In this episode of Money Rehab with Nicole Lapin, Lapin and Jason Pfeiffer explore the common feeling of career stagnation. They discuss the tendency to compare one's journey to others' success, along with factors that influence risk-taking and decision-making in one's career path.
The conversation delves into strategies for increasing income and earning potential, such as leveraging existing skills in adjacent industries, capitalizing on existing assets through platforms like Airbnb and Fiverr, and creating courses or writing based on one's expertise. Lapin and Pfeiffer share insights on reframing one's mindset and identifying the intersection of personal skills, desires, and income goals to navigate career changes or feeling "stuck."
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Nicole Lapin and Jason Pfeiffer explore the common feeling of stagnation and dissatisfaction many experience in their careers, particularly when comparing one's path to others'. Pfeiffer emphasizes that diverging paths do not signify wrong decisions, but rather the varied journeys careers can take.
Lapin acknowledges the tendency to compare oneself to others' success. Pfeiffer shares how having supportive parents enabled greater risk-taking in his career, contrasting with Lapin's and a caller's experiences lacking financial safety nets, which shaped priorities around earning a living.
While aiming for targets like $100K, Pfeiffer emphasizes identifying specific goals over simply chasing higher salaries. He suggests leveraging existing skills in adjacent fields, like teaching writing to lawyers.
Lapin highlights creative income streams by capitalizing on existing assets, like hosting on Airbnb, and marketing specialized services online via platforms like Fiverr.
Lapin advises reflecting on accumulated skills and making a "Venn diagram" to find their intersection with desires and income goals. A caller's diverse path, from journalism to teaching to legal work, exemplifies adopting roles with transferable skills.
Pfeiffer recommends offering solutions to common industry problems, suggesting the caller target lawyers' struggles with plain communication. Lapin mentions creating courses or writing based on one's expertise to maximize income potential.
1-Page Summary
In the latest episode of "Help Wanted," Nicole Lapin explores the common feelings of stagnation that professionals often experience during their career journeys.
Nicole Lapin opens up about the natural human inclination to compare oneself to others, admitting that she sometimes checks on people from her past, including exes and their new partners, when feeling down. Jason Pfeiffer chimes in, agreeing that such comparisons can lead to dissatisfaction and feelings of being stuck, especially when observing peers who appear to be more successful.
The story of Sean, a former colleague of Pfeiffer, is introduced as a case in point. Sean, reflecting on their divergent career paths since starting in journalism, wonders how he can "catch up" to Pfeiffer’s achievements, illustrating the impact of comparison. Pfeiffer’s story is woven in to demonstrate the varied paths careers can take and emphasizes that diverging paths do not necessarily indicate a wrong turn, reinforcing the idea that comparison can be the “thief of joy.”
It's acknowledged that background and support systems play a significant role in a person's career trajectory. Pfeiffer shares that he grew up with supportive parents and a father who made good money, which provided him with a safety net that enabled him to take risks in his career. This is contrasted with the experiences of the caller and Lapin herself.
The importance of having a financial safety net is highlighted, noting that it can grant an individual more risk-taking capacity and flexibility when making career moves.
Navigating career changes and feeling "stuck"
In the pursuit of financial goals, such as a target income of $100,000 per year, it is important to not only chase after higher salaries but to identify specific goals and consider creative ways to leverage existing skills and resources.
A caller expressed a desire to change careers, aiming to achieve an annual income of $100,000. While proud of their current job as a police dispatcher, a role acquired by leveraging their connections and background in reporting, the caller remained dissatisfied with the income.
Jason Pfeiffer suggests assessing how skills from one's current job can be translated into adjacent fields that may offer better pay or opportunities. One recommendation is to develop specialized services within the current firm or for other employers, like teaching effective writing to lawyers without requiring an entire career overhaul.
Looking beyond traditional job roles, there are opportunities to produce additional income by utilizing existing assets and expertise. Nicole Lapin highlights Airbnb hosting as a way to capitalize on an existing property, even for those who lack the time or are not geographically close to manage it, thanks to Airbnb's co-host network.
Pfeiffer also presents the idea of the caller teaching lawyers how to com ...
Exploring ways to increase income and earning potential
Professionals are learning how to recognize the diverse skills they have accumulated throughout their careers and to leverage these into new opportunities and professional paths.
Nicole Lapin, in conversation with a caller who transitioned from police dispatch to teaching, emphasizes the importance of being kind to oneself and appreciating past work, suggesting that each step taken was driven by passion, not just financial gain. Jason Pfeiffer reinforces this idea by pointing out that all past experiences serve a purpose, teaching valuable lessons and helping to understand future desires. Nicole Lapin advises making a Venn diagram to determine where one’s skills and opportunities intersect with their desires, including making money.
A caller's journey, starting as a journalist, to working as a police dispatcher, to teaching, and then transitioning to paralegal shows a progression of adopting different roles that wield transferable skills. Each career change hints at an underlying recognition of the value their diverse experiences bring, as seen when the caller utilized enjoyment and skills in working with children to secure a teaching role and later leveraged that success to move to a higher-paying public school.
Lapin and Pfeiffer share strategies about marketing oneself and bringing together past experiences to create new income opportunities.
Pfeiffer encourages looking beyond typical job roles and finding problems to solve for people, which can help market one's abilities effectively. He suggests the caller could target a common problem in the legal industry, where lawyers often struggle to write in plain English, thus using their communication skills and legal background. Nicole Lapin mentions using platforms ...
Identifying and leveraging one's skills and experience to create new opportunities
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