It is hard to believe that 2022 is only a few days away. As we enter a new year, it is a good idea to take stock of where you are with your career and make some plans for the new year. If you are wondering what you should be thinking about, here are some tips that should help.
Salary
A lot has changed in terms of salaries over the past year. As there is a labor shortage and employers are increasingly desperate for workers, salaries have gone up in many industries. It is a good idea to compare your salary to the market rate in your area of the country. You can google salaries for your job title in your city and see what the median salary is. From there you can have a conversation with your boss if you feel you are being paid too low. For example, if the median salary for your job is $55,000 a year and you are being paid $48,000 and your performance is good, it would make sense to ask for a raise and have a justification as to why you deserve such a raise. Since there is a high cost of turnover, your supervisor may be willing to give you a raise as opposed to dealing with the consequences if you walk out the door and go work elsewhere.
Retirement and other financial goals
As home values and the stock market has hit all-time highs, many people are now considering retiring early. If this is the case for you, congratulations! The segment of the workforce that has been least likely to return after the pandemic is those who are aged 55 and older. At the end of the year, it makes sense to look at your accounts and decide if you want to make any changes. If you are unsure of what to do, it may make sense to talk with a reputable financial advisor. If you are younger, you might be considering saving for a house or contributing to a child’s college fund. The end of the year is a great time to see if you are on track with any of these goals. If applicable, it may make sense to look at or revise any budgets you have to see if you can shift more of your paycheck into a retirement account. Of course, this varies by each situation. If you own your own business, it makes sense to look at your revenue and expense and see if you would like to make any adjustments or set any new goals for 2022.
Considering a side job or a new career
Today it is easier than ever to have a side job to supplement income. For example, door dash, uber, lyft, and delivery services are readily available. These can be convenient because you can do this for as many hours as you’d like on your schedule. Also, picking up a second part-time job in a restaurant or bar is probably an option as service jobs have a shortage of workers. There are of course other options depending on your interests, skills, and abilities. If your looking to grow your savings these may be palatable to you. You also may want to consider a career change. With the job market the way it is, this could be a great time to consider such a move. It is important to keep in mind though that any career change can be helpful and it is helpful to have a financial cushion when making such a move.
The beginning of the new year is an ideal time to assess your career and financial goals. If you are wondering what to start, looking at your salary, your financial goals, and considering a side job or a new career are important things to consider. If you are struggling with this or any other aspect of your career, career counseling can help. Contact me today for further assistance.