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How Money Affects Career Happiness

How Money Affects Career Happiness
career advice entrepreneurship happiness passion income money

    You know the expression ‘What would you do if money wasn’t a thing?’ Go ahead and ignore that, because money is a thing and we need it to survive. Finding a path that provides career fulfillment and a great paycheck comes easier to some than to others. When picking a career, does following a passion or chasing a paycheck lead to a happier life?

    There are a lot of factors that play into accepting the right job. Of course there’s company, location, timing, title and salary. Accepting a complex role with a great title in a place you love sounds like the perfect setup, but what if that job pays significantly less than the others in your field? Will a lower income affect your overall job satisfaction or make day-to-day expenses difficult to cover? What if your dream job offers your dream salary but a year into the position you realize it’s anything but what you had hoped for? At what cost do you leave for a role with lower compensation? These questions aren’t intended to make you second guess your career choices, but consider how compensation plays a role in decision making and overall job satisfaction. So let’s take a deep dive into how salary influences overall happiness when we let income determine our roles or completely ignore income when choosing a career path.

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    We spoke to a group of experts at GigSesh who provide career advice about the importance of money in their career decisions and happiness. When asked if the jobs they have loved the most have paid the best, the majority of people said yes, but on the other hand less than 15% said that salary was the most influential factor when picking a job or career. One expert, Vicente DyReyes, began his career as an investment banker in which he was the highest paid in his age bracket but also on the lowest end of the happiness scale. Now as the Founder & CEO of mise en place (mepNYC), he tells us that “happiness at work and at home has driven career decisions thus far.” DeReyes states that “finding happiness in your career is extremely attainable, and money isn’t even at the table to drive the decision.”

    They say that money can’t buy you happiness, but living paycheck to paycheck doesn’t sound like happiness either. Based on studies done across the United States, an average household income of 75K or higher does not correlate with overall happiness. While money might not be the only decisive element in career decisions, most young professionals desire compensation that will allow them to achieve or exceed this income. With a competitive job market and rising real estate and food costs, money is more sought after than ever, especially in large cities with notoriously high costs of living *cough* New York City and San Francisco *cough*. Yet 64% of Millennials would rather make $40K a year at a job they love than $100K a year at a job they think is boring. So more than ever, people are pondering if they should pick between a career of passion or a career that ensures a high income.

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    career advice entrepreneurship happiness passion income money

      When asked about how salary has influenced happiness at work, GigSesh expert Elise Giannasi told us that “In the past, I’ve used money as an indicator for the level of the job but also for how hard I’ll need to work. Working in jobs like HR or even consulting, your role can be rather similar regardless of the company. The more you are paid to do that job, the higher the expectation that you’ll always be on and the greater the responsibility and pressure. The money is great at first but the overtime hours lead to emotional, mental and physical burnout — which eventually outweighs any positives the higher paycheck brought.”

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      Some people are lucky enough to have passions that don’t make income and happiness mutually exclusive; software engineers who love writing code will most likely always be on the high end of the pay scale. Musicians who strive to be on stage might have a more difficult time supporting themselves when following their passion. The majority of us fall somewhere in the middle of these two extremes, wanting a career that is interesting, challenging and creative, but also pays well and has a promising future. Kevin Siskar, a Managing Director at Founder Institute New York believes that “the time we are given to live is a more scarce and precious resource than money. I believe you can make money doing most things in this world, so while it might take longer to get there at times, it’s best to make money doing something you enjoy. The earlier in life you realize this the more time you have to capitalize and grow while on the path you desire.”

      So why is it that so many people ask if they should pick between a career that brings happiness or a career that brings a higher paycheck? With rising education costs, it’s difficult to graduate without loans and justify a career that is not lucrative after putting yourself into debt. The fact that we’re able to have this discussion at all is a luxury as many people don’t have the opportunity to do what they love and simply do what they must to survive. Being grateful for the opportunities that you have and making the most of them is just as important as questioning if job satisfaction leads to a happier life than higher earnings.

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      Some people will spend long hours and overnights in the office to earn huge paychecks and live a lavish lifestyle once off the clock. Others value their free time more and choose career paths that may not pay as handsomely but provide compensation in the form of flexible hours and laid back work environments. So instead of asking if you should pick a career that brings you happiness or pick one that pays, think about whether a high paycheck or a passion-driven career is more important to you.

      Want to hear more from career experts about their professional experiences and get some personalized career advice? Check out GigSesh’s superhero roster of experts and sign up to book a call with someone who can help you find success while following your passion.

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      Gwen Schlefer

      PR Manager at Bonanza.com

      career advice entrepreneurship happiness passion income money How Money Affects Career Happiness

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      Published on March 26, 2019

      How to Write a Cover Letter for a Career Change (Step-By-Step Guide)

      How to Write a Cover Letter for a Career Change (Step-By-Step Guide)

      Embarking on a career change, tiny or big, can be paralyzing. Regardless of the reason for your desired career change, you need to be very clear on ‘why’ you are making a change. This is essential because you need to have clarity and be confident in your career direction in order to convince employers why you are best suited for the new role or industry.

      A well crafted career change cover letter can set the tone and highlight your professional aspirations by showcasing your personal story.

      1. Know Your ‘Why’

      Career changes can feel daunting, but it doesn’t have to be. You can take control and change careers successfully by doing research and making informed decisions.

      Getting to know people, jobs, and industries through informational interviews is one of the best ways to do this.[1] Investing time to gather information from multiple sources will alleviate some fears for you to actually take action and make a change.

      Here are some questions to help you refine your ‘why’, seek clarity, and better explain your career change:

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      • What makes me content?
      • How do I want work to impact my life?
      • What’s most important to me right now?
      • How committed am I to make a career change?
      • What do I need more of to feel satisfied at work?
      • What do I like to do so much that I lose track of time?
      • How can I start to explore my career change options?
      • What do I dislike about my current role or work environment?

      2. Introduction: Why Are You Writing This Cover Letter?

      Make this section concise. Cite the role that you are applying for and include other relevant information such as the posting number, where you saw the posting, the company name, and who referred you to the role, if applicable.

      Sample:

      I am applying for the role of Client Engagement Manager posted on . Please find attached relevant career experiences on my resume.

      3. Convince the Employer: Why Are You the Best Candidate for the Role?

      Persuade the employer that you are the best person for the role. Use this section to show that you: have read the job posting, understand how your skills contribute to the needs of the company, and can address the challenges of the company.

      Tell your personal story and make it easy for hiring managers to understand the logic behind your career change. Clearly explaining the reason for your career change will show how thoughtful and informed your decision-making process is of your own transition.

      Be Honest

      Explain why you are making a career change. This is where you will spend the bulk of your time crafting a clear message.

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      Speak to the mismatch that may be perceived by hiring managers, between the experience shown on your resume and the job posting, to show why your unique strengths make you more qualified than other candidates.

      Address any career gaps on our resume. What did you do or learn during those periods that would be an asset to the role and company?

      Sample:

      I have been a high school English and Drama educator for over 7 years. In efforts to develop my career in a new direction, I have invested more time outside the classroom to increase community engagement by building a strong network of relationships to support school programs. This includes managing multiple stakeholder interests including local businesses, vendors, students, parents, colleagues, the Board, and the school administration.

      Highlight Relevant Accomplishment

      Instead of repeating what’s on your resume, let your personality shine. What makes you unique? What are your strengths and personal characteristics that make you suited for the job?

      Sample:

      As a joyful theater production manager, I am known to be an incredible collaborator. My work with theater companies have taught me the ability to work with diverse groups of people. The theater environment calls for everyone involved to cooperate and ensure a successful production. This means I often need to creatively and quickly think on my feet, and use a bit of humour to move things forward to meet tight timelines.

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      Feature Your Transferable Skills

      Tap into your self-awareness to capture your current skills.[2]

      Be specific and show how your existing skills are relevant to the new role. Review the job posting and use industry specific language so that the hiring manager can easily make the connection between your skills and the skills that they need.

      Sample:

      As the first point of contact for students, parents, and many community stakeholders, I am able to quickly resolve problems in a timely and diplomatic manner. My problem solving aptitude and strong negotiation skills will be effective to address customer issues effectively. This combined with my planning, organization, communication, and multitasking skills makes me uniquely qualified for the role of Client Engagement Manager to ensure that customers maintain a positive view of .

      4. Final Pitch and Call-To-Action: Why Do You Want to Work for This Company?

      Here’s your last chance to show what you have to offer! Why does this opportunity and company excite you? Show what value you’ll add to the company.

      Remember to include a call-to-action since the whole point of this letter is to get you an interview!

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      Sample:

      _________ is a global leader in providing management solutions to diverse clients. I look forward to an opportunity to discuss how my skills and successful experience managing multiple stakeholders can help build and retain strong customer relationships as the Client Engagement Manager.

      Summing It Up

      Remember these core cover letter tips to help you effectively showcase your personal brand:

      • Keep your writing clear and concise. You have one page to express yourself so make every word count.
      • Do your research to determine ‘who’ will be reading your letter. Understanding your audience will help you better persuade them that you are best suited for the role.
      • Tailor your cover for each job posting by including the hiring manager’s name, and the company name and address. Make it easy on yourself and create your own cover letter template. Highlight or alter the font color of all the spots that need to be changed so that you can easily tailor it for the next job application.
      • Get someone else to review your cover letter. At a minimum, have someone proofread it for grammar and spelling errors. Ideally, have someone who is well informed about the industry or with hiring experience to provide you with insights so that you can fine-tune your career change cover letter.

      Check out these Killer Cover Letter Samples that got folks interviews!

      It is very important that you clarify why you are changing careers. Your career exploration can take many forms so setting the foundation by knowing ‘why’ not only helps you develop a well thought out career change cover letter, [3] but can also help you create an elevator pitch, build relationships, tweak your LinkedIn profile and during interviews.

      Remember to focus on your transferable skills and use your collective work experience to show how your accomplishments are relevant to the new role. Use the cover letter to align your abilities with the needs of the employer as your resume will likely not provide the essential context of your career change.

      Ensure that your final pitch is concise and that your call-to action is strong. Don’t be afraid to ask for an interview or to meet the hiring manager in-person!

      More Resources About Career Change

      Featured photo credit: Christin Hume via unsplash.com

      Reference

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