On the journey to financial independence, many sacrifices must be made. In today’s article, we will discuss one of the many sacrifices that is made to achieve financial independence: staying at a job that you hate. We stay at jobs we hate for many reasons including financial and non financial. While we aim to achieve financial independence, we must balance our financial desires and our health. Staying at a job that you hate can lead to many detrimental effects, including eventual loss of your job, mental break down, self medication and addiction.
Reasons We Stay At A Job We Hate – Debt
There are many non-financial related reasons that will lead you to staying at jobs you hate. However, when you look at financial reasons, paying off debt tends to be at the top of the list. This is of no surprise.
Student Loans
At the current costs for college and thereafter potential graduate school costs, it is highly likely that college graduates entering the work force are doing so with tens of thousands if not hundreds of thousands of dollars in student loan debt. Many professions do not pay a salary that is enough to pay off student loan debts within a year or two. As such, it takes many years even decades to pay off student loans. Now add life events and the period for paying off student loans are further extended. By extending the period for paying off student loan debts, many are unable to leave a job they hate.
Consumer Debt
Aside from student loan debt, many also have consumer debts. Consumer debt may include credit card debt among other debts such as auto loans and mortgages. Credit card debts may have been accumulated over time when you were younger and not attuned to your financial future. Auto loans and mortgages may occur as we grow with family. Consumer debt is a sure-fire way to keep working – such that you can service your debts. Consumer debt is a reason many are staying at a job they hate.
Financially Supporting Your Children
For those who have children, many have the belief or a self impose obligation to pay for their children’s college expenses. As noted above, it is of no surprise that many leave college and graduate school with tens of thousands if not hundreds of thousands of dollars in student loan debt.
It is important to note that you are not responsible for your child’s student loan debt, unless you want to be. Generally, it is not your obligation. It is important to ensure that your financial life is in order before helping your child. Simply put, your children have more time to develop wealth and financial independence than you do. Any shock to your financial situation can detrimentally affect your financial future. However, your child is in a position wherein their financial health has a better chance of recovering. As in the airline videos prior to take off, in case of emergencies, put your oxygen mask on first before assisting your child. In the same vain, handle your financial situation first before tending to your child’s.
Reasons We Stay At A Job We Hate – Achieving Financial Targets
We also stay at jobs we hate to generally hit financial targets. It is not only paying down debt, but also accumulating wealth. We may hate our jobs but, we also understand that a high paying job where we work long hours and where we are completely miserable may be bearable for a period of time to save and achieve a financial target. However, the sacrifices that are made here must be balanced. The misery of a job should not defeat or overcome the person.
Reasons We Stay At A Job We Hate – Golden handcuff
Golden handcuffs refers to financial benefits that encourages highly compensated employees to remain within a company or organization instead of moving from company to company. In simple terms, a high salary and benefits make it unmanageable and mentality impossible to leave your miserable job. Essentially, you have become so used to the money, the glamor, power and the title that no matter how miserable the job is, you will continue to do it because you cannot imaging not having the benefits of the job. Golden handcuff is a major reason you may consider staying at a job that you hate.
Reasons We Stay At A Job We Hate – Fear
Many will not leave a job because of fear. Fear can paralyze and in many cases it does. Some takes the saying “a bird in the hand is worth two in the bush” to the extreme. That is, some would rather suffer for something guaranteed (the current job) than take a risk and move on.
Others also take the saying “the devil you know vs the devil you don’t” to an extreme. Many will succumb to the feeling that it is safer to deal with a familiar miserable situation (the current job) than risk taking a chance, finding a new job and be happy. Fear may lead you to staying at a job that you hate.
Reality
In many cases, it is less safe to stay at your current job if you hate it. Eventually, your displeasure, misery and unhappiness will show at your job in your interactions with others and/or your work product. Even if you are able to bottle up your misery, the miserable situation can cause a lot more pain than you think. For example, mental pain and anguish may bleed over into your life outside of work. This can lead to depression, drugs, alcohol and related health problems.
How Do We Get Out Of These Jobs Faster
To open the door and unchain yourself from a job you hate, live below your means, save, invest and repeat. These actions will increase your discretionary income and allow you to achieve goals faster.
Further, what good is it to live 50 years of your life in misery because of your job. Take the chance after doing your due diligence and search for what you want and go after it. This approach may delay when you become financially independent, however, you will be in a better place mentally. Mental stability will impact your family and future in unimaginably beneficial ways.
Conclusion
On the journey to financial independence, many sacrifices must be made. In today’s article we discussed one of the many sacrifices that is made to achieve financial independence: staying at a job that you hate. We stay at jobs that we hate for many reasons including financial and non financial. While we aim to achieve financial independence, we must balance our financial desires and our health. Staying at a job that you hate can lead to many detrimental effects, including eventual loss of your job, mental break down, self medication and addiction.
Follow me on Twitter @JoToFI_com
Follow me on Instagram @JoToFI_com
