How to Build Wealth While You Are Young: Be Strategic in Your Career

Some of the most important investing you can do when you are young has to do with your career. Investing in yourself and being strategic in your career early on can help you reap immeasurable benefits down the road. It may seem like a simple concept, but just like investing money, it takes considerable time, thought, and planning to invest in your career the right way. Here are a few tips to help ensure you are on the right track and making the most of your career.

 

 

Choose Wisely

Do some homework on potential careers that interest you, and take the time to find a good fit. To do this, you need to do some introspection and get to know yourself well.

This may surprise you, but money likely should not be a big determining factor here. The key is to find a career that inspires and excites you. If you are strategic about the career you choose from the get-go and spend the time to find something you are passionate about, you are setting yourself up for success.

If you enjoy what you are doing, it will probably show in your performance, and if it shows in your performance, then the money aspect of the equation is likely to follow.

Focus on Strengths

Everyone has strengths and weaknesses. Sometimes we focus so much on improving our weaknesses that we forget to highlight our strengths. Again, knowing yourself well is going to help in this area because you have to identify what your strengths are. This is more than knowing what motivates you—it’s about focusing on your skill set and what you do well naturally.

Once you have identified your strengths, make it a goal to build on those strengths. Consider getting additional training or even furthering your education in that area, and look for opportunities in your career where you can position yourself in a way that you highlight your strengths. If you can find ways to show off your best self, the likelihood is greater that you will find yourself on a quicker path to advancement.

Build Solid Relationships

It is important to have good personal and professional relationships. When thinking about your career, you want to make sure you pay attention to your professional connections. Networking is a vital part of developing those relationships, and you’ll probably find plenty of opportunities to network with people if you take a look around.

However, you want to be strategic about where you spend your time and make sure that the networking you do is helping your professional development. Think about how different relationships might help guide you and your career in the direction you want to go.

Once you begin connecting with the right people, make sure you spend the time to nurture those relationships that matter the most. These relationships can end up being an invaluable resource—many times when you least expect it (for instance, in the event you make a career change).

Bring Home the Bacon

You want to make sure you are capitalizing on your efforts to the fullest extent. As you move down your career path (and hopefully up the career ladder), you may see some significant salary increases and bonuses. Make sure you put that money to work for you—pay yourself first by increasing your retirement account contributions before using the additional income for other purposes.

You might want to consider other ways you can use your strengths and passions to earn more money. Maybe you have a hobby that has the potential to earn you extra income. Having a side hustle or a part-time job can be a great way to reaching your goals and building wealth that much faster.

Moves like choosing the right career, focusing on your strengths, and building good relationships may not seem very related to financial planning, but you couldn’t be more wrong. These things are the foundation that much of financial planning is built upon.

If you spend the time to lay a solid foundation, the financial benefits are likely to follow. While work is a financial necessity for almost everyone, if you are strategic about it, you’ll have a greater likelihood of achieving your goals and having some fun along the way!

Contact us for a complimentary needs assessment phone call.

Elizabeth Young, CFP®

As Partner and Senior Wealth Advisor, Elizabeth Young finds it gratifying whenever one of her clients reaches a long-held goal with her help and guidance. Those “aha” moments drive the work she does for our firm, including serving as the primary financial planning contact for clients and overseeing general client service.