Podcasts > Money Rehab with Nicole Lapin > "I Feel Behind in My Career. Help!"

"I Feel Behind in My Career. Help!"

By Money News Network

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."

"I Feel Behind in My Career. Help!"

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"I Feel Behind in My Career. Help!"

1-Page Summary

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.

Comparison and Support Systems

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.

Increasing Income and Earning Potential

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.

Leveraging Skills and Experience

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

Additional Materials

Counterarguments

  • While diverging career paths are indeed varied, some decisions can lead to less optimal outcomes, and it's important to acknowledge that not all paths are equally beneficial.
  • Support systems are valuable, but not everyone has access to supportive parents or financial safety nets, which can make risk-taking more challenging and not always advisable.
  • Setting specific income goals is useful, but it's also important to consider the quality of life and personal satisfaction, which might not always align with income targets.
  • Leveraging existing skills in adjacent fields can be beneficial, but it may also require additional training or education, which can be a barrier for some individuals.
  • Creative income streams, such as hosting on Airbnb or offering services online, may not be sustainable or suitable for everyone, especially considering market saturation and regulatory challenges.
  • Reflecting on skills and goals is important, but it can be difficult for individuals to objectively assess their own abilities and market needs without external guidance.
  • Offering solutions to industry problems assumes that one has the insight and ability to identify these problems and develop viable solutions, which may not be the case for everyone.
  • Creating courses or writing based on expertise assumes there is a market demand for that expertise and that the individual has the skills to effectively teach or communicate their knowledge.
  • The advice provided may not take into account systemic issues and barriers that can affect career progression, such as discrimination or economic downturns.

Actionables

  • You can reassess your career trajectory by creating a visual map of your professional journey. Start by plotting out your past job titles, roles, and any significant projects on a timeline. Then, identify the skills you gained at each point and how they connect to different industries or roles you're interested in. This can help you see the breadth of your experience and how it might apply to new opportunities you hadn't considered.
  • Develop a personal risk assessment tool to gauge your readiness for career changes. List down factors like your current financial stability, the strength of your support network, and your willingness to learn new skills. Assign a score to each factor based on your situation, and use the total score to determine if you're in a good position to take a calculated risk in your career, such as switching industries or starting a side business.
  • Create a "skill swap" board with friends or colleagues to exchange expertise and develop new income streams. For example, if you're good at graphic design and a friend excels at social media marketing, offer to design their marketing materials in exchange for them running a promotional campaign for your services. This barter system allows you to expand your offerings without upfront costs, potentially leading to new clients and income sources.

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"I Feel Behind in My Career. Help!"

Navigating career changes and feeling "stuck"

In the latest episode of "Help Wanted," Nicole Lapin explores the common feelings of stagnation that professionals often experience during their career journeys.

Acknowledging the tendency to compare one's career path to others, which can lead to feelings of being "stuck" or dissatisfied

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.”

Recognizing that comparison can be the "thief of joy" and that diverging paths do not always indicate a wrong decision

Exploring the role of background and support systems in one's career journey

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.

Discussing how having a financial safety net can enable more risk-taking and flexibility in career decisions

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.

...

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Navigating career changes and feeling "stuck"

Additional Materials

Counterarguments

  • While comparison can lead to feelings of being "stuck," it can also serve as a motivational tool, pushing individuals to set higher goals and strive for improvement.
  • The idea that diverging paths do not indicate a wrong decision might oversimplify complex career choices; sometimes, a divergent path can be a result of poor decision-making or lack of opportunity.
  • The role of background and support systems is crucial, but emphasizing it might underplay the importance of personal agency and the ability of individuals to overcome their circumstances through hard work and determination.
  • Having a financial safety net can indeed enable more risk-taking, but it's also possible for individuals without one to succee ...

Actionables

  • Create a personal career journey map to visualize your unique path and celebrate individual milestones. Draw a timeline of your career, including education, jobs, and significant learning moments. Use colors or symbols to mark achievements and turning points. This visual representation can help you appreciate your unique journey and reduce the urge to compare it to others.
  • Set up a "flexibility fund" by saving a small percentage of your income each month. This fund is dedicated to giving you the freedom to make career choices without immediate financial pressure. For example, if you want to take a course to improve your skills or even consider a career change, this fund can help you do so without the stress of living paycheck to paycheck.
  • Organize a monthly "career support gro ...

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"I Feel Behind in My Career. Help!"

Exploring ways to increase income and earning potential

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.

Recognizing the desire to achieve a target income level, such as $100,000 per year

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.

Emphasizing the importance of identifying specific goals and not simply chasing higher salaries

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.

Considering creative ways to leverage existing skills and experience to generate additional income streams

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.

Exploring opportunities to provide specialized services or expertise, such as teaching writing skills to lawyers

Pfeiffer also presents the idea of the caller teaching lawyers how to com ...

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Exploring ways to increase income and earning potential

Additional Materials

Counterarguments

  • While targeting a specific income level like $100,000 per year is a clear goal, it may not account for the cost of living differences across regions, which can significantly impact the real value of that income.
  • Identifying specific financial goals is important, but rigidly focusing on a single income target may lead to missed opportunities for personal and professional growth that don't immediately meet that income threshold.
  • Leveraging existing skills and resources is a practical approach, but it may not always be sufficient to reach higher income levels, especially if those skills are in a saturated market or have limited demand.
  • Developing specialized services within a current firm or for other employers can be beneficial, but it may also require additional training or certification, which can be time-consuming and costly.
  • Teaching effective writing to lawyers is a niche service that may not have a broad market, limiting potential income if the demand is not as high as anticipated.
  • Utilizing assets like property for Airbnb hosting can be profitable, but it also comes with risks such as property damage, legal liabilities, and the need for ongoing management and maintenance.
  • Providing specialized services or expertise assumes a market demand for those services, which may fluctuate or be less than expected, potentially affecting income stability.
  • Marketing ...

Actionables

  • You can create a niche blog or YouTube channel focused on simplifying legal jargon for everyday situations, which can attract sponsorships or ad revenue once you build a following. Start by breaking down common legal documents like rental agreements or terms of service in a way that's easy to understand, and promote your content through social media to grow your audience.
  • Consider starting a side hustle as a personal finance coach for young professionals, using your journey toward your income goal as a case study. Document your progress and share insights on budgeting, saving, and investing through a series of webinars or an online course, charging a fee for personalized coaching sessions.
  • Explore the possibility of creating an on ...

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"I Feel Behind in My Career. Help!"

Identifying and leveraging one's skills and experience to create new opportunities

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.

Recognizing the value of the diverse skills and experiences accumulated over one's career

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.

Exploring ways to package and market one's unique abilities to meet the needs of potential clients or employers

Lapin and Pfeiffer share strategies about marketing oneself and bringing together past experiences to create new income opportunities.

Considering the potential to develop and offer specialized services or educational content based on one's expertise

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 ...

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Identifying and leveraging one's skills and experience to create new opportunities

Additional Materials

Counterarguments

  • Professionals may find that not all skills are equally transferable or valued in new industries, which can limit opportunities.
  • Reflecting on past roles might not always reveal clear transferable skills, especially if those roles were highly specialized or industry-specific.
  • The process of packaging and marketing one's abilities can be challenging and time-consuming, with no guarantee of success.
  • Developing specialized services or content requires a deep understanding of market needs, which may not align with one's expertise or interests.
  • Freelance platforms like Fiverr and Upwork are highly competitive, and it can be difficult for new freelancers to stand out and attract clients. ...

Actionables

  • You can analyze your daily activities to identify hidden skills that might be marketable. For instance, if you're good at organizing your family's schedule, consider how those project management skills could be offered to busy professionals. Start by listing your routine tasks and then match them with job skills listed in online job descriptions to see where there's overlap.
  • Try swapping services with a friend to test and refine your marketable skills. If you're adept at editing videos for your personal social media, offer to edit a friend's videos in exchange for feedback or another service. This barter system allows you to practice and improve your skills in a real-world context without the pressure of a formal job setting.
  • Create a personal 'skill inventory' document wh ...

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