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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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      Last Updated on May 22, 2019

      50 Great People To Follow On LinkedIn, No Matter Your Industry

      50 Great People To Follow On LinkedIn, No Matter Your Industry

      LinkedIn is an excellent platform to network with great people to help you in your career and businesses. However, with over 575 million people on the site, who should you follow? This list will steer you to the right people to follow, organized by categories of expertise.

      Job Search Experts

      You will likely have several jobs throughout the course of your career, and you will constantly need advice on new trends and strategies out there in the job market. Here are the LinkedIn experts who you should follow on these matters.

      1. Liz Ryan is the CEO and founder of Human Workplace. Her articles on job searching are filled with creative and colorful cartoons.

      2. Lou Adler is the author of The Essential Guide for Hiring and Getting Hired.

      3. Dr. Marla Gottschalk will help you make an impact in a new job.

      4. Hannah Morgan runs CareerSherpa.net, where she gives expert advice on job searching and how to be more visible online.

      5. Alison Doyle is the CEO and Founder of CareerToolBelt.com.

      Management Experts

      They say that people leave managers, not jobs. These experts in LinkedIn will help you become your employees’ dream manager.

      6. Jeff Weiner. How can we leave out the CEO of LinkedIn himself?

      7. Nozomi Morgan is an executive coach. She can help you transition from a boss to a true leader.

      8. Mickey Mikitani is the CEO of Rakuten. He constantly shares his expertise in managing a global player in e-commerce platforms.

      9. Andreas von der Heydt was the head of Amazon’s Kindle Content and now the Director of Talent Acquisition. He has extensive experience in management, branding, and marketing.

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      Productivity Experts

      By maximizing your productivity, you can win in all aspects of life. The following LinkedIn experts will help you win big in your career.

      10. Gretchen Rubin is a happiness coach and the bestselling author of the The Happiness Project.

      11. Carson Tate is the founder of Working Simply. She advises us to include play in our schedules.

      12. Greg Mckeown is an essentialist. Part of being an essentialist is saying no to many things so that we can focus on the things that matter.

      13. Brian de Haaff, CEO of Aha! Labs Inc. provides strategies on how to be productive and happy at work at the same time.

      Marketing Experts

      14. Sujan Patel is VP of Marketing at When I Work, an employee scheduling software. He is an expert in content marketing and he even shares his ideas on content marketing in 2020.

      15. Megan Berry is the Head of Product Development at Rebelmouse, a content marketing and AlwaysOn powerhouse.

      16. Sean Gardner will help you navigate the social media landscape. This includes how to use different platforms to help accelerate your career. He is also the bestselling author of The Road to Social Media Success.

      17. Christel Quek is an digital and marketing expert. She is the VP of South East Asia at Brandwatch. Their products help businesses utilize social media data to make better business decisions.

      18. Jeff Bullas is a digital marketing expert. His blog has over 4 million readers annually.

      19. Michael Stelzer is the CEO and Founder of social media powerhouse site, Social Media Examiner.

      20. If you’re looking for inbound and content marketing expertise, follow Dharmesh Shah, Founder and CTO of Hubspot.

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      21. David Edelman is a McKinsey partner and is at the helm of the Digital Marketing Strategy Practice Department.

      22. Dave Kerpen leads the social media software company Likeable Local. He is the author of Likeable Social Media: How to delight your customers.

      23. Clara Shih is the CEO of Hearsay Social and the author of The Facebook Era.

      24. Aaron Lee is Grand Master of Customer Delight at Post Planner. He is an excellent resource for everything social media.

      25. David Sable is the CEO of Y&R, one of the largest advertising firms in the world.

      26. Content marketing trumps traditional marketing these days, and who else better to lead you in this area than Joe Pulizzi, Founder of Content Marketing Institute.

      Personal Branding Experts

      Part of what we market in our personal career is our brand. When people hear your name, what kind of brand comes into their mind? What traits and qualities do they associate with you?

      Here are some personal branding experts from LinkedIn to improve your own brand.

      27. Dorie Clark is the author of Stand Out and Reinventing You. He can help you craft the professional image you’ve always wanted.

      28. Dan Schawbel is the managing partner of Millennial Branding. If you’re a millennial, Dan is the guy to help you craft your personal brand.

      Other Notable Experts to Follow

      29. Lisa Gates is the expert to follow if you’re negotiating for higher salaries and promotions.

      30. If you’re a Baby Boomer, Marc Miller will help you navigate the continually changing landscape of the workplace.

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      31. To avoid getting your resumé moved to the “No” pile, read Paul Freiberger’s excellent advice.

      32. James Caan provides insightful ideas on careers in general. He is also a serial entrepreneur.

      33. Jeff Haden writes on various topics, such as leadership and management. He is the owner of Blackbird Media.

      34. If you’re looking for expert business advice on getting new customers and keeping them, follow Jay Baer.

      35. Suzanne Lucas, aka Evil HR Lady, is a great human resources specialist.

      36. If you need help in using Twitter to boost your career, Claire Diaz-Ortiz can guide you in the right direction.

      37. Ryan Holmes is the CEO of Hootsuite, a social media management tool.

      38. Customers are the lifeblood of a business and Colin Shaw focuses on revolutionizing this customer experience.

      39. Brian Solis often reflects on the future of business and how technology can disrupt our world.

      40. Nancy Lublin provides advice on more lighthearted topics, which are perfect after a long day’s work. She is the CEO behind Dosomething.org, a portal designed for social change; and the founder & CEO of Loris.ai and Crisis Text Line.

      41. Katya Andresen provides advice on how to manage your career. She was the CEO of Cricket Media and now responsible for the SVP Card Customer Experience at Capital One.

      42. Gallup has created a system to test what your strengths are and how to use them at work. Jim Clifton is the CEO of Gallup.

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      43. Adam Grant is a Wharton Professor and the author of Give and Take, which provides advice on why being helpful at work can accelerate your career.

      44. Hunter Walk is a partner at Homebrew Venture Capitalist Company and has specialty in product development and management.

      45. If you’re running a nonprofit organization, follow Beth Kanter for expert advice on this area.

      46. Emotional Intelligence is necessary to succeed in your career, and Daniel Goleman is your expert for that.

      47. Rita J. King connects science, technology and business.

      48. Tori Worthington Rose is a Creative Director at Mary Beth West Communications, LLC. She has extensive experience in sales and digital media.

      49. If you’re looking for some advice on how to use writing and personal content marketing to boost your career, follow Ann Handley.

      50. Tim Brown is the CEO at IDEO and shares his insights on Leadership and Creativity.

      These are just some of the key thought leaders and movers in various industries. They will provide you with constant inspiration, as well as the willpower to pursue the career that you’ve always wanted. Their stream of expert ideas in their respective fields will help you become well-equipped in your professional pursuits.

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      Featured photo credit: LinkedIn Sales Navigator via unsplash.com

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