career path

Don't Make These 7 Common Mistakes When Choosing a Career Path

Paul Michael — Wed, 24 Jan 2018 09:30:05 +0000

Choosing a career is no easy task. Deciding what you want to do for the rest of your life is tough to say the least. What if you make the wrong choice? What if you choose something that makes you miserable, or leads to stress and money worries? What if something terrible happens to that industry?

There are so many what-ifs when it comes to choosing a career. But if you avoid making these big mistakes, you should be in a good position to make a wise choice.

1. Ignoring signs of industry decline

Industries come and industries go. At one time, there was a thriving buggy whip industry, but it disappeared when the automobile became popular. Sign painters used to get plenty of business until machine-cut vinyl and large-scale printing replaced that industry. Very few career choices are bulletproof, and you need to look to the future to see if the industry you want to be in has a good chance of being around in 20 years' time.

For example, mortgage brokering took a big hit during the Great Recession and the number of people working in that profession fell nearly 45 percent in the decade between 2007 and 2017. While the housing market bounced back after the subprime mortgage crisis, regulations have changed the industry for good and made it harder for mortgage brokers to earn the kind of money they used to make.

Do some research. Look at industry trends. Is yours growing, staying steady, or in decline? An unwanted career switch could be in the cards in five to 10 years if you're not careful. (See also: 8 Ways to Escape a Dying Industry)

2. Choosing money before anything else

They say money can't buy happiness. Tell that to all the people struggling to pay bills and put food on the table. However, while money — and the security it brings — are major considerations for any career path, they shouldn't be the only aspect you focus on.

Taking a job purely for the money sends you down a path that will almost certainly result in unhappiness. We spend the majority of our lives working, and if you are miserable for that amount of time, you will have wasted your life. Sure, you'll have a nice car, big house, and fancy clothes, but if you spend every day hating the job that provides those things, you won't get much enjoyment out of them.

Strike a balance between decent pay and a fulfilling career. You may make a little less money, but you'll be better for it. (See also: 6 Times a Higher Salary Isn't Worth It)

3. Taking a job with limited prospects for growth

In most industries, there are ladders to climb. You start off on the bottom rung, you work hard, pay your dues, and climb to the top. Corporate America is a prime example of that, with people coming in as junior managers and rising all the way to senior vice president, or even CEO.

However, that may not be the case for your industry, and you must be sure you're OK with that. Are you going to be content with a career that does not have those promotions and power shifts? Are you going to struggle to get pay raises in an industry with a flat career path? If you're driven and want rewards for your hard work, you should reconsider any industry that won't give you those opportunities. (See also: 9 High-Paying Jobs That Didn't Exist 10 Years Ago)

4. Doing what your parents want you to do

There's a certain amount of pressure that comes from upholding the traditions of the "family business." Your father was a mechanic, his father was a mechanic, your two brothers are mechanics … so you'll be a mechanic. From military careers and law, to plumbing and real estate, there are thousands, if not millions, of people who have simply followed in the footsteps of their parents. And a good portion regret it.

Is that what you really want to do? Will it make you happy? Are you doing it just to make Mom and Dad happy? Remember, this is your life, and you only get one shot at it. Follow your passion.

5. Picking something at random

"I don't know what to do, but this looks OK. I can always switch careers later." Does that sound familiar? Do you have friends or relatives who have said that, and now they're stuck in a career they cannot stand, but can't get out of?

It happens a lot. People take a job because it's convenient, pays the bills, and gets them something to put on their resume. But then they get experience in that industry, which leads to a raise or promotion. They acquire more skills that are specific to that career path, excluding them from other industries.

As time goes on, the range of careers that are viable becomes smaller and smaller, until it finally dawns on them: They're in this for life. Sometimes you have to take a job you know you're not passionate about for a while. But set a deadline for yourself, focus on deciding what you really want to do, and get out before that temporary job turns into a lifetime profession. (See also: 6 Reasons It's Never Too Late for a Career Change)

6. Waiting for the "perfect" career

While you don't want to take a job for the wrong reasons, you also don't want to exclude yourself from good opportunities just because they're not quite perfect. There's a line in National Lampoon's Christmas Vacation about the chronically unemployed Cousin Eddie that always gets a laugh: "Catherine says he's been holding out for a management position."

It's obviously ridiculous, but for some people, it rings true. They do not want to jump into anything unless it is the absolute perfect fit for them. No compromise. No wiggle room. It either checks every single box, or it's not good enough.

This thinking can lead to disappointment and frustration, and at some point, you may pass on a great career because it isn't 100 percent "right." No career is. Those people earning millions a year on Wall Street have issues with their careers. Nothing is perfect. As long as there are way more positives than negatives, you're doing well.

7. Assuming you need a natural talent to enter a certain career

There are skills that people just seem to be born with: artists and designers, mathematicians, musicians, and so on. However, never forget the famous words of George McFly in Back to the Future: "If you put your mind to it, you can accomplish anything."

Do not close off certain fields because you don't know the first thing about them. Do they interest you? Does the idea of working in that profession make you feel excited? Well, find a way to make it happen. Take the classes. Put in the hard work. Give it everything you've got. Believe in yourself, and you will find that there is almost no career you cannot take on.

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Careers That Offer Student Loan Forgiveness

Ashley Eneriz — Thu, 23 Jun 2016 09:00:04 +0000

If you are like millions of other graduates, you might've experienced sticker shock when you received your first student loan bill after graduation. While taking out a student loan to complete your degree seemed like a good plan at the time, you might be having some regrets when faced with the monthly payments.

Thankfully, there are a lot of careers that offer student loan forgiveness. Look into one of these fields to kiss your student debt goodbye.

1. Public Service

Federal Perkins loans can be forgiven if an individual qualifies through full-time employment and has not consolidated their loans. The loan forgiveness is not based on what job you do, but who you work for. Qualifying employers include:

Government organizations at any level (federal, state, local, or tribal);
Not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code;
Full-time positions at AmeriCorps and Peace Corps.

2. Doctor

It is hard to feel like a successful doctor when the majority of your paycheck goes to your student loan repayment. Thankfully, you can find a list of scholarships and Federal loan forgiveness programs through the Associations of American Medical Colleges.

Many of the loan forgiveness programs for doctors require employment in a Health Profession Shortage Areas (HPSA) or a Medically Underserved Area.

The National Institutes of Health (NIH) offers up to $35,000 per year in loan repayment for highly qualified health professionals going into biomedical or biobehavioral research careers.

You can also take your stethoscope overseas and qualify for loan forgiveness through the military service. The Navy Financial Assistance Program offers tuition coverage for current medical students, as well as student loan forgiveness or grants for those with their medical degree.

See: 8 Tax Tricks to Try if You're Stuck With Student Loans

3. Teacher

Teaching is a calling, and many people feel the call to instruct the next generation. So it's only fair that the government helps lighten the debt load of those devoted to teach. Teachers can gain loan forgiveness through the same public service loan forgiveness programs mentioned above.

Teachers also can qualify for the Federal Teacher Cancellation for Perkins Loans. For teachers with a Perkins loan, 15% of your loan can be canceled when you teach for one year in a low-income area. If you teach for five years, your full loan will be forgiven.

Be sure to check with your state to see what special teacher loan repayment programs there are. Here are just a few:

California: APLE
Maine: Educators for Maine
Iowa: Teach Iowa Scholar Program
New York: Teach NYC
Texas: Teach for Texas
Mississippi: Mississippi Teacher Loan Repayment Program

4. Lawyer

Tempted by earning big figures down the road, many potential lawyers take on huge amounts of debt to make their career dream come true. Luckily, there are a few student loan forgiveness programs available just for lawyers.

Attorney Student Loan Repayment Program: In order to retain lawyers in the field, current employees are able to apply for the assistance program. Only certain loans apply, and current employees must have at least $10,000 in federal loan debt to qualify. To see which loans qualify, visit Justice.gov for more information.
John R. Justice Student Loan Repayment Program: For lawyers working in the public sector, the John R. Justice Student Loan Repayment Program offers $10,000 to $60,000 in loan forgiveness to eligible lawyers working as public defenders.
Herbert S. Garten Loan Repayment Assistance Program: This program awards 70 attorneys up to $5,600 in award money each year for student loan debt. This award comes with more strings than the other two. Eligible candidates must be employed by one of the program's grantees and have at least $75,000 in outstanding loan debt.

5. Dentist

Future dentists, here is something to smile about. You can also qualify for loan forgiveness on either the national or state level.

National programs include service with the military. The Army offers the Active Duty Health Profession Loan Repayment Program (ADHPLRP) and the Healthcare Professionals Loan Repayment Program (HPLR). The Airforce offers Air Force Active Duty Health Professions Repayment Program (ADHPLRP). All of these programs offer up to $40,000 to $50,000 in debt repayment per year. Research each individual program to know about maximum caps, eligibility criteria, and other benefits.

And the American Dental Association has a full list of state-level programs that offer loan forgiveness.

Finding and Qualifying for Student Loan Forgiveness Programs

It's important to note that many of these careers cannot grant student loan forgiveness if your loan does not qualify. This means that if your loan is in default or in a grace period, or you are still attending school, companies may not be able to make qualified loan payments. Also, most student loan forgiveness programs are for federal loans only, and private student loans will not be forgiven. Finally, inquire with your college or university's financial aid department for more available loan forgiveness programs.

Are you planning on using loan forgiveness for your student loans? Share with us!

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This article is from Ashley Eneriz of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Job Perks That Can Lead to a Dream Career

Samantha Stauf — Mon, 09 May 2016 09:30:29 +0000

Work can be a necessary evil. Individuals might dream of being an award winning writer or inventor, but those dreams — without any pursuit to make them a reality — do not provide money for nourishment, shelter, and other financial obligations. Short of being independently wealthy or having a family you can lean on, the budding entrepreneur or artist might need to procure a day job as they pursue their professional goals.

When applying for jobs, think beyond yearly salary and hourly wage. The right job perks can streamline how fast it might take to achieve your dreams.

1. Free Education

Higher education can be the key to professional success. For some, a degree is a necessity to break into a new field. For others, college can provide face-to-face mentorship time with award winning professionals in their field. Despite these benefits, the cost of college often leads students to either acquiring thousands in student loan debt or forgoing a college education altogether.

There is another option. You can pursue a job at a company that has a tuition reimbursement program. Before choosing a potential company to pursue, look at the fine print.

2. Skill Building

Before you start applying for jobs, sit down to determine what skills will help you score your dream job. You can decrease the time it takes you to land that job if your day job will allow you to learn and practice new skills that will be necessary for your chosen path to success.

If you don't have the credentials to start in a position that allows you to utilize those desired skills, make it clear to managers what types of opportunities you would be interested in pursuing. Many companies, in a bid to keep good employees happy, will offer professional opportunities to individuals as the need arises.

3. Making Valuable Contacts

One very crucial aspect of achieving success is knowing the right people. An ideal day job would place you in a position to build personal and professional relationships, both inside and outside of the organization.

At work, be friendly with individuals from various departments. Don't just talk shop. You want to cultivate relationships, so you can (if necessary) call in a favor down the road. If you cut right to asking them to help you, it can seem a tad selfish.

You should also keep an eye out for jobs where cultivating a social media presence is a requirement. A large personal LinkedIn or Twitter following can lead to a larger pool of people that will see posts about your future art, book, product, or company.

4. Telecommuting Allowed

Daily commutes can steal several hours from your life. On average, the daily commute is around 25 minutes. Some spend even more time commuting. My average daily commute is around an hour. That's one less hour every day I can devote to pursuing my personal goals.

Telecommuting jobs allow individuals to cut travel time out of their daily lives and dedicate that time to other professional pursuits. As an added bonus, the elimination of the commute will allow you to decrease the amount you spend on gas every month.

5. Flexible Schedule

Some jobs not only allow you to determine where you work, but they also allow you to dictate when you work. The ability to work when you want will allow you more freedom to work towards your ultimate goals.

If you know you have a meeting with a potential investor or publisher on a Monday, you won't need to figure out how to convince your boss to give you a few hours off of work. Instead you simply let them know you'll work the hours later in the day on Monday or over the weekend. This can be useful if you don't particularly want the higher-ups at your company to know how close you might be to quitting your day job.

6. Condensed Work Week

The 9-to-5 is the traditional time frame in which corporate America works. While it can be far better than the rotating schedule dished out in many retail and food service jobs, individuals can be more productive if they try to find a job where they work four, 10-hour shifts.

The benefit of working 10-hour shifts is the ability to dedicate three full days to your money making side projects. You no longer need to fight with yourself to muster up the motivation to dedicate a few hours to your side-hustle every night after work. That can be hard due to lingering work stress, physical exhaustion (depending on how much physical labor is involved), and the desire to spend time with family. You now have one work-free day to diligently work on completing your other projects.

What other work perks can make you more money? Share with us!

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This article is from Samantha Stauf of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

13 Great Reasons to Quit Your Job

Paul Michael — Wed, 27 Apr 2016 10:30:04 +0000

How many times have you rehearsed that "I quit" speech in your head? How often do you stare out of the window, wishing you were in a different job, or pursuing a more interesting career? So many of us want to be in a job that really fulfills us, but so few of us dare to make that leap. Well, if you are looking for a reason to quit, here are 13 that should fire you up. (See also: 6 Super-Cool Ways People Have Quit Their Jobs)

1. There's a Better Job Out There

The grass is always greener, right? This is often a justification to stay in your current position, because things could always get worse. But things could also get a whole lot better, and the chances of you currently being in the best job you'll ever have are slim. It's easy to become complacent and accept that this is the job for you, but there are other jobs out there with your name on them. Amazing jobs, and careers, that will make you look back on the one you have now and wonder why it took you years to move on. Of course, you won't know unless you look, so start checking out what's available.

2. You're Doing More Work for Less Money

When a company starts asking you to take on extra responsibilities, for the same money (or even less), then you may want to consider looking into another job. It's always good to take on extra work if it means you grow and learn new skills, but it should be rewarded. If the company is dangling a possible promotion in front of you, do whatever you can to find out it's a real offer. Some people work 60+ hour weeks for years on the promise of a promotion that will never come.

3. Your Job Is Literally Killing You

Stress is considered one of the biggest killers of modern times. It weakens our immune system, leads to higher blood pressure, and can be the cause of a lot of heart problems. It can also lead to substance abuse and marital troubles, and can break up friendships. If the job you are in right now is causing you so much stress that life is becoming hard to take, you need to find another job, or a different career. It's just not worth the risk.

4. You're Starting Your Own Business

What better reason is there to quit your job than to become your own boss? We've all dreamt of that freedom, the flexible hours, the satisfaction of creating something successful. But, so few of us do it because it's a risk. Quitting a corporate job, or one with steady hours and health benefits, in favor of going it alone — well that's tough.

What if you fail? What if no one buys your product or service? What if you quit a good job only to be out of work soon after? That "what if" game can be paralyzing, but think of it the other way. What if you're laid off next week? What if your business could be the next Google, or Pixar? What if you are holding on to something safe for something that could be amazing? Think about it.

5. You're Not Wanted

Your opinion used to be valuable. Now, it's not required, or it's straight-up ignored. You used to be at important meetings. Not so any more. You used to travel to different locations, and meet with clients. Now you're permanently stuck behind your desk. All of these are signs that you are being overlooked. Or worse, the company is getting ready to let you go. If you feel like you are no longer wanted, you should move to a place that really does want you.

6. Your Company Is in Trouble

It could be financial trouble. It could be legal trouble. It could be a corporate takeover, or a merger that will result in massive layoffs. You should have a good feel for this, and if you sense danger, it may be time to pull the plug and move on, before you're caught in the crossfire. You certainly don't want to be in a situation where your 401K or severance package disappears.

7. You're Phoning It In

If you are on autopilot, doing just enough to keep your job, or are giving the minimum amount of effort, you need to move on. First, it's possible that your lack of effort could actually be dangerous, especially if you're working in a field that requires maximum concentration. Your apathy could also put others in danger — imagine a doctor who doesn't pay attention. But even in an office job, phoning it in is a big sign that you are in the wrong position.

8. Other Locations Are Calling Your Name

It's scary to move to a different city, or state. And another country, well, that's a mighty big leap. But what a leap! There is so much of the world to see, and every country has different opportunities, and new people waiting to meet you. Realistically, is it more likely that the place you're currently in is the pinnacle of existence? Or is it more likely that you're settled, and moving would be a lot of stress and headaches? Start thinking about those places you always wanted to see when you were a kid. Can you do the job you're doing now in one of those places? Can you move there? A completely different, and exciting life is waiting for you in another part of the world.

9. You're Going Nowhere

In any career, whether it's in a corporate office, or under the hood of a car, you want to go places. Not literally — although travel is a great perk — but you should be learning, growing, and being promoted. When your job stops giving you those opportunities for growth, you have to assess the situation. How long has it been since you learned something new? Do you think you'll ever get a promotion again? Are you simply treading water? If you are going nowhere, you need to find a job that will give you those opportunities again.

10. You Just Hate It

If you dislike certain aspects of your job, but overall it's still a good position, well, you just have to suck it up. Very few jobs are perfect. However, if you dread going to work every morning, and every waking hour at your company is a living hell for you, then you have to quit. Life is too short to spend 40 hours of every week being miserable. What else can you do? Where can you go? Is a career change possible? You may feel trapped, but there are always options.

11. You're Done With Office Politics

The gossip. The rumors. The back-stabbing. Having to play favorites. If it's all getting too much for you — and let's face it, it shouldn't even exist — then you should start looking for a new place to work. However, before you move to another place, do some digging. Ask around. Look at reviews on a website like Glassdoor. The last thing you want to do is make a move only to find the office politics even worse at your new job.

12. You're Ready for a New Challenge

It's not that you dislike the job you're in. It's not even that you're unhappy with the pay, the people, or the work. It's just that what you're doing is no longer challenging you. You can do this job, and do it well, but you feel the need to dive into something that will really push you. Something that will often get your pulse racing, or make you experience that "can I really do this?" feeling. Well, yes, you can. If you push yourself. And think of the satisfaction you'll get from that.

13. You Just Won the Lottery

Hey, weirder things have happened.

What are some other great reasons to quit your job? Share with us in the comments!

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: