It’s clear that personal choices, preferences, and behaviors can contribute to debt. Indeed, most people closely associate debt with personal finance decisions –– and with good reason. However, professional habits can also influence an individual’s financial standing, and in some instances, plunge hard-working employees into debt. With that in mind, today we’re going to explore four work-related habits that can have far-reaching consequences for your bottom-line:
Switching Careers & Relocating
Some people never feel comfortable in one job or one location. As a result, they end up bouncing around from city-to-city and office-to-office. Considering that professionals often experience great difficulty managing their money during a career switch, this practice isn’t ideal. What’s more, relocation is expensive, and doing it often will likely put you behind the financial eight-ball sooner or later.
Playing the stock market can become an addictive enterprise for some entrepreneurs. After all, there are few things more satisfying than turning a massive profit on an up-and-coming stock. Still, investing impulsively can be just as risky as gambling at a casino. Buying and selling stocks can be a great way to fortify your future capital and secure funds for retirement, or it can cripple your cash-flow if done irresponsibly.
Working Too Hard
How can working too hard possibly be a bad habit? Isn’t a strong work ethic one of the most valued skills any employee can possess? In one sense, a willingness to go the extra mile is obviously beneficial. Industrious employees are typically rewarded for their labors. On the other hand, some professionals simply push themselves too hard and wind up affecting their own productivity. This is especially true for freelancers who may inadvertently take on more projects than they can comfortably handle. Never let your workload diminish the effectiveness of your product; otherwise, you could end up losing crucial clients.
Selling Yourself Short
Modesty and humility are great virtues, but they can prevent capable professionals from earning as much as they deserve. Few bosses will actively offer to boost an employee’s salary, so unless you’re willing to ask for a raise, chances are you won’t get one. Professionals in all fields need to understand how (and when) to request more money for their services. There’s little point in striving to develop a new type of streptavidin plate or fixing a major marketing error if you’re not going to be compensated fairly for your efforts.
The Bottom Line
How you conduct yourself in the professional world might differ greatly from how you behave in your free time, but both can cause severe financial difficulties if you’re not careful. Make sure not to overlook these factors the next time you review your budget!