The term net worth seems to be thrown around all the time. But, is the average American working for a big company seeing her/his net worth actually increase? And what should a healthy net worth look like today for the average full-time employee? Is it the ability to pay for a yearly family vacation without putting the expense on a credit card? Is it the peace of mind one gets once monthly bills have been taken care of and a little bit is put into a savings account on a somewhat regular basis? Or is it more akin to being able to have the mortgage paid in full before retirement? Or is it the ability to have the luxury to retire early?
Simply put, this blog believes that a healthy net worth should provide you with the ability to be financially free, flexible, and professionally fulfilled. Keep reading to see how you, Dear Readers, can get there while working for someone else!
These days, it feels as if we are all very concerned with the not so small matter of having enough money to do stuff even though economists keep reassuring us that the American economy has recovered from the devastating 2008 recession (that is, of course, before the longest government shutdown in U.S. history battered some of us earlier this year).
However, JMS clients keep complaining that they have not yet regained the standard of living they had attained before the crisis. Here are some common threats that could make reaching for the healthy net worth more elusive than ever 10 years post-crisis:
- Disturbingly shrunken 401(k) accounts pushing retirement further away,
- Raided college funds (to cover living expenses when unemployment benefits ran out) are no match to the ever-increasing college costs,
- Grievances that the specific value of one’s home has not yet reached pre-recession level despite reassurances that the general housing market has finally recovered,
- Exorbitant medical bills decimated great credit scores when job loss occurred (not to mention no access to health care for a prolonged period of time).
Have you, Dear Readers, wrestled with these same threats? Is the American Dream quickly fading for most of us?
Fear not! This blog is here to reassure you that the American Dream is still within reach. Here is a solid three-year plan of attack to put into motion right now that can increase your net worth regardless of your industry.
Year One: Develop a Bird’s Eye View.
This blog acknowledges that you, Dear Readers, are already quite overworked and overwhelmed due to the seemingly unattainable expectations your supervisors are in the habit of setting without your input. This blog believes that to be as productive as possible, one must be in the habit of looking at the big picture rather than be bug down with minutia. Luckily, this is a skill that can be learned with a bit of practice. Consequently, regardless of your industry, start by spending time understanding how your position and duties fit within the infrastructure of your department or organization.
Most of the time, hard-working employees are so focused on their own daily performances, that they do not have the energy to investigate how all the pieces (e.g., fixed assets, upper management targets, budget constraints, debt servicing, to name a few) can impact 1) the productivity of their team and department, 2) the overall performance of the company or organization against industry standards and trends.
Year Two: Become a Trusted Asset.
Now that you have a better understanding of the basic structure of your company, the time has come to pinpoint new skills to cultivate that will transform you into an indispensable team member.
Say, you work for a company that plans to expand abroad in the next two years. Your
Say, you work for a research lab and you have heard at your quarterly huddle that the upper management team plans to modernize some aspects of your daily operations next year. You could volunteer to be amongst the first employees to be trained and train the rest of your team. This way, you add value by facilitating the transition when the system finally goes lab-wide.
As you see, Dear Readers, becoming a trusted asset is not about taking short cuts. Rather, it requires a serious dose of hard work and a sincere commitment to your own professional development. You will not have the time to rest on your laurels as company/organization objectives will continue to change over time.
However, your efforts will pay incredible dividends as you will be afforded the unusual opportunity to interact with middle and upper management teams. Furthermore, you will be noticed as a key player across different teams. This will be extremely handy in times of crisis or change of administration, as someone is likely to fight to keep you around since you have already proven just how valuable you are to the company or organization.
Year Three: Plan Your Exit Strategy.
Yes, Dear Readers, this blog believes that you should plan your exit strategy right now as you are reading this post. Why do you ask? Well, it is no secret that the U.S. labor market has seen a huge shift in philosophy over the last 30-40 years. But, in case you were living under a rock, let’s do a quick reality check: gone are the days when one could find a good job, work for 40 years for the same company, buy a house for one’s family, get a fantastic pension to retire at age 62.
Are prospects for advancement still within reach for everyone? Is job security fast becoming an obsolete concept? So, what is there to do? Take matters in your own hands Dear Readers and plan your exit strategy now by assuming that you want to leave your current position in less than two years. If you would like to hear more about how the JMS team can help you use year-end evaluations more strategically to increase your net worth as a full-time employee, email us at jms@branding24seven.com.
There you have it Dear Readers, this is how you strengthen your professional brand. Indeed, while companies make decisions to bring out the greatest amount of profits, this blog insists that every employee ought to make investments that will bring about the greatest return on her/his professional trajectory.
So, what are your thoughts? Doesn’t this beat praying for a huge lottery win? Do you, Dear Readers, have enough ammunition to create your own three-year plan of attack to grow your own net worth without being your own boss?
As always, we thank you for taking the time to read this post and hope that you are feeling inspired to fearlessly chase the life of your dreams. Leave us your comments or questions below and join the Branding24Seven growing community!
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