Top Things to Consider When Starting Your Career

Starting a new career is an invigorating time. Going into a new field ignites passion within you and gives you a sense of purpose. However, passion and purpose alone won’t fund your lifestyle. Your career should allow you to reach your financial goals throughout life. Here are the top things to consider when starting your career.

Lifestyle Goals

While choosing a career, consider the lifestyle you seek to have. If you want to travel and live a location independent lifestyle, you cannot work a traditional office job. Envision the type of lifestyle you want to have and see if the salary and time commitment of the job will afford you that reality.

Growth & Opportunities

All careers have an entry level point, but in time you should want to advance in your field. Do your research to see what opportunities you’ll have to grow and take on more responsibilities. Moving up in a career will allow you to increase your earning power and your marketability as a professional. Make goals for where you want to go within your career and find ways to work up to that point.

Healthcare

Having great benefits are crucial in maintaining financial security. Look for jobs and companies that offer good healthcare plans. This can save you thousands of dollars over your career. Maintaining your health and wellbeing is a critical part of moving forward in a successful career. When comparing companies to work for, compare their different insurance plans and analyze what is better suited for you.

Home Ownership

Determine whether or not your prospective career allows you to enter into homeownership. If you work in a field where you are traveling a lot you may not feel secure in buying a home. Calculate the salary you’ll make in your career and whether or not it will allow you to reasonably afford to own a home in your area. Being a homeowner is a great investment for your financial picture, so see if your career allows you to make that financial commitment to your future.

Retirement Savings

There are many life factors to consider when entering into a new career. Many fail to recognize that they should be planning for the end of their career as well. It is never too early to start planning for your retirement. Look into the different retirement plans offered in your career.

Retirement Questions to Ask Yourself:

• Do any jobs offer a pension?

• How many companies contribute to a 401k?

• Will you be a contractor or self-employed and need to set up your own retirement savings?

Looking at the full picture of where your career will take you will assure longevity and success. Look at all aspects of how your career will affect your life, even after it is over. Email Carolina Money Minders today so we can discuss how your career will impact your financial future.