Newsletter: Ambition Pays: How Moving Roles Can Boost Your Bottom Line

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Welcome to the FI Mastery Journey, a weekly newsletter where you receive actionable ideas from me to help tame financial chaos, get your financial house in order and live your legacy.

Here’s how it works: each week, you’ll receive one article written by me. You’ll also get three simple questions that go along with the week’s article to help jog your mind and inspire you to take small, bite-sized financial wellness actions.

And, you’ll also get an inside look at the research I’m reading.

Follow along for one year and you will have completed all the work necessary to keep your financial house in order.

My goal in all of this work?

To provide you with the tools, resources, and insights to help you take one step closer to becoming the master of your own financial independence journey.

This Week at a Glance

• Check out this week’s topic on how to leave a job that’s no longer a fit. Even if you love your job, or are no longer in the job market, there might be someone in your life that could benefit from these insights.
• Last week’s terror attack in Israel has likely changed the market calculus on geopolitical risks. Check out the Analyst’s Corner for insights into how this recent event could influence market risk appetite in the weeks to come.
• ICYMI – be sure to check out last week’s post on turning market losses into tax gains. With only a few weeks left in 2023, this topic is essential for paying Uncle Sam no more than necessary on your taxable investments.

Why You Should Walk Away from a Less than Ideal Work Environment

What is the biggest career mistake that many high earning individuals make?

They stay in a job far past its expiration date.

And why is moving on from a bad job so hard to do?

Because leaving means change.

And let’s face it, few of us like change.

Especially when it means giving up on all the time and effort you’ve poured into a situation or simply anticipating the uncomfortable feeling of the unknown.

But you know what?

The truth is that walking away to take a job with more attractive benefits is not only good for you, it can also help keep you out of trouble.

How so?

Well, there’s the obvious fact that moving on can open the door to new possibilities and, as we discussed recently, can help you fast-track your way to financial independence.

More crucially, however, the truth is that moving on from an unproductive situation can help you avoid missed opportunities at best and disasters at worst.

But you know, when it comes down to it, walking away from an unfavorable work environment can help you avoid a potentially stalled or derailed career, a lifetime earnings shortfall, and even a long-term negative impact on your health and relationships.

Now, you might think, “this is all easier said than done,” right?

Well, here’s the thing.

It’s one thing to know when to walk away from a bad situation and another to take that leap into the unknown.

Your Career: How to Walk Away from a Bad Fit

That’s why taking the time to assess the costs of staying comfortable, understanding what could be holding you back from exploring career opportunities, and knowing which next steps to take can help ease your transition into an unpredictable and yet likely rewarding future.

Step #1: Acknowledge What’s Holding You Back

First, acknowledge the emotional factors that may be keeping you anchored to a less than ideal job situation.

Ask yourself: Are my feelings about my current role driven more by genuine satisfaction or fear of the unknown?

By separating immediate emotional reactions from deeper analytical thought, you can make more informed, rational decisions about whether to stay in or leave a job, ensuring your actions align with your long-term personal and career objectives.

Step #2: Assess the True Costs of Remaining in a Static Role

Periodically examine your current position for its impact on your career trajectory, financial prospects, and emotional well-being.

Ask yourself: Am I advancing professionally, earning what I’m worth, and feeling genuinely fulfilled in my current position?

Recognizing the potential downsides of staying too long in a stagnant role, from missed professional development to capped earning potential and emotional tolls, can help you make proactive decisions that enhance your overall life satisfaction and career potential.

Step #3: Proactively Prepare for the Next Chapter in Your Career

You can do this by staying actively engaged in your professional community, periodically checking in on your job satisfaction, and seek guidance when contemplating a career move.

Ask yourself: Have I set clear professional goals and am I taking steps to ensure that my current path aligns with them?

By continually reevaluating your career satisfaction, expanding your professional network, and seeking mentorship or advice, you can effectively position yourself to seize new opportunities and transition smoothly when the time is right, ensuring your actions are always in line with your broader life goals.

Read the full article here >>>

What I’m Reading

We’re all busy in the daily rush of things. That’s why I’m sharing a list of articles that I’ve read this week to help me stay on top of my own financial independence journey.

You can find links to these articles in the daily feed at app.fimastery.com

• Israel-Hamas War Brings Geopolitical Risks to the Forefront
• Lessons from History from Three Generations of Currency Crises
• 90/90 Minimalism Rule
• Americans Say These 3 Things Define Wealth – None of them Require Making a Lot of Money
• 5 Books About Retirement that will Prepare You for Your Golden Years

Thanks for taking a look,

Peter Donisanu