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10 Lies to Stop Telling Yourself About Your Career

10 Lies to Stop Telling Yourself About Your Career

Forty years ago, when you got a job, you had a career. The turnover was a fraction of what it is today. Today, moving from one career to another is commonplace. It’s normal for an average worker to change jobs and/or careers multiple times within a ten-year time period.

Even with these statistics, many people still end up settling with average, uninspiring jobs and tend to forget that they actually don’t like them. Maybe they’re afraid of not finding another job or that they will never do better than what they have now.

There are many reasons why you might choose to stay in a career that you don’t enjoy. Fear, lack of confidence, or willingness to accept the status quo are all reasons you might stay in an unfulfilling job.

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The problem is that you may be lying to yourself and are wasting precious time that could be spent doing more meaningful work. Here are 10 lies you should stop telling yourself about your career:

1. “I will only stay for another year.”

We all have said this at some point and many times that year turns into 5 or 10. Don’t put off the inevitable. If you know it’s not the right career, make that change now!

2. “I went to college for this.”

Just because you got your degree in English Literature doesn’t mean you should suffer through a boring and meaningless career. There is no reason that you can’t go out and become a project manager, freelance photographer, or healthcare administrator if that’s your true passion. The fact is that more than 70% of people in the workforce don’t work in a field related to their college degree.

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3. “There are no jobs out there.”

This statement is ridiculous. Yes, unemployment is just below 7% in the U.S. right now, but there are jobs available everywhere. If you can’t find a job, you simply aren’t looking hard enough. A company will always make room for high-quality people who know how to sell themselves. If you truly believe you will be a valuable asset to another company, you can find work. Period.

4. “The pay is too good to leave.”

This is a very dangerous trap to believe in. Once you become used to making a certain level of income, your lifestyle expenses seem to follow, which makes it hard to consider a lower paying career. Remember, money is just paper. You cannot put a value on your life experiences and you will never get time back. Do something you love; it’s a far greater investment.

5. “I don’t know how to start over.”

While this is a valid concern, many people get so caught up in the fear of not finding another similar job that they do nothing. Being burned out in a dead-end career will slowly drain the energy and passion from you. Starting on a new career path, regardless of your age, may be exactly what you need.

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6. “My company needs me too much.”

Even if you work as the sole employee in your company, you can be replaced. It doesn’t matter how specialized your knowledge or how integral you think you are, you can be replaced. Don’t allow yourself to feel guilty for wanting to leave a career you don’t enjoy simply because you think your company will fail if you do.

7. “I’m not too unhappy.”

This lie is a dream-killer. Millions of people tell themselves that “everyone hates their jobs” or “there are worse careers.” Do not let yourself fall victim to this lie! We will spend upwards of 90,000 hours of our lives working and it should be doing something we are passionate about! Sure, everyone dislikes their jobs at some point, but if it becomes an everyday occurrence, consider a change.

8. “I’m too old to start a new career.”

Your age is just a number and you get one shot at this life. Staying in a career because of you think you’re too old to start fresh is foolish. As long as you’re willing to learn and get out of your comfort zone, there is no “too old.”

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9. “I’ve put too much time into my career.”

Unless you are at risk of losing stock options or a significant pension, the time you have spent in your career should not be a limiting factor in leaving for a new path. Most companies use defined contribution plans now (401k) that can be rolled over into new plans or IRA’s if you leave. There’s an old proverb, “don’t throw good money after bad.” The same holds true for your years.

10. “I don’t know how to do anything else.”

This is another common lie people tell themselves. What this really means is, “I’m not willing to get out of my comfort zone and learn new skills.” Even if you feel as though you have no other marketable skills, you most certainly do. And these can all be honed by a little education. Learning is something you should be doing on a continual basis regardless, so why not use it to your advantage?

Just remember, you will spend between 40 and 45 years of your life working a job. Do not allow yourself to fall victim to these lies, which can rob you of your precious time. Instead, try to honestly assess your happiness in your current career and if you need a change, don’t wait. Do it now!

Featured photo credit: tanea hynes via flickr.com

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Published on May 7, 2019

How to Invest for Retirement (The Smart and Stress-Free Way)

How to Invest for Retirement (The Smart and Stress-Free Way)

When it comes to stocks, I bet you feel like you have no idea what you’re doing.

Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

Here’s how to invest for retirement the smart and stress-free way:

1. Know Clearly Why You Invest

Odds are you already know why should invest for retirement.

But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

  • Will you spend more time with your family?
  • What does retirement mean to you?
  • Are you looking to launch that business you’ve been holding off for years?

Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

2. Figure out When to Invest

“The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

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A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

Investing your money well depends on your emotions.

Why?

Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

4. Open a Reliable Retirement Account

Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

  1. Vanguard
  2. TD Ameritrade
  3. Charles Schwab

5. Challenge Yourself to Invest Consistently

Committing to invest for retirement is hard, but continuing to do so is harder.

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Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

6. Consider Where to Invest Your Money

The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

Robo Advisors

Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

Bonds

Think of bonds as “IOUs” to whomever you buy them from.

Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

Here are the different types of bond categories:[5]

  1. Treasury bonds
  2. Government bonds
  3. Corporate bonds
  4. Foreign bonds
  5. Mortgage-backed bonds
  6. Municipal bonds

Mutual Funds

Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

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Real Estate

Yes, buying a home is an investment when done correctly.

Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

Savings Accounts

Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

7. Master Disincline to Dodge Short Success

Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

So how can you master delayed gratification?

By building your discipline.

Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

8. Aggressively Invest on This One Investment

I’ve mentioned several types of investments but haven’t covered the most important one.

It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

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More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

But, how can you invest yourself?

Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

Retire Happy with Excess Money

The key to a secure financial future doesn’t only belong to financial experts.

It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

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Featured photo credit: Matthew Bennett via unsplash.com

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