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Optimal Living Daily. This.

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Is Optimal Finance Daily Episode Twenty

0:42

Six Eighty Three. Two. Huge

0:45

reasons why your career matters. By.

0:47

Yes, I have. Yes, I money.com.

0:50

And. On your house Them Personal Finance

0:53

Enthusiasm: Diana Merriam. Welcome.

0:55

Back to Optimal Finance Daily where I read

0:57

to you from the best personal finance blogs

0:59

on the web and about ten minutes or

1:01

less. And with that, let's get

1:03

right to it as we optimize your life. Two

1:10

Huge Reasons Why Your Career Matters

1:13

by ESI of esimoney.com

1:17

There. Are many aspects to growing and managing

1:19

your career and will discuss those during the

1:21

life of this blog. Today.

1:24

Will focus on why you should take the time

1:26

and effort to focus on your career. There.

1:28

Are many reasons to do this as

1:31

well. But from a financial standpoint, the

1:33

coupons really boiled down to two massive

1:35

reasons. These. Are. One.

1:38

Your career is your biggest financial asset

1:40

worth millions of dollars. And

1:43

number two: if you take the right steps,

1:45

you can make it worth millions more. Let's.

1:48

Look at each of these in detail. Your

1:51

biggest financial asset worth millions of

1:53

dollars. Your. Career is

1:55

a multimillion dollar asset. Consider

1:57

the following: If you begin,

2:00

Earlier today starting a forty thousand

2:02

dollars an average three. Percent pay

2:04

increases over a forty five your career.

2:06

You'll meet over three point seven million

2:09

during that time. So. Unless

2:11

you have very low earnings are

2:13

very little earning growth each year

2:15

your career as a multimillion dollar

2:17

assets. One. Other assets you

2:19

have that's worth almost for millionaires.

2:22

The. Truth is that you probably don't have

2:24

any financial assets that's worth more. Than

2:26

your career. Now. Unless you inherited

2:29

a fortune or business or is saved

2:31

over decades which was enabled by your

2:33

career, For. The vast majority

2:35

of us are careers are by far

2:37

our largest financial. Assets. Take.

2:40

The right steps and make your career

2:42

worth millions more. That

2:44

Consider this. What? Would you do as

2:47

someone gave you three point seven million dollars

2:49

right now. My. Guess is that you'd

2:51

spend a lot of time managing it, protecting it,

2:53

and winning at right. Will. You

2:55

do have something worth that much or

2:57

more, so why don't you spend some

3:00

time and money managing it, protecting it

3:02

and growing? The good

3:04

news? As if having a multimillion. Dollar

3:06

Us? Isn't that enough? Is that

3:08

if you can differentiate yourself just slightly,

3:10

you can increase the value of your career

3:12

asset by a significant amount. using.

3:15

The same numbers from before. Let's look

3:17

at some different examples. You.

3:19

Double the earnings growth An average

3:21

six percent increases per year. You.

3:24

End up earning over eight point five

3:26

million during your career. You.

3:28

Earn a decent amount above the

3:30

three percent. An average five percent

3:32

increases. Per year. You. End up

3:34

earning almost six point four million during

3:36

your career. You. Are in

3:39

slightly above average of four percent. Per

3:41

year you end up earning over four

3:43

point eight million. During your career. Even.

3:46

If you only earn one percent more than

3:48

average, you end up with over a million

3:50

dollars more. And if you do

3:52

a bit better than that, you can literally earn

3:54

millions. More during her lifetime. Citizens.

3:57

Spending some chain of food and money and did

3:59

that. The in your careers and like a

4:01

great financial investment. The. Those semi.

4:04

Did you can't Be born? Eschewed previously

4:06

that I averaged over eight percent per

4:09

year for twenty five years, and the

4:11

last decade or so, I haven't really

4:13

been trying hard as I put other

4:15

priorities first like time with family. So.

4:18

Earning not only a bit more,

4:20

but significantly more is possible. Bonus

4:23

reason. In addition

4:25

to the reasons we've already discussed, there's another

4:27

great reason to work on your career. When.

4:30

You grow your career, you generally are

4:32

able to do more interesting and fulfilling

4:35

the. This. Is not always

4:37

the case, but it's true in general. For.

4:39

Instance: Which would you rather be

4:41

in an entry level position or

4:43

a company executive? Most. Of save

4:45

a lot of would be. More. Dissolvable, Having

4:48

work you enjoy as a side benefit

4:50

of growing your career. Never.

4:53

To me. I want to

4:55

address the people who think it's. Too. Late for them. You

4:57

may be twenty years into a career and think

4:59

that this post is not for you. that it

5:01

only holds true for those of the beginning of

5:03

their career. Have a couple thought for

5:05

you. If you start taking

5:08

the steps to grow your career, now, no

5:10

matter where you are in your career, you'll

5:12

make more than you would have without doing

5:14

anything. And sure, an extra one

5:16

percent over forty years is better than. An extra

5:18

one percent over twenty years. But an

5:21

extra one percent over twenty years is

5:23

better at than nothing extra over twenty

5:25

years. You.

5:30

Just listen to the post titled to

5:32

Huge reasons why Your career matters. But.

5:34

Yes, And they have. Yes, I'm Anita. And

5:37

I'll be right back with my commentary. Have

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Ignore You. I highly recommend

6:58

it, especially if you're early on in your

7:00

career. He encourages people

7:02

not to follow their passion, not

7:04

because they might be wrong about what they

7:07

think their passion is, but because research shows

7:09

that following your passion doesn't align with what

7:11

makes people most happy in their careers. Professional

7:15

happiness comes from following what you're good

7:17

at and achieving a level of mastery.

7:20

You also need to have autonomy over what you work

7:22

on and how. Working

7:24

with people you like and trust and

7:27

having a meaningful impact are also key

7:29

to getting satisfaction out of your career.

7:32

Cal also talks about how at a

7:34

certain point in your career, you can

7:36

start leveraging career capital to gain more

7:38

autonomy over your time and your work.

7:41

This is the route I chose to explore because

7:43

I realized that one of the key reasons

7:45

I'm pursuing financial independence is so that I

7:47

can have full autonomy over my time. So

7:50

to be able to experience that before

7:52

I actually reach financial independence felt like

7:54

a no-brainer to me. And

7:56

when you have a good level of autonomy over

7:58

your work and time, consider your skills Consider not

8:00

trading that in for more money. More

8:03

money at that point is likely to have

8:05

very little effect over your quality of life.

8:08

And that's another edition of Optimal Finance

8:10

Daily. Thank you for listening and

8:12

following or subscribing to the show. And

8:15

thank you for sharing it with others. That's a big

8:17

help to keep all of this going. Have

8:19

a great rest of your day and I'll be back

8:21

tomorrow where your optimal life awaits.