I’ve written a lot about aiming for a severance package to ultimately lead a more fulfilling life. Learning how to get laid off is ironically a great way to learn how to avoid it. In this post, however, I want to focus on how to boost your income and climb the career ladder faster.
For most of us, the quickest route to financial independence is through our day jobs. The more you earn and the faster you climb, the more you’ll have to save and invest. And the more you invest, the sooner you can enjoy financial freedom!
You might wonder what qualifies me to offer career advice. Well, by 27, I was a Vice President at a major Wall Street firm, a title usually reserved for those with much more experience. I achieved this milestone quickly, coming from a non-prestigious school and without any insider connections.
The truth is, the chances of making VP from such a background are slim. Most don’t last three years in such a cutthroat industry, let alone ascend to upper management. But I survived the grind for 13 years before my “legs” gave out.
Here’s what I learned from my time on Wall Street, which applies to any industry:
1. Promote yourself 50/50: Many shy away from self-promotion, but it’s crucial. You need a balanced approach: sell yourself 50% internally and 50% externally. This means becoming indispensable not only to your clients but also within your own company. It’s essential to be visible and well-liked in your department.
2. Build top-level connections: Survival in your career, or accelerating it, hinges on relationships at the top. I used to invite senior leaders for a meal to understand their roles better and see how I could contribute more effectively. No one declines a free lunch, and this strategy never failed to enhance my network and visibility.
3. Create a strong support network: This involves connecting not just with those above you but also around you. Establishing good relationships with direct supervisors and colleagues can protect and advance your career. Even those who might initially see you as a threat can become supporters when they know their bosses value you.
4. Emulate your boss’s interests: It’s helpful to align with your boss’s likes and interests. This doesn’t mean superficial flattery but genuinely engaging with things that matter to them. Whether it’s sports, culture, or community activities, shared interests can forge stronger bonds.
5. Treat all colleagues well: The true measure of your character is how you treat people without influence over you. Be a mentor and supporter to junior staff. Remember, today’s junior employee could be tomorrow’s leader.
These strategies helped me not only survive but thrive in the corporate world. By 31, I was promoted to Executive Director and stayed in that role for four years before I chose a path of entrepreneurship for more freedom.
If you feel undervalued at work, consider negotiating a severance. It can provide a financial cushion and even benefits like subsidized healthcare, making your transition smoother. On the other hand, quitting outright leaves you with nothing.
Consider starting your own online business. It’s a powerful way to build your brand and generate additional income. Since starting my site during the financial crisis of 2009, it has grown to outearn my corporate salary, all with significantly less stress and more enjoyment.
Why not start your journey today? You never know where it might lead!
