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Resources » Articles/Knowledge Sharing » Career Guidance »
Your biggest asset - your Career
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Your Career is your biggest financial asset. most people determine the value of their job just by the amount of remuneration they receive, however judging your career based on the take home salary is a short sighted evaluation. Hence learning to manage the full value of your career will translate into a higher quality of life and a higher net worth.
There are two aspect of your career. One s the quantative aspect & other is the qualitative aspect. The quantative aspect includes the salary & employee benefits. However the qualitative aspect is a more complex and more important one while analyzing the in value of your career or job. hence focusing on both the aspect is the best way to maximize the bottom line the long run.
The quantative aspect are the easiest to assess but still involve much more than just comparing the basic pay & benefits of different career options.
A Careers financial value can be obtained by computing the net present value of wages and benefits minus the financial cost of the career. Don't overlook the value of your employee benefits. Employer contributions made to a 401K can be considered as valuable as a salary. Other benefits should be evaluated based on their value to you and not to the employer.
If you are married with children, and both you and your spouse work, then be sure to account for the added cost of having both parents working, after subtracting child care, work clothes, transportation, food preparation and taxes, many two career families would do just as well without the second career. Reducing household expenses and starting a part time home based business may be a better way to increase the families bottom line.
The Qualitative measurements of a career, although more difficult to access, are often most important aspects for the evaluation. The job must be evaluated based on the new skills you learn and master as part of your employment. A job may pay you higher amount based on the existing skills and knowledge you have, but in the long run a job with less paying may be useful if it provide additional learning and skills to enhance your career prospect. There are some things you may be master of, but there are still skills and knowledge you required for a prosper growth. Your future skills matters most in the long run. With the increase of project based employment, seniority & longitivity are meaningless. The successful managers are those who had the ability to cope with different jobs, different skills and environment. In doing this they treat their career as their own asset and not that of their employer. By taking the ownership of their job, they accept the fact that they are the captains of their own fate. Those who follow the strategy often end up as top executives of large companies or start a business of their own.
The second important aspect in qualitative approach is the social connection you will make on the job. Careers are as much about who you know as they are about what you know. No successful person in business functions alone. hence it is important that you built and maintain the relationship with other talented professionals as part of your career.
Lastly make sure that your job is in harmony with other things of your life and goal. It does not make any sense to spend the best part of your life chasing for money so that you can finally do what you really enjoy after retirement. The strange truth is that people who do what they love gets more money then the persons who go after higher paychecks. and if you really love what you do, then you won't have to work a day in your life.
Fitting work to your life is just analyzing your family constraints. Raising your children isn't worth missing. Staying with your family & enjoying are the most important things that we always remember after the time passes by. So choosing the right job that will also give you enough time to spend with your family & friends along with a considerable pay check is most important.
Learning your career is every bit as important as learning to manage your money. It may not sound logical but in the long run it will provide a strong bottom line.
Thanks & Best regards
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