Do you worry about your financial future? If you do, and if you are among the many working adults who are willing to take action to remedy the situation, there’s good news.
Every year, young adults employ various strategies to boost not only their financial stability but their job security as well. Because the two go hand in hand, improving your employment standing means having a better shot at long-term economic solvency as an individual.
Here are a few of the methods hard-working professionals use to get better jobs, earn higher salaries, and rise through the ranks at their current place of employment.
Learn New Skills or Update Existing Ones
In any field, it’s essential to keep up with trends, knowledge bases, and skill sets to maintain your professional relevance. Whether your job duties focus on marketing, management, finance, accounting, or tech, there are seemingly endless continuing education and training courses to attend.
There’s nothing wrong with that as long as it’s on the company dime and you acquire worthwhile skills in the process. But what if you still feel you’re lacking in one or two particular areas, like up-to-date financial law or the latest marketing techniques?
The answer is to be proactive and find the courses yourself. Plus, there a good chance your company will foot the bill as long as you can demonstrate that you truly need to take the course and can use it in to enhance your on-the-job effectiveness.
Obtain a Graduate Degree
Getting an MBA can be one of the most effective ways of proving to your employer that you’re serious about sticking around and becoming part of the corporate team. In some cases, companies will pay for at least part of the expenses for master’s degrees in business studies, but that’s not always the way it works.
Fortunately, you can take out student loans from private lenders that will cover some or all of those expenses. Private lenders have a lot of flexibility. For instance, they usually have much higher lending limits. That’s ideal for working people who have no time to take on a second job to pay the bills or who can’t get full reimbursement from their companies.
Applying for student loans from a private source in order to get your MBA degree is one of the smartest ways to take care of the financial side of this question advance your career goals.
Do Community Outreach on Behalf of Your Employer
In large organizations, it’s hard to stand out just by delivering top-notch performance day after day. That’s where volunteering comes in handy for corporate ladder climbers. It’s not cynical to say that donating your time to a worthy cause can be an ideal way to advance a career. Corporate owners know this.
That’s why they engage in community outreach and charitable programs in the first place. The local and national charities and social service organizations know it too. It’s just the way the system works, and you should take advantage of it.
A smart way to get involved is to survey the opportunities. If your boss tells you that you can either do free tax prep for local residents or work on the annual food drive, choose whichever effort suits your talents and heart.
Just make sure you give 100 percent of your effort and attitude to these kinds of extracurricular tasks. People who end up as essential parts of corporate outreach programs get noticed by top management and often move up the ladder rapidly.
It’s also possible to make suggestions to higher ups about local and national charities they might want to get involved with. Let them know if you already have a connection to one or more non-profit causes that could bring positive attention to the organization.
Owners and high-level mangers welcome input like this and will often let you begin your own outreach program if you know how to organize it.
If your current position is not the place where you feel you’ll be spending the balance of your working years, plan an exit strategy. Many folks took their first job after college just to pay the bills or because the market was dry on graduation day. A few years later, they find themselves in a position or at a company where there’s just no real long-term financial stability. That’s when it’s time to get busy with planning.
Beef up your resume, sharpen key skill sets, build up your network, and begin searching online and elsewhere for solid opportunities and positions. Consider working with an agency that specializes in placing experienced business professionals.
Tread carefully if you choose this technique because you don’t want to lose your current job before locating a fresh one. And be ready to start fresh on the seniority ladder no matter where you end up.
For those first few months you’ll be the new person, which is a role that some people find it hard to adjust to. In any case, the decision to change companies in mid-career, or even early in a career, can be one of the wisest ways to boost your personal monetary prospects.
Consider going it alone as a consultant or owner. This is the era of sole entrepreneurs, so you’ll have lots of choices. However, if you decide to go solo, prepare the ground carefully. Achieving financial solvency by yourself can take a year or longer.
That means you need to make a detailed, month-by-month plan for the new business venture you intend to create. Write a 2-year plan, arrange financing, choose products and services that are a good fit for your abilities and preferences, and check into getting help from a paid consultant who specializes in assisting professionals who are intent on starting their own for-profit entities.
It will be scary at first, but once you get into the nuts and bolts of planning and building the new organization, you’ll be too busy to worry. The truth is that most of today’s most successful entrepreneurs took this very step at some point in their lives.