Steps to make a Financially Intelligent Career – There comes a point in everybody’s life where all we can think about is our career, our future, and this phase continues until we reach that success point where we always wanted to be. But in this journey, the important thing we realise is that, reaching that success point is never easy.
Right from the very beginning of our career path, there are hurdles and obstacles. The most important decisions are not about how to stay on a particular path, rather which one to choose. At each such forks, we must make the right career move.
There can be many such situations in our lives where we have to choose between multiple options. For example, you are offered a job in two prestigious companies, both offering a handsome pay check, then which one do you choose? Or, you are already in a good position in your company but a better job opening comes your way, where do you go? Or maybe, there two higher post jobs available in your own company, you are eligible for both of them, what will be your decision?
These are some of the best opportunities that will come your way, and the choices you make here will be the deciding factor in your achieving the success you have always dreamt of. Obviously, there is no book of guidelines available to refer to in order to make the right choice, but that should not stop us from making the most important decision of our lives intelligently.
The most important thing to keep in mind is, whatever decision you make, it must be financially intelligent, after all, and your financial intelligent stability is one the step in achieving success. The transition you will make from one job position to another, must be smooth, your financial intelligent stability must be maintained.
Here are a few tips to make a financially intelligent career move:
Student assistance programs
Most of us will have an offer letter in hand after our Graduation and instead of choosing the option of higher studies, we accept the job offer because of various reasons. But after a certain time has passed, for about 2-3 years, we realise that there might be a better job out there if we complete our post-graduation, a job with a much better pay check.
This transition of leaving a job to pursue higher studies can prove to be really tough because instead of earning, you will be spending quite a big amount of money on your education. Then, how to make this transition smooth? How do we ensure that financial hardship is avoided?
Many countries have governments that offer low-interest loans, scholarships, work-study programs and grants. Your job is to do the research and find the best possible option that suits your needs and for which you are an eligible candidate. Make sure to fit the criteria once you get these benefits, otherwise, they can be revoked.
Cut down your extra expenses
The transition from a job to higher studies is huge. Suddenly, you don’t have the luxury of freely spending your money because now, you won’t have more at the end of the month. So, crucial decisions like cutting your extra expenses down have to be made.
Ask yourself whether you really need a particular thing or not, if not, avoid doing it. For example, do you really need an X-box, a car or the cable connection? Is spending your weekends in a new city or in a high-class restaurant eating fancy food really necessary? Wherever you can, spend less. Every penny you save will add up to your savings account and will come in handy in times of need. Higher studies are mostly two years long, it’s not that long a time.
Prepare for the worse
What do you do if you pass out from your post-graduation college and don’t have a job? This is obviously the worse that could happen. Then how do you prepare for this disaster?
Remember that you are still working and are preparing for this big switch. There is still a good amount of money deposited into your account every month. Create a separate account where you can save 6 months’ worth of living expenses just to be prepared for the worse.
But what if there is an emergency and you end up spending this saving as well? Even this is a worst case scenario, isn’t it? To avoid this, always save more. Saving such a big amount will take time, so start as early as possible. It is all about how you plan the transition. The better you plan it, the more comfortable and smooth it will be.
Support from family
Though you might feel that the entire point of getting a job was to become financially intelligent independent and that it was the time that you support the family instead of the other way round, you should not forget, that your family is there to support you in times of need.
It was mentioned earlier that this career move is huge, and your family must know about it. Talk to them about why this decision is important and also, about the requirements of this change. Also, tell them about that you might need their support, not just emotionally but financially intelligent as well when such a situation arise.
Your family will definitely take measures to help you through this time. You might feel less of yourself for doing this and it’s better to be open about this with your family. Be thankful for their support and tell them that you will return the money as soon as you can. Don’t forget, this is only for two years, isn’t it?
Work according to a plan
Now that you know what your career move is and the amount you have saved for this transition, it’s time to prepare plan about when and how the transition will take place and how the money you have saved will be spent in this period?
Not just that, plan also for the bad times. For example, your two year study period might take longer to finish, you might take more than 6 months to find a suitable job or something unexpected might happen. You must plan for all the possible unexpected events.
Also, when in transition, make sure you keep track of your spending. How much are you spending and is it according to the plan? If not, what can you do to make up for it? All of this might be too tedious and stressful, but it is equally important. Always think about the future when you’re tracking your financial status. Don’t just plan for the best case scenarios. If you have planned out the worst scenarios then there are chances that you might land somewhere in the middle, which is not a bad outcome.
What extra can you do?
There will always be tough times in your path. The money you have saved your family’s financial support might seem like they are not enough in these tough times. So, what can you do to get through these times?
You might have to work part-time during your study period to just get through this transition phase. Also, trying times after your end of studies might enforce you to take up jobs that pay less. Don’t hesitate to take these chances as something is always better than nothing. There will always be better opportunities in the future.
Taking financially smart risks
If you are young and have a high paid job, all you the look for are challenges in your job that vary. But when these challenges are not coming your way, and the daily routine job seems dull and monotonous, you start looking for a change.
In such scenarios, jobs offering much better experience, knowledge and connections might not seem very appealing if they have very less to offer in terms of money. The question then arises, when we are talking about a financially intelligent career move, how is moving from a high-paid job to the one with lower pay check a smart move?
Maybe this move seems stupid, but the soft assets- knowledge, experience and connections, are something that will definitely help you in the future. Jobs like internships, apprenticeships, high-level assistantships are too easily dismissed because they offer less cash. But 6 months of this job plus your previous experience accounts for a much better job in the future with a pay check even better than your current job. These risks are smart, and can only be taken while you’re young.
Creating a plan and working on it
A plan always helps. Pre-prepare for your adverse times. Prepare beforehand for adverse times in case you run out of cash .Never wait. An effective planning is very important to tackle out many problems in your lives. Planning is the first stage of any process .An outline of the process gives you a basic idea about how things might also not go as expected. Plan for the best and the worst, you will be capable enough to handle any bit of it .Just work hard and get your best anytime .The results will be anytime the best!!These plans will help you to make a time routine to meet your targets and to complete any task on time.
This is again very important as you need to know what you are strong at .Generally, pursuing your strengths can be advantageous. You will always be a master of all traits in it. Your values, interests and skills with personality tests help you to see your score in the self-assessment tests where you can analyse your skills and where you are strong at .Then you can decide whether science or commerce is your most likely strength and take up that field in career. You can also consult career counsellors who will guide you through various career options available in marketplace. Career professionals look at these test scores but many opt to use free career tests and check out the best career path for you.
Taking up active jobs in growing start-ups
India has been growing up at a great pace. The ease of doing business ranking has also improved up in India .Take up a job in some start-up which is not very easy though but a good paying job. At the backend it even helps you to learn a lot of things –the entire things about the working of a start-up each and every part from logistics to supply chain to marketing be it anything alike. It’s a good way to learn and make money altogether.
A well-paid job comes with luxuries, but the question is, will you be able to sacrifice these luxuries in order to achieve something bigger, something better. The above tips will help you not only make financially intelligent decisions but also keep you emotionally and mentally confident through the process. You do not need any career counsellors, any career guidance just a few searches and a proper planned routine for time dedication and you will be able to achieve all your goals in life without meeting any financial crisis in life. Following this kind of career plan is a much more efficient way to track down the best ways that can be resorted to tackle out any financial crisis. Money which you need for maybe further studies or some educational support.