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Money Mistakes That Hold Back Your Career

Published: 
Sunday, March 17, 2013

Do you feel you are going nowhere getting your career started or moving up in your profession? While many factors contribute to this, a good place to start exploring is how much you have vested financially in planning for your career. You may discover you are making some common money mistakes, which may be hindering your career development. Republic Bank General Manger, Group Marketing and Communications, Anna-Maria Garcia Brooks shared with us some financial blunders that could impede a person’s desire to achieve career success.

 

 

SEEKING INSTANT GRATIFICATION
“Many young women today do not put aside as much money as they should in order to plan for their careers,” Garcia-Brooks explained. “Consumerism and impulse spending, especially on entertainment and clothing, are the biggest offenders.” She noted that our tendency to spend recklessly and accumulate debts without thought of whether we are financially able to repay them can cause our careers to come to a standstill or even regress, which she why she places such high emphasis on the importance of frugality and developing the habit of saving, rather than spending wildly for the momentary pleasure of instant gratification.

 

 

RELIANCE ON YOUR PARTNER’S INCOME
Even today, some women tend either to put their careers on hold for that of their partner or they settle for unfulfilling careers. “No woman should allow herself to be totally dependent on her spouse or partner for financial stability. Those days are long gone. Women need to develop financial independence from an early age,” Garcia-Brooks pointed out, adding that we need to put aside sufficiently to facilitate our professional advancement. 

 

 

MAKING CAREER CHOICES BASED SOLELY ON FINANCIAL REWARDS
Making a lot of money in your job does not necessarily equate to happiness. “A career choice should be a combination of financial reward as well as personal satisfaction,” Garcia-Brooks emphasised, stating that we should first choose careers in which we will be happy and feel emotionally fulfilled. “No amount of money compensates for the lack of personal fulfillment of being in a career or in a company which makes you unhappy. A good balance is required.”

 

 

NOT TAKING ADVANTAGE OF CAREER ASSISTANCE
Whether it is in the form of a university scholarship, an on-the-job internship or employer sponsored training, many of us simply overlook opportunities for financial assistance in starting or advancing our careers. Wise career planners actively seek out these opportunities for full or partial funding of their education and training, and are disciplined enough to do the work necessary to take advantage of them.

 

 

LAGGING BEHIND ON CAREER TRENDS
The world of business is constantly changing with technology advancements and new career specialisations. Failure to keeping pace with changes can be financially detrimental to our career development. Garcia-Brooks stressed this, noting that we need to be more focused on and invest in continuous learning and on acquiring the knowledge and skills that will make us more marketable and assist in our career advancement.

 

 

SKIMPING ON PROFESSIONAL CAREER PLANNING ADVICE
Many choose not to seek career advice because it comes at a cost. This can be a financial blunder on our part, since it is an investment which may lead to a more financially rewarding position. “It is always wise to seek as much professional career planning advice as you can get,” Garcia-Brooks recommended. “Skimping on it could result in poor decisions down the road, which could potentially derail your career.”

 

 

CONSTANTLY LIVING ON THE EDGE 
“It’s never a good practice to live on the edge constantly,” Garcia-Brooks noted, elaborating that when we live on the assumptions that the money will always come, that our salaries will continue to increase, and that we make enough money to take on additional debts, we put our livelihoods in jeopardy. Living on the premise that the ‘rainy day’ will never come may be one of the biggest career planning money mistakes we can make.

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