Money and Careers
This blog is a continuation of a series of blogs that will be outlining what I have learned from the interviews and readings regarding careers and career development.
The most important attribute would be understanding yourself and using this as a starting point. There are some key categories that a person should review as a starting point. The categories would be health, mental health or outlook on life, relationships (family and friends), work skills, the view on work and money. I will talk about each of these in more detail in individual blogs coming up.
This week it is on Money
We all work for money for the most part and yet we do not talk about it very much in the sense of our relationship with it. Money is an exchange medium that we use to get something back for our service or products that we produce. Then we use this money to survive by buying food, clothes, and shelter for ourselves. We also develop a lifestyle; better food, nicer clothes, nicer houses and of course toys such as cars for example. Considering a career path and the income that it will generate will have an impact on our lifestyle. So, money is another aspect of career development that we need to consider. In this blog, I will point out some of the things that I have learned from guests on the show and the readings that I have done in regards to money and careers.
We are consumers especially when we are young and starting in life in the ages of 20s – 30s, it is an exciting time. We like to get that first house, car, and some toys and it does bring a lot of joy and fulfillment. As our careers advance so do our salaries and with that our expectations which then increases our capacity to want more; bigger and better. For example, a bigger house, a better car, and more toys. While this is fulfilling, the sparkle and the joy that this brings is not as enthralling as it can be, or once was, it can be short-lived. This leads to developing an understanding of what will make us happy. Getting more, bigger, or the newest can build a trap where we put ourselves into situations where we are just working to pay for stuff. However, for some, this is what they want and they want to die with more toys and this is fine as well. It is just worth investing time to understand where we are with this. And of course, this can change as we age.
Understanding the career path, we may want to take as it relates to the lifestyle and the income it will generate is worth noting. The following are some examples of guests on my show and what they have said about money and their careers. In my interview with Tyler Williams, a full-time musician https://www.thecareerguy.ca/episodes/the-life-of-a-musician he points out that it can be a feast or famine for him. He also points out that it can be hard to make a living but is doable as a musician. This is something that he knew as he was completing his education in music. But he loves what he does and he would not have it any other way. He enjoys his creativity and freedom and above all music, this all compensates for the volatility in his finances.
In my interview with Dexter Martin https://www.thecareerguy.ca/episodes/techy-artistic-and-personable, he states that he loves being a photographer, especially the artistic element part that unleashes his creativity. It is because of this he does this part-time. He has a full-time job that provides financial stability that he feels he needs and likes. In addition, he feels that if he did do the photography full-time, he would compromise his creativity by being in a position to take on jobs that he feels he would have to therefore compromise his creativity. These are two examples of how people have gone about their professions. In Dexter’s case, there is a workaround while Tyler adjusted his lifestyle and expectations. Another case that encompasses the last two examples would be Leo King of Kings Fitness https://www.thecareerguy.ca/episodes/a-leader-in-the-fitness-industry. Leo took his passion for fitness and bodybuilding and trained clients part-time which evolved into a full-time position. He then took this further and built a gym business, which is Kings Fitness. He took small smart risks and built his business over time. By doing this he was able to maintain a certain lifestyle while developing his passion. These are just examples of different perspectives on how some have worked their careers considering money and lifestyle.
This leads to the next topic where money can buy freedom this is something that is overlooked. A book called “The Psychology of Money “written by Morgan Housel makes a strong argument that most of us do have the ability to put ourselves in a situation where we do not need to work as much as we think or we can change a career path and do something we enjoy more. Being in a career just for the money and only the money can make a person miserable. And acquiring more or better things can only bring small surges of happiness. Freedom on the other hand where people can pursue their passion is a real sign of growth and prosperity. This is where most of us will experience real happiness and fulfillment. Having peace of mind is more important now than ever.
My interview with Teresa Mitchel https://the-career-guy.simplecast.com/episodes/a-renaissance-women-from-chef-to-financial-planner-to-a-coaching-services-and-a-podcaster a financial planner speaks from experience. A couple of key takeaways from the interview are that we do not need to be millionaires to have a fruitful life. It is just understanding and being clear of what kind of life we would like to have and does our income support it, if so, we are ahead of the game. If not, that is when we will have to assess our situation more so. And this leads to the other takeaway, Teresa had two dads, a biological dad, and a stepdad. One of them lived to work while the other worked to live. Very different approaches to life as she pointed out. Things to consider.
My interview with Paul McNeil https://the-career-guy.simplecast.com/episodes/a-passion-for-geoscience-working-as-a-paleontologist is another example of someone who worked in the oil sands as an engineer being paid well but living within his means. When faith presented a possible career change, he followed through with it as he was able to, and now he is a Paleontologist working as a freelance consultant. He enjoys what he does as he is following his passion and the freedom is an extra benefit.
There is no right or wrong it’s just worth considering and thinking about what kind of life a person wants to have. This can change over time as well. In essence, once we can get ourselves to a point where we are not so focused on the money in that we are comfortable with what we are being paid and or we have developed some level of financial security then, we may be more focused on our craft and this is a very good place to be.
A final takeaway that I would like to include would be from Teresa Mitchel as she is a Financial Planner. She indicates that learning to invest is an asset. We all earn money; we do spend it to survive as pointed out we need necessities. However, keeping some of it and enabling it to grow can provide freedom. It is just looking at the big picture and understanding what we want out of our lives I hope this blog helps.