It’s okay to make financial mistakes as long as you learn from them and don’t fall back into bad money habits. Financial influencer Vincent Chan recently shared the top financial mistake he made in his 20s, and it might be one that you’ve been making, too.
While people understand the value of saving money, paying off credit card debt, and investing for the long run, the biggest money mistake centers around how much you earn. Chan says that staying at the same job is the biggest financial mistake you can make, and he has the numbers to prove it.
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“Sixty-four percent of job hoppers say switching jobs actually leveled up their career faster,” Chan explained.
Job hopping may be scary, but it can also lead to higher earnings. Here’s how you can apply it to your finances.
Don’t Think You Have A Forever Job
Chan starts off by encouraging people to avoid thinking about their current job as a forever job. He proceeds to explain that you can make a lot more money by job hopping instead of staying put. If you treat your current job like a forever job, you may also be less assertive about asking for a raise or demanding change if your workplace is toxic.
However, there is another risk with treating your current job as a forever job. You never know when you might get fired. If you perform poorly, you will eventually get fired. However, if the company has a bad quarter and performs poorly because of executives’ decisions, you can still get fired. Employees can also get fired because of lawsuits affecting the company that have nothing to do with the employees.
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If you stop viewing your job as the same one you’ll stick with for decades, it’s easier to focus on the numbers instead of getting attached to a company. It’s then easier to walk away for a higher salary and explore better career options.
Keep Applying For Jobs
Even if you already have a job, it’s good to apply for more jobs. That way, you won’t feel rusty if you suddenly get laid off from your company. Regularly applying for jobs will also expand your network and can introduce you to higher-paying opportunities.
Some people manage to work multiple jobs or side hustles instead of putting all of their eggs in one basket. This approach will make you less vulnerable from a financial standpoint and can reduce any stress you have concerning money.
Applying for new jobs also puts you in a position of power. You will feel more confident asking your employer for what you want, knowing that you have some leverage in negotiations. People who do not apply for jobs have much less leverage in negotiations with their employers.
See Also: Many are using retirement income calculators to check if they’re on pace — here’s a breakdown on what’s behind this formula.
Developing New Skills Gives You More Career Options
Job hopping isn’t only great for your income, but it also allows you to develop new skills. Chan mentioned that learning new things from different jobs allows you to apply for a greater range of jobs.
A job you may not qualify for today can be within reach after two years if you continue to job hop. You will develop new skills along the way that can help you secure a higher position and end up with more money in your pocket.
While staying in one job may feel more comfortable, it’s more rewarding to job hop. You’ll know what to do if you get laid off and can bounce back quicker than someone who thought they had a forever job.
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This article Vincent Chan Reveals The Top Financial Mistake People Make: ‘64% Of Job Hoppers Say Switching Jobs Actually Leveled Up Their Career Faster’ originally appeared on Benzinga.com
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