Your mortgage, home ownership, debts, income, investments, property, children and future plans are not separate topics …
at CleveDoesMore we consider them to be crucially interconnected parts of your overall financial life.
Do you have a job with the salary you deserve and need to reach your financial goals? Perhaps you have thought about stepping out and switching companies, applying for a better job, or doing an entire career change…but you were too afraid and didn’t know where to start.
Last month we talked about taking steps to get to a place where your income is 30% higher by the end of the year. Sometimes this is achievable in the job you currently have, but often times it takes a change in jobs to accomplish this as well. Whether or not you think an immediate job change is in your future, you don’t want to miss what is in today’s WealthBuilder newsletter.
When it comes to deciding whether or not a job change is needed, it first helps to establish whether your current job is paying you a salary that is fair and within the normal range for your profession, experience, and geographic area. There are many places where you can research this but a few to try are:
If you find that your current job position is not paying comparably to others in the industry, and asking for a pay increase has not been successful, it may be time to move on. Alternatively, you may find that you are being compensated fairly, but that the profession you currently are in isn’t practical for a salary that allows you financial breathing room. Either way, it may be time for a change. And this is quite normal, according to an article I recently read that said:
If a change is in order, you are going to now need to locate a better paying job. While this isn’t something you can do in the span of a few minutes, the time & effort it will take you is an investment into your future.
When seeking a great paying job, there are two common paths that a person usually will choose to take. The first will be to locate a job very similar to their current position with a company that pays more. For a school teacher, this might mean changing districts. If you are a manager you may seek employment with a larger company or within a more specialized industry.
The second option is to locate something quite different from your current position that offers more salary or advancement opportunities. This may require a bit more effort since there will likely be more training involved and possibly more responsibilities. For a school teacher, this may mean applying for an assistant principal or superintendent role, as an example.
Whichever route you decide to take, you will need to begin a job search. To get started with this, first update your resume and create a cover letter. When doing this, take time to make them neat, professional, and proofread. Highlight relevant education, job positions, accomplishments, and awards. You may also want to include a few references as well.
Most job sites allow you to set up specialized searches with the industry, keywords, and locations that you are most interested in working and then they will notify you when new results that match your search become available. While there may be a temptation to apply for a lot of jobs very quickly, you should instead take your time to read & understand the job description and be selective about what you apply for. Consider making small changes to your resume and cover letter to personalize each application instead of always just using a one size fits all boilerplate template.
Once you have applied for a great new job and have been contacted to interview for the position, take some time to properly prepare for the interview. Here are a few tips to get you started.
Utilizing sites like Linkedin or doing basic Google searches will help you find out about the company you will be interviewing with and key people within that company. Take note of things like any interesting recent news (mergers, CEO changes, etc.), stock prices (if publicly traded), and company philosophies or values. Be ready to explain why you want to work for that company and how your skills and personality will align well with the overall culture of the organization as you understand it.
In many cases you will be asked by an interviewer about your past job positions and situations encountered while working for other companies. Be ready for these questions by thinking of several example situations to reference. Common things asked about include:
Interviews are not just all about answering questions, but should be looked at as an opportunity for both parties to explore the option of working together. With this in mind, jot down a few questions that you have about the overall company, the specific position, or the job functions. Most interviewers will give you an opportunity to ask your own questions and having a few ready will help you to be prepared.
Finally, keeping your perspective in the right place from start to finish of an interview is key. No matter how you feel an interview is going, don’t aIlow negative feelings or frustrations to sway you. I love the quote by American actor & comedian, Steve Martin that says:
Finally, make a plan to increase your cash flow now. Having a better job won’t necessarily improve your financial situation unless you can manage your expenses. Have more money at the end of each month using a tool we call the $500 Fix. Schedule a call & short consultation with CleveDoesMore so we can help you locate money you didn’t even know you had.
Maybe you are reading this and thinking that job hunting is not really for you, because you want to venture out into the territory of entrepreneurship & investing. Be sure to read March’s newsletter where we give practical advice to those seeking to start or grow their own business or dive into generating investment income!
© Copyright 2018 Cleve DeSouza, Matrix Mortgage Global, Brokerage Lic# 11108