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 What to Do When You Hate Your Job and Need a Change 2 The Lifehack Show: Standing Out in Today’s Job Market with Dr. Julia Ivy 3 Clueless On Your Career? Sabbatical vs. Career Break 4 10 Essential Career Change Questions To Ask Yourself This Year 5 10 Job Search Tools Every Jobseekers Need To Know About

      Read Next

      Advertising
      Advertising
      Advertising

      Last Updated on October 13, 2020

      How to Get Promoted When You Feel Stuck in Your Current Position

      How to Get Promoted When You Feel Stuck in Your Current Position

      Have you been stuck in the same position for too long and don’t really know how to get promoted and advance your career?

      Feeling stuck could be caused by a variety of things:

      • Taking a job for the money
      • Staying with an employer that no longer aligns with your values
      • Realizing that you landed yourself in the wrong career
      • Not feeling valued or feeling underutilized
      • Taking a position without a full understanding of the role

      There are many other reasons why you may be feeling this way, but let’s focus instead on learning what to do now in order to get unstuck and get promoted

      One of the best ways to get promoted is by showing how you add value to your organization. Did you make money, save money, improve a process, or do some other amazing thing? How else might you demonstrate added value?

      Let’s dive right in to how to get promoted when you feel stuck in your current position.

      1. Be a Mentor

      When I supervised students, I used to warm them — tongue in cheek, of course — about getting really good at their job.

      “Be careful not to get too good at this, or you’ll never get to do anything else.”

      This was my way of pestering them to take on additional challenges or think outside the box, but there is definitely some truth in doing something so well that your manager doesn’t trust anyone else to do it.

      Advertising

      This can get you stuck.

      Jo Miller of Be Leaderly shares this insight on when your boss thinks you’re too valuable in your current job:

      “Think back to a time when you really enjoyed your current role…You became known for doing your job so well that you built up some strong ‘personal brand’ equity, and people know you as the go-to-person for this particular job. That’s what we call ‘a good problem to have’: you did a really good job of building a positive perception about your suitability for the role, but you may have done ‘too’ good of a job!”[1]

      With this in mind, how do you prove to your employer that you can add value by being promoted?

      From Miller’s insight, she talks about building your personal brand and becoming known for doing a particular job well. So how can you link that work with a position or project that will earn you a promotion?

      Consider leveraging your strengths and skills.

      Let’s say that the project you do so well is hiring and training new entry-level employees. You have to post the job listing, read and review resumes, schedule interviews, make hiring decisions, and create the training schedules. These tasks require skills such as employee relations, onboarding, human resources software, performance management, teamwork, collaboration, customer service, and project management. That’s a serious amount of skills!

      Are there any team members who can perform these skills? Try delegating and training some of your staff or colleagues to learn your job. There are a number of reasons why this is a good idea:

      Advertising

      1. Cross-training helps in any situation in the event that there’s an extended illness and the main performer of a certain task is out for a while.
      2. As a mentor to a supervisee or colleague, you empower them to increase their job skills.
      3. You are already beginning to demonstrate that added value to your employer by encouraging your team or peers to learn your job and creating team players.

      Now that you’ve trained others to do that work for which you have been so valued, you can see about re-requesting that promotion. Explain how you have saved the company money, encouraged employees to increase their skills, or reinvented that project of yours.

      2. Work on Your Mindset

      Another reason you may feel stuck in a position is explained through this quote:

      “If you feel stuck at a job you used to love, it’s normally you—not the job—who needs to change. The position you got hired for is probably the exact same one you have now. But if you start to dread the work routine, you’re going to focus on the negatives.”[2]

      In this situation, you should pursue a conversation with your supervisor and share your thoughts and feelings to help you learn how to get promoted. You can probably get some advice on how to rediscover the aspects of that job you enjoyed, and negotiate either some additional duties or a chance to move up.

      Don’t express frustration. Express a desire for more.

      Present your case and show your boss or supervisor that you want to be challenged, and you want to move up. You want more responsibility in order to continue moving the company forward. Focus on how you can do that with the skills you have and the positive mindset you’ve cultivated.

      3. Improve Your Soft Skills

      When was the last time you put focus and effort into upping your game with those soft skills? I’m talking about those seemingly intangible things that make you the experienced professional in your specific job skills[3].

      Advertising

      Use soft skills when learning how to get promoted.

        According to research, improving soft skills can boost productivity and retention 12 percent and deliver a 250 percent return on investment based on higher productivity and retention[4]. Those are only some of the benefits for both you and your employer when you want to learn how to get promoted.

        You can hone these skills and increase your chances of promotion into a leadership role by taking courses or seminars.

        Furthermore, you don’t necessarily need to request funding from your supervisor. There are dozens of online courses being presented by entrepreneurs and authors about these very subjects. Udemy and Creative Live both feature online courses at very reasonable prices. And some come with completion certificates for your portfolio!

        Another way to improve your soft skills is by connecting with an employee at your organization who has a position similar to the one you want.

        Express your desire to move up in the organization, and ask to shadow that person or see if you can sit in on some of their meetings. Offer to take that individual out for coffee and ask what their secret is! Take copious notes, and then immerse yourself in the learning.

        The key here is not to copy your new mentor. Rather, you want to observe, learn, and then adapt according to your strengths.

        4. Develop Your Strategy

        Do you even know specifically why you want to learn how to get promoted? Do you see a future at this company? Do you have a one-year, five-year, or ten-year plan for your career path? How often do you consider your “why” and insure that it aligns with your “what”?

        Sit down and make an old-fashioned pro and con list.

        Advertising

        Write down every positive aspect of your current job and then every negative one. Which list is longer? Are there any themes present?

        Look at your lists and choose the most exciting pros and the most frustrating cons. Do those two pros make the cons worth it? If you can’t answer that question with a “yes,” then getting promoted at your current organization may not be what you really want[5].

        The two most important days in your life are the day you are born and the day you find out why. —Mark Twain

        Here are some questions to ask yourself:

        • Why do you do what you do?
        • What thrills you about your current job role or career?
        • What does a great day look like?
        • What does success look and feel like beyond the paycheck?
        • How do you want to feel about your impact on the world when you retire?

        Define success to get promoted

          These questions would be great to reflect on in a journal or with your supervisor in your next one-on-one meeting. Or, bring it up with one of your work friends over coffee.

          Final Thoughts

          After considering all of these points and doing your best to learn how to get promoted, what you might find is that being stuck is your choice. Then, you can set yourself on the path of moving up where you are, or moving on to something different.

          Because sometimes the real promotion is finding your life’s purpose.

          More Tips on How to Get Promoted

          Featured photo credit: Razvan Chisu via unsplash.com

          Reference

          Read Next