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So you've spent many years studying towards your chosen career and now you're logging in hours at the office using those hard-earned skills but do you really love your job? When your 9-to-5 becomes something you are passionate about, it’s likely you’ll excel at it and succeed financially. But turning your monthly income into real wealth takes a little extra know-how.
Here are a few tips to stop living month-to-month and start reaping real rewards:
Know how much you need to earn
When you start looking for your dream job, know how much you need to earn to cover your expenses first. Draw up a budget and be sure to include savings.
It’s also important to know your worth. Find out what it is by researching industry salaries from local salary surveys (recruitment agencies are a good place to start) so you know what’s on offer and how much you could expect to earn.
Consider the whole package
If you find your perfect job but the salary isn’t great, find out about other perks like training opportunities.
Often ongoing training and transfer of knowledge and skills can be more valuable than a higher salary when you first start out, because you will not only accumulate intellectual wealth but increase your marketability too. This can act as a motivation for a pay increase at a later stage.
Create real wealth
While many view their salary as just a means to live a comfortable life, be wise and instead use it to create real wealth. Save a portion of your salary every month – and start as soon as you receive your first pay check. Even if it is a small amount in the beginning, anything is better than nothing!
If you keep this up throughout your working years, you should be able to provide for yourself, and family, long after you have stopped earning.
Protect your earning potential
While it’s not fun to think about, the reality is in an instant you could become disabled in an accident or lose the ability to work due to serious illness. If this happens, who will look after you?
The sobering answer is you.
To help buff against situations like these, do some research to find out about income protector and disability cover and decide if it should form part of your financial plan.
If you already have cover in place to protect your earning potential and are saving a portion of your salary, the next step is to incorporate them into a larger financial plan. This will go a long way in helping you fulfil your financial goals and generate real wealth.
Are you a money savvy sister? Share your finance tips with other readers below.
Here are a few tips to stop living month-to-month and start reaping real rewards:
Know how much you need to earn
When you start looking for your dream job, know how much you need to earn to cover your expenses first. Draw up a budget and be sure to include savings.
It’s also important to know your worth. Find out what it is by researching industry salaries from local salary surveys (recruitment agencies are a good place to start) so you know what’s on offer and how much you could expect to earn.
Consider the whole package
If you find your perfect job but the salary isn’t great, find out about other perks like training opportunities.
Often ongoing training and transfer of knowledge and skills can be more valuable than a higher salary when you first start out, because you will not only accumulate intellectual wealth but increase your marketability too. This can act as a motivation for a pay increase at a later stage.
Create real wealth
While many view their salary as just a means to live a comfortable life, be wise and instead use it to create real wealth. Save a portion of your salary every month – and start as soon as you receive your first pay check. Even if it is a small amount in the beginning, anything is better than nothing!
If you keep this up throughout your working years, you should be able to provide for yourself, and family, long after you have stopped earning.
Protect your earning potential
While it’s not fun to think about, the reality is in an instant you could become disabled in an accident or lose the ability to work due to serious illness. If this happens, who will look after you?
The sobering answer is you.
To help buff against situations like these, do some research to find out about income protector and disability cover and decide if it should form part of your financial plan.
If you already have cover in place to protect your earning potential and are saving a portion of your salary, the next step is to incorporate them into a larger financial plan. This will go a long way in helping you fulfil your financial goals and generate real wealth.
Are you a money savvy sister? Share your finance tips with other readers below.
