A recent Forbes story detailed how a couple saved 71% of their income so they could retire by age 33. The couple truly embraces a frugal and self-sufficient lifestyle: they refrain from unnecessary expenditures (like dining out), fix household issues on their own and conduct research before making significant purchases – choices that ultimately provided them with the financial security to live the life they want.
Most things in life have a price tag and maintaining financial security is particularly important as your career progresses. Whether income from a summer job or an executive post, the money we bring in affects how we view ourselves both professionally and personally.
Maintaining financial security is vital to your career and knowing your value. Here are five steps you can take to get there.
Ban any limits:
Prevent your value from hitting the glass ceiling and refuse to accept any limitations on your self-worth. When entering the negotiation process, for example, don’t be afraid to ask for a raise or present a proposal that is priced in the upper figures of the budget. Back up your numbers with evidence that shows why you deserve what you’re asking for.
Do a lifestyle check:
If you want to build savings for the future, now is the time to evaluate your current lifestyle. Are you more interested in living in the here and now, or would you prefer to save for a comfortable future? Don’t put off thinking about what you want to do later in life and how you’ll finance it. Take practical steps to save extra cash and commit to a total that you’ll stash away on a monthly basis.
Don’t be afraid of money:
Put an end to figure fuzziness! Take time to understand money basics (savings, retirement funds, budgeting) and embrace the tax return season. Money and math don’t have to be frightening topics, and without basic numbers knowledge you won’t get a handle on your financial security.
Invest in upskilling:
Want to broaden your experience and build your case for a raise? Continue your professional development and invest in training or classes to strengthen your industry expertise. Upskilling doesn’t have to be costly – you can access many courses online for a small fee or even for free.
Do something for free:
Volunteering at a local shelter or fundraising for a charity on your own time will contribute to your value. Giving back is an important social experience, and as time is something we’d all like more of, your efforts will not go unnoticed.
Laura Dunn specializes in content creation, social media and bespoke PR, and works with brands, organizations and individuals in both the USA and the UK. Laura started blogging in 2008, creating her blog Political Style. Laura writes for The Huffington Post, Fortune and many other publications. You can follow her on Twitter here: @lauraemilyd.