Making money is not a great goal for your career. Money is an outcome, but it’s rarely entirely under your control. In many cases, money is a choice based on my personal and professional goals, which change throughout your career. Earning potential is most often maximized when people are doing work they are continuously curious about, are challenged by, and work that feels like it fulfills a purpose beyond themselves.
However, as these elements continue to unfold, there are implications for your choices that you should continue to be aware of as you consider your career arc.
Supply and demand still rule the market when it comes to making money. You are marketing your talent and are free to make choices directly impacting your ability to make more or less money.
There are tradeoffs people make for money all the time. Some people choose to give up their relationships, even if for only a season, to maximize their income. Some people climb the career ladder seeking to become a CEO or premier business leader to make the most money possible throughout their career. In these cases, there are market realities that indicate that elite people at a specific skill can demand more income. People with a specialized skillset, doctors, scientists, musicians, artists, lawyers, etc., are deeply specialized. The better they are, the more money they will make. So, one way people can make more money is to become elite in technical or functional skills.
Whether early in your career or mid-career, you can identify specific gaps between you and people who are more elite than you. Doing so will establish a development plan that can make more money. This thorough investigation is a gap analysis showing what, in theory, the market indicates could make you more money.
Building your ability in the revealed gaps and becoming more elite will only garner you more income if you can gain market share in the same market that needs this select set of skills. You would need to research how you can further develop your core strengths to maximize income with companies or groups of people who desire this expertise.
The second method to increase income significantly is to consider the span and scope of leadership you can pursue to increase your importance to a company or marketplace. It is clear that the larger the role or level of importance you have in a group or organization, the more money you can make if they perform well.
Similar to building expertise in a technical area, it is possible to do a gap analysis on your ability to lead people across different spans or scopes of an organization.
You will likely need to gain important leadership skills if you are a manager and want to get to a VP level. Some skills required are carrying out performance appraisals and project management, creating strategy, and stewarding financial budgets.
If you are a Director and want to be a CEO, you need to control capital budgets, balance sheets, and impact entire industries.
Climbing the ladder of leadership or technical skills can provide substantial financial rewards not only in a singular company, but also as a consultant or advisor.
Every situation has opportunity costs to consider along with the potential immediate financial rewards of base salary, bonus opportunities, long term incentives, health care, retirement programs, vacations, and other benefits.
You are spending your valuable time to gain this financial reward. Your time is the most valuable asset you have. Money is important, but your work can’t cause life problems or it isn’t worth the time. Ideally, you have the Freedom to use your Mastery to create the Legacy you want to leave based on your most essential values and purpose of your career life.
Yes, in some seasons, you may be sacrificing certain portions of your personal priorities to gain financial freedom, but make sure you are aware of it and have buy-in from those around you who can support you.
You will not have a legacy if all you do is chase the money. Material things are not a legacy left. A good legacy is only measured by the positive impact you have on people. However, if you maximize your talents for the good of someone else, your financial reward could become a beneficial outcome that helps you establish a powerful legacy.