Have you ever heard the phrase “there’s more than one way to skin a cat”? Building wealth is a lot like that. You can get rich saving from your 9-5 job, you can win the lottery, start a business, or find one of plenty unique ways to grow your financial security. But that doesn’t say anything for your work-life balance. Having the right job matters!
Why having the right job matters (almost) as much the paycheck
That being said: what’s going to skin fluffy better, a knife or a spoon? Apparently 80% of affluent people (millionaires) are self-employed, and even that statistic isn’t entirely accurate, entrepreneurs definitely dominate the majority of wealthy folks.
So working for yourself and growing a successful business enhances your knife skills, metaphorically speaking.
That’s great, but you’re probably reading this because you’re not a millionaire (yet) and I’m writing it because neither am I. The reality is that whether it’s at your own business or a day job you have to work to pay your bills. What’s important, though, is making that job as right as it can be while you work on other things.
What you should look for in a position (besides money)
- Work hours. If you have young children this is especially important. Want to be there for dinner? Tuck them into bed? Need childcare? Work-life balance matters more than a few extra toys under the tree.
- Paid time off. What kind of vacation, sick or personal days, bonus paid holidays and other perks (like paid lunch) does the position offer?
- Commute. Besides the obvious costs involved time going to and from work, unless you can do something else productive or that you enjoy a lot, is not your time. Factor that into your hourly wage.
- Benefits. Health benefits in the states, prescriptions, dental, and drugs here in Canada. Some places have life insurance, parental leave top up, and other perks.
- Experience. Is the experience at the job going to open up better paying jobs or more exciting roles in the future?
- Enjoyment. This one will really change your entire outlook on life so it’s kind of important.
At the end of the day when you’re working a good job you can find the energy to work on what matters to you. If that means you can bring in an extra thousand bucks a month on your side hustle or focus on growing your business then the wealth difference in the long term will favour the lower paying, better position.