Week 37: Grow Income, Tactic 10

What can you do this week?

• Start with your chosen career or desired career if it’s not where you are currently.

• Evaluate if you can fund and then execute the requirements for this next professional development milestone.

• Also consider the break-even on this exercise. Is “the juice worth the squeeze” required to generate this potential higher income and career opportunity set?

Income Growth Is Where It’s At

• The strongest lever many want to pull in the world of personal finance is income growth.

• It’s more elusive it seems so before just going to grad school or starting a business unwittingly, what are the options for growing your income now?

• You can raise your market value in within your industry. Once achieved, you can ask for a raise, get promoted, or change employers for more income.

• This post is all about the dollars. If you’re already in the workforce, what development gets you the best bang for the buck?

  

  Upskilling Could Be Your Path

• Start by identifying what roles and work are you interested in doing.

• What is required to get there. Which ones pay well enough to justify the cost of getting it done? Below are some solid ROI examples.

• Project Management Professional (PMP) for managers across industries

• Certified Public Accountant (CPA) for finance professionals

• Google Analytics & Digital Marketing certifications for marketers

  

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Conferences

• Attending industry-specific conferences and events can open doors to new opportunities, mentorships, and collaborations.

• While conferences can be expensive, the potential to land new clients, learn cutting-edge trends, or even secure a job offer makes them invaluable.

Coaching

• One-on-one coaching offers a highly personalized approach to development, focusing on leadership skills, emotional intelligence, and strategic decision-making.

• While this option may require a larger financial commitment, executives and emerging leaders who invest in coaching often experience greater clarity, improved performance, and better team management, making it one of the most impactful investments for leadership roles.

Online Learning

• Platforms like Coursera, LinkedIn Learning, and TedX offer courses from top universities and institutions at a fraction of the cost of traditional degrees.

• These platforms allow you to upskill or reskill in areas like data science, AI, leadership, or soft skills like communication.

• The flexibility of these courses makes them highly accessible, and the knowledge gained can lead to immediate career enhancements.

“Soft” Skills

• While technical skills often get the spotlight, developing soft skills—like communication, empathy, and conflict resolution—can provide one of the highest ROIs in terms of career growth.

• Whether it’s through workshops, seminars, or mentorship, professionals with well-honed soft skills are often more adaptable, influential, and better at navigating complex workplace dynamics.

• Isn’t gold soft and highly valued?

Mastermind

• While technical skills often get the spotlight, developing soft skills—like communication, empathy, and conflict resolution—can provide one of the highest ROIs in terms of career growth.

• Whether it’s through workshops, seminars, or mentorship, professionals with well-honed soft skills are often more adaptable, influential, and better at navigating complex workplace dynamics.

• Isn’t gold soft and highly valued?

How To Evaluate Professional Development ROI

• You can invest in the market $10,000 and hopefully get a return north of 7%, maybe. That’s a solid use of money.

• If you want more from your career and are debating about the spend, run some basic numbers.

• In the below example, a $10,000 certification cost/investment that would allow for an additional $10,000 annually in compensation over your 20 year career, it’s a much better ROI than investing in the market.

• There’s no way to know the future but gaining skills, knowledge, and certifications in in-demand fields can greatly improve your likelihood of building wealth long term.

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