RULE #9: Don’t switch jobs purely for the money

Personal Finance
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With the holidays approaching, people are thinking about how to pay for all those gifts, travel home, a little something to treat yourself, perhaps. Maybe you’re thinking it’s time to dust off the resume and see if you can switch jobs in the new year. Wouldn’t it be great to get paid a little more?

Yet when we think about whether to switch jobs, how big a factor should money play in our decision? How do we know when it’s worth it to move? We put this question to our panel of 100 expert financial advisors, and they came back with answers that weren’t focused on the money question at all! 73% of advisors surveyed said: It’s not about the money!

1. The decisions to switch jobs is about so much more than money. Consider all the variables:

“The reality of today is you should not EXPECT any salary increase when switching jobs!  You should consider the emotional, financial, professional and family issues being created or resolved by the job transition.  Also, additional benefits could be a consideration for a job transition, regardless of “salary”…health insurance premiums, additional group insurance options, education reimbursement, childcare options, etc. When you understand how your life will change by switching jobs, sometimes it is better to switch jobs WITHOUT a salary increase!” – Jeffrey Cortright, CFed (Jenison, MI)

2. Think beyond money to meaning:

“Money isn’t everything.  Doing work that is personally fulfilling is sometimes more important than a 10, 15, 20, or even 25% salary increase.” T. Henry Yoshida, CFP (Austin, TX)

3. Get beyond the immediate future:

“Move for better potential!” – Financial Advisor Dan Crimmins, MBA (Woodcliff Lake, NJ)

 

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