Career development is often seen as one of the most important predictors of financial stability. Having a steady and reliable source of income helps ensure the financial security, and developing a successful career is key to achieving that goal.
Statistics show that having a college degree or some form of post-secondary education increases the likelihood of obtaining higher income levels. According to the Bureau of Labor Statistics, those who have received at least a bachelor’s degree have an average salary that is more than twice as high as those with only a high school diploma. Research by the United States Census Bureau also found that individuals who had completed at least some college education earned significantly more than those with no college education, even when controlling for gender, race, and age.
Career development directly impacts how you handle finances to the point where the latter can become the basis and motivation for the former. Here are a few financial targets that you can set to further your career.
Mortgage Payment
You will always require a place to stay, and a mortgage payment is often the best way to secure that need. Making your monthly mortgage payments on schedule shows financial responsibility, which employers appreciate. This will improve your credit rating and also demonstrate reliability to potential employers.
Most mortgage terms happen for 15-30 years, which means you will have to hold down a job to pay that mortgage off. Your mortgage payment can motivate you to stay ahead of career development and increase your earning power over time. Since it is a regular payment, you will have to remain competitive in the job market and increase your salary to keep up with rising costs. Fortunately, you can get affordable mortgage loans to leave you with room for advancement. Many companies offer mortgage loans with competitive rates and flexible terms.
Medical Bills
People often think hospitalization won’t happen to them, so they don’t prepare for it. However, the thought of needing hospitalization can be a powerful motivator to pursue a stable career and income. Medical bills can quickly accumulate and become overwhelming for those who do not have health insurance. Without a reliable income, covering these costs becomes all the more burdensome. Additionally, there is the risk of any hospital stay resulting in long-term medical conditions or complications that may require continuous care and treatment.
For those without a steady income, the impact of medical bills can be severe and long-lasting. The average cost of an inpatient stay in a hospital is over $17,000 per day, making it an expensive proposition even after insurance deductibles are met. Furthermore, most health plans do not typically cover any out-of-pocket costs associated with treatment—such as medications or specialized equipment. Individuals may struggle to make a difference without adequate financial resources to cover these expenses.
The fact that medical bills can quickly add up makes it paramount for people to have a stable career and income to plan for health emergencies before they occur adequately. Establishing an emergency fund specific to medical needs is one way to prepare for unexpected hospital stays or treatment costs. Most experts recommend saving at least three months’ worth of expenses in case of such an emergency. Other suggestions include purchasing supplemental coverage if your existing health plan does not provide enough coverage when you need it most—such as when hospitalized or dealing with serious illnesses requiring expensive treatments.
Vacations
Having a successful career means you can afford to take time off and enjoy life. Vacations are essential for mental health, relaxation, and exploring new places. While having financial resources available to cover these costs is necessary, having the right job will help guarantee that your vacation plans don’t come with any unpleasant surprises.
Still, having the vacation you desire can be challenging without proper financial planning. Setting aside a certain amount of money from each paycheck and investing it in the right places can be one way to guarantee that you have the necessary funds for your vacation. Additionally, having an emergency fund for travel expenses can provide peace of mind when dealing with unexpected costs such as flight cancelations or other urgent matters requiring fast action.
Final Thoughts
Career development and financial stability go hand in hand. A successful career is essential to achieving financial security, but it doesn’t have to be an uphill battle. Setting achievable goals such as mortgage payments, medical bills, or the ability to take vacations can be powerful motivators when it comes to finding a job and developing your career. With careful planning and mindful budgeting, individuals can secure their future without sacrificing their current lifestyle.
