Tax season always seems like a good time to talk about money. Regarding money, career advice tends to range from “do what you love and the money will follow” variety to “get a practical degree and earn good money.” Money is extremely useful at paying for stuff, and sometimes life or health circumstances mean that financial stability and benefits are, at least for the time being, more critical to your overall happiness than finding satisfaction through your work.
That said, I’m making a plea for setting assumed income levels aside during an initial career exploration. That’s partly because the high-income clients I’ve worked with seem to have felt boxed in by their income. They’ve sought out career advising because they don’t like what they do, but they’ve often acquired so many fixed expenses that they feel they can’t afford even a temporary drop in income to pursue another career direction. It’s also because many people rule out general career directions based on false assumptions about the potential income associated with different jobs.
So, when you’re thinking about career options and potential income:
- Know what you actually spend right now, how much of it is fixed, and how much is discretionary
- Know how much you want to have at your disposal; the meaning of “just enough to live comfortably” differs radically from individual to individual
- When considering typical salaries for a career, also consider the typical income earned per hour; that management consulting position might not pay as much as you think, when you consider its hourly wage
Should you be considering an otherwise unappealing career because the pay is good, give your plan some serious thought. I’ve seen people pursue careers they don’t plan on enjoying, because they think they can buy enough enjoyment in the hours outside of work to compensate for the 9 to 5 misery. The problem with most high-paying jobs, however, is that the 9 to 5 is typically more like 8 to 6 or 7 so, no matter how that money is spent, the bulk of time is still spent in an unsatisfying job.
If you’re determined to try a path that’s likely to be both high-paying and unsatisfactory anyway, here are some tips:
- A job you hate is better than a career trajectory you hate, so make sure you have a clear transition plan in place to move from your hated job to a more enjoyable job
- Attach dates to each step of your transition plan
- Don’t let your expenses grow with your paycheque; keep your fixed expenses low, so that you retain the flexibility to change careers
- Meet with a career counsellor before you commit to your path, both to review the career decision-making process and to have someone who isn’t personally invested in your decisions act as a sounding board
And keep in mind that, in careers, personal satisfaction and financial stability needn’t be mutually exclusive. If none of the options you’re aware of meet both criteria, a visit to your university’s career office may be time well spent.