Personal Finances and Career Satisfaction

Personal Finances and Career Satisfaction Three Steps  to  Better  Manage  Personal Finances  and  Boost  Career Satisfaction     Did you know that financial literacy directly correlates to  your  personal and professional success?     The bad news is that poor  financial  literacy  in corporate America  is  negatively impacting  most  employees’  professional achievement.  For example, many people start their first jobs without  an understanding  of a  credit score, managing a budget,  or  contributing to a  401(k).  Without proper education, one wrong financial move  (even  while  earning money)  can  cause intense  financial  stress that spills over into the workplace.     As many know from personal experience, dealing with stress on the job  directly impacts a person’s happiness at work and  can be  synonymous with low productivity, fatigue,  and  even  a decrease in career opportunities.  For employers, the ramifications can be worse. By the numbers, stress is  estimated  to cost U.S. businesses $300 billion annuallyâ€"or  about  $2,000 per employee  per  year.   The aftermath of poor money management and its effect on a person’s career satisfaction cannot be ignored. To  take control of your financial life  â€"  and make your  career  more fulfilling  â€"  take the advice I learned  after speaking to  Michael Thiemann, co-founder and CEO of  Zebit, a financial wellness benefit company  that offers both financial resources and a credit safety-net to hardworking Americans.       Thiemann  explained that financial wellness goes beyond using a few financial tools or saving for retirement; it is a sense of financial stability that comes  with financial literacy, planning,  and money management,  so responding to life events is only a bump in the road, rather than a financial disaster.     Here are Michael’s three key tips:   1- Manage Money for Your Future Self.     First,  create a budget and stick to it,  making sure you have  calculated  how much you need  to set aside for  lifestyle expenses  â€"  e.g. entertainment, vacations, etc.  â€"  as well as  emergency  savings and retirement. If you are currently in debt, make sure you  aggressively  budget to pay it off.     Thiemann  says, “By having  a holistic understanding of your financial situation,  you can stay  in control of your finances  and  focus on the important things in life, like thriving at the workplace.”  To get started,  Michael suggested checking out  free assessments  and budgeting tools  like  Zebit’s  free,  fast,  and easy  Instant Budget  app.     2 Expect Surprises.     From getting a flat tire to the refrigerator breaking  down, no one is immune to surprise expenses.  Thiemann pointed out that  these surprises  can  come with high price  tags.  What do you do if you are  strapped for cash? Thiemann advises against  using  risky financing alternatives like  payday loans, high-interest credit cards,  or rent-to-own services where one wrong move creates a spiral of debt and stress.     “By weighing your options, reviewing  contracts,  and  understanding  the total cost of a purchase with interest, fees, or penalties,  you can  be prepared to  responsibly  respond,”  says Thiemann. “I would also suggest  looking  for  no-cost  credit safety-net options that can be used to finance large or unexpected purchases  at retail prices.”   3 Benefit from Employer Financial Wellness Programs.     Employers who invest in educating employees in personal finance will see  a 3 to 1 return on investment,  improve their bottom line, and enjoy a more  productive workforce.  Thiemann suggests talking to your  HR department to determine  which  financial wellness programs are available at your company. You may be surprised to learn that there  is  a wealth of resources provided that  offer advice  on  investments,  loans,  mortgages, social security,  and more.  Many  times  they are free or included in your current benefits.       If your employer is lacking a solution, suggest a free and  complete financial wellness  benefit  that  covers  education, interactive training, budgeting resources,  and access to interest-free credit offerings.   To help working Americans better manage money and minimize their financial stress, Thiemann and  Zebit  recently partnered with  Shark Tank  mogul Barbara Corcoran. By joining forces, the two entities advised on steps for reducing stress brought on by financial woes.       As one of 10 kids who grew up in a blue-collar family without material advantages, I not only understand firsthand the worry associated with cash constraints, but the importance of feeling empowered to overcome setbacks, said Corcoran. We cant sit around and let financial stress cripple opportunity, but rather educate employers on their critical role in helping consumers become financially fit.     There will never be a magic wand for getting personal finances in order. It takes education, commitment,  and a plan. By following the above principlesâ€"and a few tips from Barbara Corcoran herselfâ€"professionals can better chip away at handling cash flow, while setting themselves up for a happier career path.       Join Dana  Manciagli’s  Job Search Master Class  now  and get the most comprehensive job search system available! #personalfinances #careermanagement #careerpath #danamanciagli