Advertising
Advertising

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.

    Advertising

    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.

    Advertising

    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.”

      Advertising

      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.

      Advertising

      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.

      More by this author

      Gwen Schlefer

      PR Manager at Bonanza.com

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

      Trending in Career Advice

      1 Clueless On Your Career? Sabbatical vs. Career Break 2 9 Tips for Starting a New Job and Succeeding in Your Career 3 10 Essential Career Change Questions To Ask Yourself This Year 4 10 Job Search Tools Every Jobseekers Need To Know About 5 If You Have This Key Behavior, You’ll Be More Successful Than 90% Of People

      Read Next

      Advertising
      Advertising
      Advertising

      Last Updated on September 18, 2019

      11 Hard Skills That Will Land You More Career Opportunities

      11 Hard Skills That Will Land You More Career Opportunities

      Are you looking to move up the career ladder? Or maybe you’re tired of having a “job” and want to start looking for a more permanent career?

      Whatever your motivation, you are going to have to learn some new and different hard skills to broaden your opportunities. After all, there’s a very famous quote that says:

      “The definition of insanity is doing the same thing over and over again, but expecting different results.” – Albert Einstein

      While the insanity part doesn’t really fit here, the overall message is a good one. If you are looking for a different result (career advancement, more money or even a career instead of a job), it’s up to you to make it happen. This is both the good news and bad news!

      The good news is that because it’s up to you, you have complete control over it happening. The bad news is that change is hard. Humans are creatures of habit, that’s why we develop routines, and anything that disrupts that routine causes us anxiety. And we will do almost anything to get rid of that anxiety. The overweight person will calm their anxiety by eating that doughnut, the smoker will light up a cigarette to avoid anxiety.

      What we want to do with this article is to give you the hard skills you’ll need to reduce that anxiety so you can move up that corporate ladder, make more money or have career instead of just a “job.”

      The following hard skills are essential to learn if you want to advance your career. They may not be easy to take up, but definitely worth your effort of learning:

      1. Cloud Computing

      “Simply put, cloud computing is the delivery of computing services—servers, storage, databases, networking, software, analytics, intelligence and more—over the Internet “the cloud” to offer faster innovation, flexible resources, and economies of scale. You typically pay only for cloud services you use, helping lower your operating costs, run your infrastructure more efficiently, and scale as your business needs change.” Microsoft[1]

      There are many different jobs available in the cloud computing world today. They range from architects and developers to data scientists, security pros. Each job is its own specialty and requires a high level of specification for advancement.

      This is definitely a hard skill that requires education. But if the tech world and computers are your thing you can make cloud computing a lucrative career.

      Advertising

      2. Data Mining and Statistical Analysis

      Again, these are highly specialized fields. Data mining is defined as using large sets of data to look for anomalies and other patterns that can be used to predict future behavior.

      Amazon is probably the best known company to use data mining. Have you ever noticed that when you buy something at Amazon, you’ll see a little ad at the bottom that says “customers who bought this also bought…”and it lists 2-3 other items? All of that information comes from data mining, by examining the millions of sales amazon makes they can predict that if you buy item #1 there is a high likelihood that you will buy one of the other items too. T

      his not only increases sales for Amazon, but it also serves as a reminder for you that you may need these additional items for your project. This is very valuable information and has a wide range of uses. Although it has a bad reputation and evil sounding name, it is a very useful tool for maximizing productivity and sales.

      3. Data Management

      All companies today deal with a ton of data! Being able to manage that data in an efficient manor is not only highly prized, but a necessity.

      We all have these things on our desks called computers. Unless there is a need for a paper copy, almost all of our data is computerized. Meaning that, in theory it is all at our fingertips. Being able to organize that data so that it’s easily and quickly retrievable is why computers are replacing filing cabinets!

      However, just like the old fashion filing cabinet, data management on a computer is only good if it’s well organized. You want to make sure that you are keeping your data well organized so that it’s easy to find when needed. This is a skill that comes easily to some people (are you a person that makes lists? Good!) but with others it will be a skill that needs to be practices. Make sure that this is a discipline you master.

      4. Scheduling

      Being able to make and keep to a schedule is a very useful tool in both business and life. Effective scheduling means that you can prioritize projects, understand the tools needed to get the job done on time and that you are organized enough to lead people.

      An important point here is to write things down! Whether it’s in an old fashion daily or weekly organizer or in a PDA. Have a copy of your schedule available at your fingertips at all times.

      5. Financial Skills

      These are especially important when looking for that promotion. The higher up the ladder you go, the more you’ll have to deal with things like accounting, budgeting, financial planning and cash flow management.

      While you may not need to be an expert at all of these, you should have a good grasp of all of them. This is where taking a few night classes at your local community college is a good idea. You don’t need to become an expert, but brushing up on these skills will help you tremendously.

      Advertising

      6. Research Skills

      These are important in all aspects of life, but especially in your work-life.

      Are you looking for that first job out of school? Nothing impresses a boss or hiring manager more than someone who has researched the company. Trust me, they deal with people walking in off the street everyday looking for a job, but managers and owners need to see the value in hiring (or promoting) you.

      So do your research and have some company specific questions ready to ask. Show that you are interested in working for that company or that position and not just “a” job or the “promotion” because you have seniority or need the money.

      If it’s a promotion that you are after, never bad mouth the previous occupant. Instead pick out an example that he/she was good at and explain how you would like to use or expand that policy and how it would enhance the policy changes you’d like to make.

      If it’s a new job you’re going for, then make sure to have some company specific questions ready to show that you have done your homework for the new position.

      7. Marketing Skills

      While marketing a companies products or services has always been a highly sought after skill. In today’s world, it can take on several different forms.

      Some of the marketing skills that are highly sought after today include, SEO, Search Engine Optimization, SEM, Search Engine Marketing and marketing campaign management. Familiarity with Google Analytics as well as Word Press are also valuable.

      While traditional marketing and branding were focused on advertising and selling. Almost all marketing efforts now a days are focused on the internet.

      8. Network Security Specialist

      Again, this is a highly skilled position that requires specialized training. But the amount of data that all companies store is significant, and if that data is leaked or stolen, it can costs them millions of dollars in both lost revenue and lawsuits.

      So, if you have an interest in network security you will find the field both lucrative and stable.

      Advertising

      9. Communication Skills

      At first glance, communication skills may not look like it fits into the category of “Hard Skills” that can help you succeed. But in this ever shrinking world where companies can do business from almost anywhere, communication is more and more important.

      Are you bilingual? It really doesn’t matter what language you speak, there’s a company out there looking for someone who speaks that language.

      10. Computer Programming

      I don’t know about you, but I’m pretty sure that computers are going to be around for a while! As both the hardware and software get more advanced, the need for computer programming is only going to increase.

      11. Graphic Design

      As of 2018, there were 4.37 million new websites launched.[2] A good number of them will fail because they just aren’t interesting enough visually. The use of templates and replicated websites is only making the problem worse.

      Part of the way Google ranks sites is through originality, this almost ensures that replicated sites will never get ranked through Google. So the more original your site is, the more likely people will visit and actually spend time there.

      That is what a good graphic designer does. Takes your basic idea and turns it into a website that people actually want to visit.

      Embrace the Anxiety That Comes with Change

      You know it’s going to be there, you know that you’ll want to give up as you’re learning these new skills but, you’ll also know that the end result is worth the journey.

      Here’s a little trick when you’re feeling overwhelmed:

      Have you ever met an ex-smoker who was sorry they quit? An ex-drinker or drug user that said life was much better before they quit? These people have gone through some of the most difficult challenges humans can go through including weeks, if not, months of intense physical withdrawal symptoms. They did it because they knew that the pain and anxiety they would experience would ultimately get them to a much better life.

      Now what was that complaint you had about attending night-school?

      Advertising

      This is the part everyone hates, everyone thinks night-school, adult education and just generally giving up family and/or spare time. While those are certainly possible ways to develop the necessary skills, they aren’t the only way.

      You’ll want to check with your human resources department because depending on the company, a certain degree maybe required in order to even be considered for a position. In those cases, night-school, on-line or some other form of adult education maybe your best route.

      But as long as a degree isn’t required, then your options are wide open.

      Let’s just say that you’re a sales person interested in becoming the sales manager but, the territory you’ve been given will never produce the sales figures that would make you stand out as a good candidate for sales manager. So how about you start your own side business (don’t compete with your company), but let’s say you enjoy golf.

      In this day and age, there are plenty of places that will teach you how to sell products on-line and even set you up with your own website. So you start a site selling golf equipment and accessories (don’t worry, you won’t even have to carry inventory or worry about shipping).

      Now, when that sales manager spot opens up, you can explain that even though other salespeople had better numbers than you, it had nothing to do with your sales ability, it was more of a consequence of the territory your were given.

      And to prove it, you brought in some information about a side business, you started showing that you’re on target for a sales growth rate of 30% this year. And because you had to do all of the marketing for the business, you came up with some marketing strategies that you can bring to the new job (built-in experience).

      The Bottom Line

      We’ve put together these 11 hard skills as a way to give yourself a “leg up” on the competition. We’ve tried to make this a mixture of both skills that require a great deal of training, and also ones that you can work on and develop by yourself.

      We know that not everyone is cut out to be a cloud computing expert, but we also know that working on and having good scheduling skills will make you a much more desirable candidate for the position!

      We also don’t want you to discount the idea of a “side hustle“. Especially for people new to the workforce, having a business that you have started and run successfully shows potential employers that you have initiative, scheduling skills and ambition which can put you well ahead of your competition!

      As usual, we hope you found this article both enjoyable and informative. If you did, may we ask that you share it with your family and friends through social media. It really does help us and is greatly appreciated!

      More Skill to Help Advance Your Career

      Featured photo credit: Kyle Sterk via unsplash.com

      Reference

      [1] Microsoft Azure: Cloud Computing
      [2] Netcraft: December 2018 Web Server Survey

      Read Next