Spend, Save, or Jump Ship

In a Perfect World

So you have landed your dream job, you are well respected, and you are on the fast track to becoming one of your company’s leaders. An ever-rising salary coupled with the satisfaction from working in a company you love sounds like a dream come true. However, this scenario is more of a vision than the reality. At any rate, you probably enjoy your current work enough to make sure that you excel and get the next promotion. At the same time you have seen your salary rise every year with your performance. But can you really bank on that Christmas bonus?

Things Change

Money does not grow on trees and salaries will not necessarily continue to increase with time. In general, the rate of income growth is expected to slow down in your mid-30s. Here is why. When you begin working for a company, you gain expertise, hone your skills, and perhaps acquire job related certifications. Your productivity and results increase simultaneously. And whether we want to believe it or not, companies encourage employees by providing implicit bonuses for presumed loyalty together with the growth in ability. However, something changes when you reach your mid-30s in Corporate America. After a few years in a certain company the important parts of a job have been learned. Any new certifications or training begin to provide diminishing returns. Also, you might see competition from fellow younger co-workers who are performing better than you. All of these circumstances influence the slowdown of your yearly pay raise. Now it might sound depressing to think about this inevitable moment. Even if happens later in time, it is bound to occur. So what can you do about it?

Your Job, Safe or Sound

Knowing that your salary will not climb up the charts forever should motivate you to make adjustments today. Very often people get a promotion and right away proceed to upgrade to a nicer car or book their next vacation. So one strategy is to avoid excessive purchases at any time. Aside from controlling your expenses, you can battle the odds of a decreasing salary yourself. Instead of waiting for it to happen, always be on the lookout for another ladder to climb. Remember that it is better being mediocre in a great company as opposed to being a superstar in a mediocre business. A solid industry-leader will always offer you more opportunities for growth in the future. Another factor to consider is if you adore your work regardless of its pay. Do you wake up in the morning thinking “I can’t wait to go to work and make a difference in the world’? One can hope to be that lucky. The truth is that most often the most exciting and worthwhile occupations do not pay much. If you enjoy your work and you are afraid to make a leap to a better, more profitable position, then you need to live with frugality and save, save, save. Whatever your job situation at the moment, just be prepared that it can change and be ready to live accordingly.

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