Sep 24, 2020
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Career Lessons From ‘The Dumb Things Smart People Do With Their Money’

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Good money management makes for good career management. An emergency reserve can help you ride out a surprise layoff (or government shutdown). Savings might be invested into professional development or an entrepreneurial venture. Knowing you have a high-quality financial foundation can provide confidence to not settle for a lukewarm offer or to barter harder at your next raise request

 

By using the complementary relationship between money and career I used to be excited to read The Dumb Things Smart People Do With Their Money a brand new book from Jill Schlesinger one in all my favorite finance journalists. Dumb Things outlines 13 mistakes even smart people make with money

 

Apart from helping you manage your money better a laudable goal in and of itself listed here are four career takeaways: 1 – Plan your career around your life not the other way around The best form of money to have is enough – The Dumb Things Smart People Do With Their Money by Jill Schlesinger Dumb thing #3 is You Make Money More Important Than It Is

 

Similarly some people make career more important than this is forgetting that your career supports your life and never the other way around. Overworked professionals forego vacation days leave the office later and later and let professional projects and deadlines encroach on personal hobbies and family time. The best career move isn t necessarily about more (more money more responsibility higher title)

 

The best career move is towards whatever allows you to live a satisfying life – to satisfy your financial obligations fuel your interests and provide the day-to-day schedule environment and challenge you crave. For some people this suggests a C-level job but for others this may mean remaining somebody contributor working part-time or freelancing

 

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Why COVID-19 Is Hitting Black And Hispanic Children Especially Hard 2 – Make career decisions as a family Have the hard conversations now and get the outside help you would like to arrive common ground

 

– The Dumb Things Smart People Do With Their Money by Jill Schlesinger Two of the dumb things Schlesinger covers involve money issues with raising children and taking good care of elderly parents. As with financial decisions career decisions also involve multiple people not only the person doing the job

 

Relocating working longer hours traveling for work and starting a business are all examples of selections that one individual could make that would affect everyone living in that household. In case you re a dual-career couple you would like to have a frank conversation together with your partner about each of your career plans and the way you are able to manage each of your ambitions together

 

Childcare and elder care are additional separate discussions. Are you on the same page with everyone in your household about each of your career goals? 3 – Always have a back-up plan You re a nasty per­son in case you don t have a will. And I say that with the utmost love and respect

 

– The Dumb Things Smart People Do With Their Money by Jill Schlesinger I selected this quote because it captures the irreverent tone Schlesinger takes within the book making a dry heavy topic like financial planning accessible and fun to read. More than simply having a will Schlesinger advises on various topics around risk management insurance and monetary prudence (e

 

g. the perils of overspending or overleveraging). This careful conservative approach also needs to be extended to career planning. While you are able to t bequeath your job on your heirs (though you are able to pass on a business!) you are able to make contingency plans for taking good care of yourself and your household during a disruption in your career

 

There are many disruptions making long-term career security less assured – automation artificial intelligence shifting geo-politics. The recent government shutdown shows that no sector is immune. How are you able to build skills expertise and experience that may flexibly move across industries roles or geographies as your career must change? 4 – Rebalance and course-correct your career all the time Getting right with ourselves around money doesn t mean we have to be perfect

 

As a matter of fact it means accepting our mis­takes and rolling with them. Yes we ll screw up from time to time—and that s okay…. With money the very concept of rebalancing a portfolio assumes that the portfolio will become out of balance. That s fine because you re performing this rebalancing on a regu­lar basis

 

– The Dumb Things Smart People Do With Their Money by Jill Schlesinger A widely accepted best practice in personal finance is to regularly rebalance your investment portfolio. Through the years as markets fluctuate your investment allocation fluctuates. In case you don t proactively rebalance then your current portfolio could look very different out of your original intent

 

Similarly the job market changes. Once stable companies are upended by new competitors (e. g. Big Three Auto v. Tesla Sears v. Walmart v. Amazon). High-demand roles become obsolete (e. g. Y2K) and new fields emerge (e. g. big data cyber crypto AI). Your priorities wants and needs also change and decisions that were perfectly reasonable before may not apply

 

You are able to t expect to select one company and set one career path and just forget it. Where do you would like to rebalance and course-correct your career? The idea of Schlesinger s book is that even smart people make dumb moves with money. Similarly even smart professionals make dumb moves of their career – in job interviews in career change when networking

 

Read Dumb Things to avoid minefields together with your money and remember to be as thoughtful and proactive about your career

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