DRIVING REAL WEALTH: Is it time for a Change? š¤
Hereās some TRUTH that doesnāt get enough attention: The people who spend their early years thinking about how they can ADVANCE THEIR CAREER to CAPTURE A HIGHER SALARY will most likely build greater wealth in the long term than the people who spend their time guessing which stock or ETF they should buy next month in their $10K or $20k portfolios. š”Investments arenāt the only thing that compounds. SALARIES COMPOUND TOO. Blossom is full of posts about the benefits of reaching a $100k portfolio. But what about the benefits of reaching a $100k SALARY? A $100k salary gives you another $100k each and every year. That salary isnāt available for every job/career - but if it is it will drive wealth much faster/longer than a $100k portfolio. HOW TO GET PAID MORE? In most cases the best way to accelerate your salary is by ACTIVELY PURSUING new opportunities. āJob Switchersā typically are rewarded with higher salaries. The thing is - promotions and high pay arenāt given. They are EARNED. š„µ Every industry/company/job is different so every path is different. Maybe itās extra industry courses/training? Maybe itās overtime? Maybe itās taking on extra work or special projects? Maybe itās networking and getting to know competitors or other companies in the same space? Or a shift to a whole new industry? Whatever it may look like it almost always requires a PLAN and EFFORT. š¤In your 20s and 30s your CAREER PLAN is likely more important than your financial plan. EARN MORE = SAVE MORE = INVEST MORE = COMPOUND MORE š„HOT TIP: Iām guessing a large number of younger blossom users (20-30) are checking portfolios daily. Itās fun but not really necessary. And likely doesnāt add any real value. So instead - PICK ONE DAY A WEEK (or MONTH) that you IGNORE MARKETS AND YOUR PORTFOLIO and instead SPEND THAT DAY THINKING ABOUT YOUR CAREER. ā¢ review your own effort and performance ā¢ talk to your manager ā¢ get advice from someone in a higher position ā¢ research the competition ā¢ scan the job boards to see whatās available ā¢ review your career plan Rememberā¦ EARNING + SAVING MAKES YOU RICH. Investing (hopefully) just makes you richer. Do whatās best for. šš āāā- FEEL FREE TO SHARE WHAT YOUR CAREER PLAN/STRATEGY LOOKS LIKE.
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34 Comments
Mr Financial@mr.financial Ā· 3mo
Say it from the mountain tops ETF.go!!! You don't start earning more from investment than savings until your portfolio is quite large/ close to million dollar portfolio big.... And if I may add, deciding what direction to go from a young age is crucial, but not imperative. You can switch it up at ANY age at ANY time, with the right dedication and work ethic. I did so at 25... And then again at 34. And I know many others that have as well. Everyone else can too if they choose to!
Rez @rezola Ā· 3moEdited
Well said! I used to be a swing trader, but over time I realized I was just breaking even while dealing with a lot of anxiety. The gains and losses basically canceled each other out. So I decided to switch to ETFs instead. Now I use my spare time to work on a side hustle, which keeps me active and brings in extra cash and I invest that into my ETFs.
Le Corb@lecorb Ā· 3mo
Great post! Pure gold! One of the best pieces of advice on Blossom. The biggest component of your investing is CONTRIBUTIONS! You and I have discussed this at length. We can both tell, there is an element to āescapismā on Blossom by younger investors who look at investing like some folks look at lottery tickets. Hoping for a windfall. This market is melting up. Many are loving it and celebrating a market that has lost all sense of rationale. Iām not, and look forward to the day things are more rationale. But in the meanwhile, careers and maximizing wealth is a function of maximizing lifelong career earnings. Well said @etf.go !
Dividending @dividending Ā· 3mo
This is an excellent post and is very valid. Front loading effort as well as ongoing time/energy devoted to career progression can pay dividends especially if applied wisely in areas where financial rewards are possible.
H CL@heroichenry Ā· 3mo
Great post. Adding my 2 cents. Job hopping is easier done when you got minimal debt and no little or elderly humanoids depending on you. It's also industry / sector dependent.
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