Let’s face it, we all think we need more money. Are you thinking about leaving your job for a higher salary or better benefits? As a Life/Career Coach I work with professionals who need to cut through the inner voices (saboteurs) that keep them from making sound monetary decisions.
So what are those inner ‘money’ voices saying to you lately?
I need more money! Here are some sage questions to consider (be honest!):
- Have you ever written out what you actually spend each year and in what categories? (Include those lattes and pastries, take out lunches, snacks, cigarettes, evening recreational drinks/substances, lottery/scratch tickets, cable TV/internet, ‘fun’ activities, vacations, eating out, gifts, sports, entertainment.)
- Categorize this list into ‘Wants’ and ‘Needs.’
- Who does your financial planning? Expert fiduciaries are the way to go!
- Have you saved at least 8-10 months of emergency funds?
- Do you and your spouse have current wills, durable powers of attorney, healthcare proxies, family trust?
- What is your debt, in what categories (credit card, mortgage, car, student loans, etc.)?
You may discover that your issue is not having enough money but spending more than you make. Did you know that a huge number of people over 50 have student loans, either from their studies or by underwriting their kids’ loans? Do you have a smart plan for paying your credit card debt?
I’m getting great benefits in this job…but! Here are some sage questions to consider:
- What are five really good reasons to leave behind the benefits you now receive?
- How have you practiced negotiating for your job interviews regarding, not just salary, but those important benefits, and more?
- Which benefits can you do without if you leave your job? Which are absolutely necessary to you or your family in this phase of your life?
Changing jobs for better benefits may be either a fool’s errand or a sign of great wisdom. How do you determine which? Here a financial manager with a fiduciary responsibility can help. Such a professional can help you know how much you’ll have at age 99, with inflation. We all need someone who will give us good, unemotional, objective advice.
I’d love to hear about your journey so far! Schedule a 45-minute meeting with me.