Smart Money Moves for Mid-Career Professionals

Why Do We Need Smart Money Moves?

You're working hard, putting in the hours, and crushing it in your role. But deep down, something might be nagging at you. Sure, the paychecks are decent, but is your money setting you up for the career and life that you really want? Maybe you want to get a promotion, make a bold career switch, or even take a break to travel and gain new perspectives.

Here's the deal: smart money decisions pave the way for the kind of career flexibility and opportunities you're dreaming of. Think of it as unlocking new levels in your professional journey!

Master These Money Moves (No Finance Expert Needed)

I understand that dealing with money can get a little overwhelming, especially if it's not your strong suit. Let's break down a few simple yet powerful moves you can take, no financial guru is needed.

1. The "Know Your Numbers" Challenge

When was the last time you checked in on all your accounts? Grab your favorite beverage, get cozy with your bank statements, and understand where your hard-earned cash goes.

Action Step for You: Dedicate an evening to listing out your income, your recurring bills, and where you spend on "extras" like takeout or subscriptions. An Excel or Google Sheets will do to input and monitor your data. Having this info is pure power!

2. Pay Yourself First

Think of saving as a non-negotiable "bill" you pay yourself. Even a small amount becomes mighty over time, especially for reaching mid-career goals like switching fields or taking a skill-building sabbatical.

Action Step for You: Set up an automatic transfer from your checking to a high-interest savings account on every payday. Make it a habit and make it automatic! You’ll be surprised how much you will save with this financial hack.

3. Tackle Debt Strategically
If you have debt, consider if it's "good" or "bad" debt.

• Good debt - like a mortgage on an appreciating asset, can wait
• Bad debt - high-interest credit cards should be crushed aggressively.

Action Step for You: There are 2 main ways that people use to pay off their debt: Paying off debt based on interest rates or the “snowball” method.

Paying off debt based on interest rate - Focus on paying off the debt with the highest interest rate first. Once that's gone, roll those payments into attacking the next highest-interest debt on your list

Snowball Method - Pay off the smallest debt first. Once that’s paid off, roll those payments into paying off the next lowest debt.

4. Invest in Your Earning Power

Professional development is key at this career stage. Consider a certification, an online course, or even attending a conference to level up your skills. It shows initiative and can make you more valuable.

Action Step for You: Is there something that would make you stand out in your field? Research the cost and start making room in your budget for it. Or even better, see if your employer will pay or reimburse you for the learning opportunity.

5. Own Your Worth

Never settle for less than you deserve! Research average salaries for your experience level and location. Be prepared to negotiate any job offer confidently and backed with facts.

Action Step for You: Practice your negotiation skills with a friend or mentor. Role-playing makes it less scary when the time comes.

Resources to Level Up Your Financial Game

The Financial Diet

A relatable website and YouTube channel with money management tips geared towards working professionals. Click here to check their website.

Clever Girl Finance

A great resource for women looking to take charge of their finances. Click here to check their website. 

Your benefits package
Many companies offer matching 401(k) contributions or tuition assistance programs – check what's available to you!

Managing your money isn't just about numbers; it's about unlocking the possibilities you deserve in your mid-career and beyond. You don't need to be a financial wizard – start with small steps, keep it consistent, and watch those wins build up. Think of it as fueling your ambition – the career of your dreams is well within reach!

Good luck!

Lauren

P.S. If you want to hear from a bona fide financial expert, check out my Tyche Talk with Ariel Nathanson where we discussed “Understanding Investing Principles in 2024”!