How to Forge Yourself a Successful (and Lucrative) Career
Posted by jefferson on Dec 21, 2012 in Career Advice | 23 comments
As I often do, I was talking with my boys the other day and discussing the world of possibilities that they had in front of them. My eight year old was expressing concern that he hadn’t yet decided what he wanted to do for a living. I smiled and told him that he had plenty of time to figure that out, and that he shouldn’t worry quite yet. Of course, at some point around the age of eighteen, he will have to start taking this question seriously.
Deciding what career path you want to tackle is a big moment in your life. You have to pick a college major from a catalog of degrees, and even further- you often must choose a specialization. After high school, I decided to major in Computer Science, but then had to choose the “business”, “systems”, or “technology” focus. Once you enter the workforce in that chosen industry, it doesn’t mean that is field is where you will spend your entire working life. If you aren’t happy with what you are doing for a living, you shouldn’t be afraid to change things up. In fact, the majority of people switch careers multiple times in their lifetimes.
When you do decide to embark on a new career, you must have a game plan to make sure that you are successful. Get your resume in tip-top shape, practice for your interview, and find a job that will challenge you and allow for growth. Your first job in a new industry can be very telling because it can give you a good concept of whether or not you enjoy this type of work, and also get you valuable experience to help your career down the road.
The ultimate enemy of forging a successful career is stagnation. There is certainly nothing wrong with staying with a single company for many years, as long as you are progressing through the ranks of the company, and moving into positions where you have more responsibility and achieve greater recognition. Let your management know from day one that you are wanting to grow with the company, and that you have big goals that you are hoping to achieve. If you have been stuck in a series of secretary jobs without any hope for promotion, then you shouldn’t be satisfied with this level of progression.
Along those same lines, many times the best way to achieve a large bump in salary is to actually switch companies. Staying put, you will likely get the standard rate-of-inflation raise each year, but your salary is in for a long, slow climb if you settle there. Applying for higher-salary positions elsewhere and effectively negotiating your salary can lead to a much larger gain. I once received an $18,000 raise for jumping to another company, to do what was effectively a much easier job. I would recommend staying with each company for at least 3-5 years, unless you are completely miserable there. Having brief employment stints on your resume can arise suspicion that you are a risky hire, but working at only one company for your entire career can limit you as well. Every company has a different culture and a different set of methods and tools, and it makes you a much more well rounded employee to have a variety of experiences to pull from.
This isn’t possible for everyone, but opening yourself up to the possibility of relocating to another part of the country, or even another part of the world can actually be great for your career. In many ways, technology has really done wonders to shrink this planet, and your dollar will stretch much further in some markets than others. Many successful business leaders, from Mark Cuban to Taher Helmy, have taken their career global, and experienced great success as a result.
By keeping yourself motivated and driven, I know that you too can forge yourself a successful and lucrative career!
Note: I am very happy with my current position and have no plans to leave my current company. My career has progressed very nicely up to this point, and I am thrilled with my role. When you find a position that makes you happy, there is certainly nothing wrong with staying there.
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Good post. I could not agree more with having a game plan when making career changes. We went through this this year starting our own business and it’s essential to have, otherwise you’re likely to flounder.
John S @ Frugal Rules recently posted..Frugal Friday: Posts That Ruled This Week, the Clark W. Griswold Edition
No doubt, John– This advice is even more important when you are starting your own business!
Great post Jefferson! I 100% agree with the detrimental consequences of stagnation – something that I will always be aware of! While often the grass always seems greener in different companies… SOMETIMES it is!!
Savvy Scot recently posted..4 Personal Christmas Traditions
Stagnation is a dirty word when it comes to building a successful career. I know folks who have stayed in the same job at the same company for a decade.. Don’t be afraid to look for new pastures when the grass dries out, folks!
Excellent point about switching companies. I went outside my comfort zone this year and applied for a job I didn’t think I was qualified for. I ended up getting so far along the process that I negotiated a 15% raise with my current employer to keep me!
Brian recently posted..Pay Off Your Mortgage – Ludicrous Speed Edition
Good point, Brian.. by putting yourself out there, you can also give yourself leverage with your current employer. People are often too afraid to step out of their comfort zone.
The only way to get a decent raise at our company these days is to quit, work somewhere else for awhile, and then come back. Obviously you have to take a chance that there’s still an opening, but a few people have done this. I’m not risk tolerant enough to go this route just yet!
Michael @ So You Think You Can Save recently posted..Keep The Outside Air Outside
I have seen folks do the same thing at my employer.. It is odd seeing old familiar faces roaming the halls again!
“I once received an $18,000 raise for jumping to another company, to do what was effectively a much easier job.” That’s awesome! I love the company I work for, but I definitely will not allow myself to hit a ceiling in my career simply because I refuse to switch companies. I am always keeping tabs on what the average salaries are for my positions, as well as staying in contact with recruiters.
DC @ Young Adult Money recently posted..Enjoy the Holidays without Breaking the Bank
Sites like glassdoor.com are invaluable for letting you know what the typical pay range is for folks doing your job at your company and at others..
Yes, having a game plane is really important. If you know you are going to switch careers, save up a lot of money in case you have to go back to school. Something I wish I would have done when I was trying a career switch.
Budget and the Beach recently posted..Link Love-Happy End of the World Day!?
Sometimes a career switch does require additional education, and you will certainly need to save up funds, and somehow carve out time, in order to fit that in.
I agree. You need to keep your job interesting and stagnation will kill your interest. Keep learning more and progressing through the rank. Once you reach a plateau, then it’s time to change company or switch career.
Midlife Finance recently posted..50 Little Ways to Save A Buck or Two Next Year
Keeping your interest level high is a huge deal as well.. If you don’t like your work, you will probably not be a candidate for progression..
My husband and I were just discussing this very topic a few days ago! Our parents’ and grandparents’ generations were ones of getting a job right out of college and working there for the rest of your life. But our generation is the opposite! Networking is key, and switching jobs really does seem to be the way to move up. It may mean more moving around, but it keeps things exciting, too
Joanna @ Our Freaking Budget recently posted..Our One Year Debt-iversary!
True.. jumping into something new can be exciting.. The times have changed, without a doubt.
The biggest downfall to switching companies too often is losing out on vested benefits. But if your new employer is willing to give a signing bonus in the amount that you would lose due to being not fully vested, then I say go for it!
Mrs. Pop @ Planting Our Pennies recently posted..Why We Can’t Itemize Taxes
There is certainly a lot to weigh when making a huge decision like this..You are correct that your PTO amount and potentially other benefits may reset temporarily
I teach an elective class on Personal Finance to Junior High students and am amazed at how many of them have not thought about a career. I start the class by assigning my students a salary based on their report card. If they have an F they earn the national average of $18k for a high school dropout, if they have straight A’s they earn the national average of $55k starting salary for a Master’s Degree. My reason for doing this is to illustrate the importance of getting good grades and the potential impact it can have on lifetime earnings. While grades do not necessarily equate to monetary success, they can open doors that would otherwise be shut. I tell my students that grades simply give you choices in life.
Paul @ The Frugal Toad recently posted..How to Avoid Going in Debt for the Holidays
Great post! I’m planning to stay at my current job for 3-4 more years and then see if I want to seek out a new position elsewhere or not. My company has been great about offering me career growth and opportunities to fit my strengths so I think I’ll be happy there for years to come.
When I moved to Canada I had to go back to school and I had to decide what I wanted to do in Canada. I was fortunate to get hired before I was done school and have progressed as well. I’m constantly learning and going through training as my career requires lots of further education. I love what I do and continue to motivate myself to be the best I can be. Mr.CBB
Canadianbudgetbinder recently posted..A Beginners Guide to Early Retirement
Right now I’m feeling a little stagnant. I just switched to a different department in my agency, but the work is largely the same. This year I’ll be getting my second professional license and looking for a new job. Good post!
KK @ Student Debt Survivor recently posted..My New Year’s Resolution: Spend More Money
The key word that “Popped” out to me is stagnation….I have been in the IT industry for education for about 7 years prior to that I had a strong IT/Administrative background….however I am currently keeping my ear to the ground it is time for me even though I have been continually learning to take on new opportunities. I would like to stay in the same field but I feel the winds changing. Thanks for the inspiring article!
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