. It can help you determine what you must have, what you can let go, and how long and in what way you need to work to have enough money to get what you truly want.
If you do not have a financial plan, then you really don’t have a career plan. Write to us at SphereGreen.Investments@gmail.com and we can help you understand how to develop a basic but effective financial plan for free, and then help you set it into action.
Click here to view or download our presentation on basic DIY financial planning
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