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When you think about your career, one of the toughest things to get right is career advancement with the balance between time, money, and your lifestyle. If you get this right, you’re able to advance, make more money and keep the balance. If you get this wrong, you end up with no time, some money, and your lifestyle out of whack. What I wanna talk through is a framework to help you get that balance right so that when you advance in your career, you can do it on your own terms.
The Challenge
The way I think about this is as a trade off. Let’s think about a couple of examples:
- The first one is a doctor. Heaps of this, not a lot of this, pretty good at that, it depends on your preferences I guess. Think about the trades, think about what you’re willing to trade. Are you willing to trade time for money? To get more of this, are you willing to give away some of that? Or to get both of those, are you willing to impact your lifestyle?
- Let’s think about someone who’s got a heap of time but not a lot of money. Student, probably being paid 10, 15 bucks an hour. So lower money, but heaps of time. Pretty good lifestyle I guess depending on what you’re after. So every time we advance in our careers, often with more responsibility comes less time but more money, and that has an overall impact on our lifestyle.
What is our lifestyle?
It’s living the life we wanna live. So the ideal would be to get all of these in perfect balance, but life isn’t like that. If it was, I probably wouldn’t be making any money cause none of you would have any problems. But all you gotta work out is it does go up and down with time and money, but you gotta work out what’s that right balance for you.
Summary
To find out what’s the right balance, what I get my clients to do is this process:
- I wanna work out how much per month in your next move would be the right amount of money for you?
- How many hours per week would be the right amount of time, and what would be, for you, the five things that you do in a week? It could be, go to the beach, take your kids to sport, cook dinner. What would be the five things you do every week that would mean that you’re maintaining the lifestyle that you are.
- Then your next move, seek that balance and aim to maintain it.
I think too often we think about this whole term of I want it all. I think it is possible, but you’ve gotta keep these three things in balance.
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Hope this has been useful for you. Leave me a comment down below. Send me a note. Talk to you next time on The Reason and the Road.
