The Personal Finance Podcast - 7 Reasons Why Job Hopping May Be Your BEST Career Move to Get Rich

Episode Date: May 15, 2024

In this episode of the Personal Finance Podcast, we are going to talk about the seven reasons why job hopping may be your best career move.  How Andrew Can Help You:  Don't let another year pass by without making significant strides toward your dreams. "Master Your Money Goals" is your pathway to a future where your aspirations are not just wishes but realities. Enroll now and make this year count! Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining  Index Fund Pro! This is Andrew’s course teaching you how to invest!  Watch The Master Money Youtube Channel!  Ask Andrew a question on Instagram or TikTok.  Learn how to get out of Debt by joining our Free Course  Leave Feedback or Episode Requests here.  Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at  shopify.com/pfp Monarch Money: Get an extended 30 day free trial at monarchmoney/pfp Thanks to Fundrise for Sponsoring the show! Invest in real estate going to fundrise.com/pfp Indeed: Start hiring NOW with a SEVENTY-FIVE DOLLAR SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/personalfinance Thanks to Policy Genius for Sponsoring the show! Go to policygenius.com to get your free life insurance quote. Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ Delete Me: Use Promo Code PFP for 20% off!   Links Mentioned in This Episode:  How to Skyrocket Your Net Worth By Building an Amazing Network with Jordan Harbinger Relevant Episode: The 11 Step Process to Land Your Dream Job (Step-By-Step!) Can you Get Rich at Your Day Job? (The answer may surprise you!) Connect With Andrew on Social Media:  Instagram  TikTok Twitter  Master Money Website  Master Money Youtube Channel   Free Guides:   The Stairway to Wealth: The Order of Operations for your Money  How to Negotiate Your Salary  The 75 Day Money Challenge  Get out Of Debt Fast  Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

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Find your advisor at IG Private Wealth.com. On this episode of the Personal Finance Podcast, seven reasons why job hopping may be your best career move to get rich. Welcome to the personal finance podcast. I'm your host, Andrew founder of mastermoney.co. And today on the Personal Finance Podcast, we're going to be talking through seven reasons why job hopping may be your best career move. If you guys have any questions, make sure to hit us up on Instagram, TikTok, Twitter, at Master Money Co. and follow us on Spotify, Apple Podcasts, or whatever podcast player, you love listening to this podcast on it.

If you want to help out the show, consider leaving that five-star rating and review. I cannot thank you guys enough for leaving those five-star ratings and reviews. They truly mean the world to us, and we truly, truly appreciate it. Now, today, I'm going to be diving into seven reasons why job hopping may be your best career move to get rich. And this is something that we really want to think through as we start to think about our careers and ways that we can actually build wealth in our job. our careers. A lot of people think that you have to go out and be an entrepreneur or you have to

go out and take all of these different risks in order to get wealthy. But there are a number of different ways that you can get wealthy at your day job. And I think a day job is a great way to build wealth over time because you have financial security. You have a systematic way and a systematic approach that you can go out and build wealth through retirement accounts and all of these different avenues that your day job will provide that becoming an entrepreneur does not provide. So this is a really, really cool way that you can actually think through this. So we want to give you more strategies that you can utilize in order to build wealth at your day job. Now, you can do this in a bunch of different ways. You can do this in a blue collar job and you can do this in a corporate environment

as well. And a lot of these will apply to both and allow you to really increase the amount of money that you make because the biggest way to increase your net worth is to increase your income. Now, your income does not equal wealth. Your income is something that once you start to create more income, you can take those extra dollars and put them towards income producing activities. That means things like putting them towards your retirement account or maybe investing in real estate or maybe investing in your emergency fund or maybe even investing in yourself so that you can earn even more money. But your income is the biggest determining factor to building wealth. You need to increase your income. It's the number one thing you need to do. And so that's why we're

talking through this today. I want all of you to look for ways in your day job to be able to increase your income. Do not stay stagnant where you are. Do not get comfortable where you are. Instead, what we want to do is increase that income. And a lot of times moving around is a huge way to increase your income. We're going to dive into a bunch of statistics as to why that is as we get into these seven ways. Now, traditionally, the baby boomer generation and prior all thought, hey, if I stay loyal to the company, if I stay at my company for 30 years, or longer, I'm going to be able to make more money and they're going to reward me for my loyalty. That, my friends, does not happen. And in a time where affordability is at an all-time low,

you cannot stay loyal to your company for a very long period of time. Why? Because you need to earn more. And loyalty in a lot of situations and the statistics will show this. Loyalty means that you're going to make less money over time if you stay extremely loyal. And so what you have to do is make companies compete against each other for your talent. So this is why it's so important early on in your career to develop as many talents as you possibly can and increase your skill level. Invest in yourself.

And what I mean by investing in yourself is you invest in your skills so that you have all these different skills available and companies are going to fight over your salary. And so this is exactly how we want to do this. We want to pin companies against each other. Loyalty goes out the window when it comes to your career now. It is 2024.

If you're going to stay at a company over the course of 30 years, you're probably going to make less than a person who actually moves around a few times. And so we're going to see this time and time again where you get this traditional advice. And if your parents are telling you that with traditional advice, hey, stay loyal to the company. Stay with them over the course of 30 years. You're going to get a Rolex by the time you retire. That's the way it used to be. And guess what?

Typically, loyalty is not rewarded as much as it should be. Now, this is not to say, do not do your job. Well, you need to do your job to the best of your. In fact, we're going to talk a lot about this. When you're at work, I want you to be the highest performer at your job. I want you to be the peak performer. This is a competition. And so every single day, we're going to wake up and we are going to be the best performer

at our day job every single day. This competition starts and ends with you and you are going to be victorious by doing this every single day. So that is not to say that we're going to be lazy whatsoever. We're going to be the highest performer in the entire company. But instead, what that is to say is, especially if you're at a big company, they don't care about you as much as you may think they do. And so this is something you definitely need to take into consideration as you start to have these conversations. So we are going to get into

seven reasons why job hopping may be your best career move to get rich. This is stuff that I definitely want you to take into consideration. And I want you to think through, could I go somewhere else? That's the question I want you to ask. Let's get into it. All right. So number one, The first reason why you would want to consider job hopping is salary increases. So this is the most obvious one overall, and I think a lot of people need to understand how big of an impact this actually makes. So changing jobs actually leads to higher salary offers. So according to a study by Glass Door, workers who stayed at the same job for more than

two years earned 50% less over their lifetime compared to those who change jobs more frequently. 50% less if you stay at the same job. Now, this is over the course of more than two years, but most of this study showed that a lot of these employees were staying 10, 15, 20 years, decades longer. And so this is something where I have seen this happen time and time again, where when you change jobs, you're going to get a higher salary offer because they are competing for different employees who already have jobs.

They have to beat out those offers every single time. So what are some reasons why you earn more when you change jobs? Well, first of all, obviously, his salary increases. And according to research conducted by the National Bureau of Economic Research, workers who change jobs tend to experience larger wage gains compared to those who stay at the same job. The study found that job changers saw an average wage increase of around 4.5% to 5% per year. Do you know how big of an impact that would have on your net worth?

If you increased your savings rate, 4.5% to 5% every single year, this compounds over time. And what you've got to realize is the opportunity cost there of four and a half to five percent per year is millions of dollars. So we have talked about the business insider study where they did a long time ago where someone asked for age wage increase of about 5% every couple of years. And we're going to talk about that again when we have a salary negotiation episode coming up in the next couple of weeks.

And when we talk about that, the amazing thing that happens here is just getting that few percentage points of a raise every couple of years is worth over a million dollars over the course of your career in earnings. Now, a million dollars in earnings, if you took that million dollars and you decided, hey, I'm going to actually invest these dollars instead. And you invest in an additional million dollars over the course of a 30 year career. You know how much wealth that you would have in addition? This is a multi-million dollar decision that we are talking about here. So if you're scared to hop jobs, this is worth millions of dollars. This is millions of dollars. to this episode right now, and the value you're getting out of this episode is millions of

dollars worth. And I want you to make sure that you are thinking through that as we talk about this. Do not be complacent. You got to think through this. Secondly, early career earnings. So a study published in quarterly Journal of Economics analyzed the earning trajectories of college graduates over two decades and found that individuals who switched jobs more frequently in the early stages of their careers ended up with higher earnings in the long run. So a long this same lines. We are still on salary increases. And along these same lines, if you start to switch jobs early on in your career, this also shows that studies have shown that you are going to make more over the course of that time frame. The third reason why salary increases are going to be a big

impact and why you're going to earn more is the impact of job tenure. So the U.S. Bureau of Labor Statistics, the BLS, indicates that individuals who stay with the same employer for longer periods often experience slower wage growth compared to job changers. The median employee tenure for wage and salary workers in the United States was 4.1 years, and shorter job tenures are becoming more common. Again, another study showing that people who stay in the same job for longer periods of time make less. Number four is negotiation power. So job hopping can provide individuals with increased negotiation leverage when it comes to salary and benefits.

So a study conducted by Robert Half found that job changers were more likely to receive higher salary offers than those who stayed with the same employer. And employers may be willing to offer higher salaries to attract top talent, especially if job candidates can have a track record of success at previous roles. So first thing I want to talk about here is we want to make sure we have a track record of success in our previous roles. This is why we need to make sure that we are working hard day in, day out. We are ruthless in our work ethic. We are outworking everybody when it comes to day in and day out at our job. Now, work-life balance is obviously very, very important. But you want to make sure that you're playing the game is what I'm kind of saying here.

You're not going to sit there and kind of just move your mouse around or you're working from home and you're taking long walks in the middle of day of three hours and not getting your stuff done. As long as you're getting your stuff done, that's what matters most, especially the big impact priorities. And so making sure we are doing that. So we have that long tenure of success is going to be really, really important. also if you have high demand skills that's another reason why you're going to be able to have those salary increases because there are a lot of high demand skills out there that you really need to focus on and i want you to focus on these early on in your career as early as you possibly can

hey if you're midway through your career and you haven't focused on these high demand skills then you definitely need to make sure that you are doing so now so that you can become more marketable going on in the future but companies are looking for high demand skills skills skill sets that really really matter sales technology all these different things are going to a lot. We have an episode coming up on talking through some of those high demand skills. So that's the first part. Number one is salary increases. Those are five reasons why your salary would increase based on job hopping. Now let's get into number two, which is skill acquisition. All right. So skill acquisition is number two. And this is one that is a real big benefit that a lot of

people don't think about, is that when you change jobs, you are going to acquire so many different skills at each and every company that you work at. And the more companies that you work at, the more skills you're going to be able to acquire. Let me give you an example here. So first off is when I was in the corporate world, I was in the corporate world for just a little under a decade. And when I was in the corporate world, I remember, you know, starting off as a financial analyst. And when I started off as a financial analyst, I would work internally on specific financial problems. So I would work company-wide on very specific financial problems that were internal. And so one thing I would do is we had over 10,000 locations at this company.

It was a very large company. And so one thing I would do is go out to struggling locations, look at their finances, and figure out where their problems lie, and then try to help those managers in those locations fix some of their financial problems. And this was a pretty cool thing to do because I was kind of acting like a business owner, and I was able to kind of see some of the internal financials of the actual company. So this taught me a lot. First, this taught me how to analyze a business and how to analyze their finances to figure out

what actually matters most and what's actually a major financial impact to the company. It helped me identify different things. So I would look at P&Ls, I would look at balance sheets, I would look at all these different reports to figure out why locations were struggling. So that's number one. That is a really valuable skill for me now as an entrepreneur because now in the businesses that I run, I have to do this all the time. And so it's a really, really valuable skill to learn, especially.

if you're going to go out on your own in business, okay? So that's the first thing I did. And so when I was in that department, I learned a ton. First of all, I learned skills like Excel and how to master Excel. This became really important because I could create very specific reports that nobody else in the company could actually create. And I noticed that people above me all could create very specific reports and they could do very specific things in Excel that people below them could not.

So I tried to acquire as much Excel skill as I possibly could as a financial analyst. That was really valuable then. And so that's where it started. Eventually, I got promoted. And I got promoted into a job where we did acquisitions of other companies. So I told you we had all these different locations. Well, now my job was go out and find other companies that small mom and pop shops and let's go buy them out and we can take more market share by doing so.

And so when I did this, now it flipped from me looking internally to me actually analyzing financials externally and learning how to buy businesses. So you can see this is a very, very valuable skill in the corporate world. Most people don't look at it this way. But this is the way you have to look at some of these skills. is being able to see what these will allow you to do in your own life. And so now I was looking at different businesses and I was analyzing the same stuff, their P&L, I was analyzing their balance sheet.

I was analyzing how much they spend. I was analyzing, are they actually paying their taxes on time? There were so many different things that we were doing as we had these conversations, but I was also learning how to negotiate. And this was the most powerful skill overall is learning, A, how to analyze other people, B, how to read people, how to see if they're lying. how to see if they're actually telling the truth, and then looking at the data to back it all up.

This skill wrapped up in a bow is really, really valuable to be able to do. And so this is what I was doing. And we were acquiring eight to ten different locations per month. And I was able to have all these conversations constantly, day in and day out. To acquire eight to ten locations a month, you have to have a ton of different conversations. But there was something else this job taught me as well, is I was working with attorneys in legal constantly.

All of a sudden, I learned how to think like an attorney would. And so this is something that was also a very valuable skill because, hey, I don't want to be an attorney, but I want to know how they think because they're going to be involved in every single business process over time. So I tell you this long story to tell you, hey, switching jobs allowed me to acquire all these different skills. And all these different skills matter in the grand scheme of becoming a financial analyst and being really, really well-rounded. And so skill acquisition is a major, major factor when it comes to job hopping. A, you're going to learn all these different skills,

but you're also going to learn new technology and tools. You're going to learn how to use some of these various tools. Maybe one location uses Salesforce. Another one uses a different type of CRM and platform. And so there's going to be different tools that you are going to be able to master so that as you start to move up the corporate ladder, people are going to ask you, hey, do you know how to use this? Do you know how to do this? And you know how to use all of it. And that is going to be a really, really valuable skill. Next, you acquire this specialized knowledge. So the experience that you have in different roles is going to allow you to acquire specialized knowledge. And it's going to be taught to you in different ways at different companies based on how they do some of this stuff.

And so all of this is really, really important. And each role is going to give you industry specific knowledge. It's going to give you different regulation knowledge. It's going to give you different best practices. It's going to allow you to just become a more well-rounded career-driven person. Next is you build a diverse skill set. So as you start to acquire some of these skills, you're going to have so many different diverse skill sets that are going to allow you to change the way you actually operate day in and day out.

And so having this diverse skill set is really, really powerful once you start to build it up. When I first started out as a financial analyst, I had zero skill set. By the time I left and I started to go out on my own, I had a massive skill set that I could utilize to do pretty much anything on the financial side when it came to business. that was really, really important and really, really helpful as you start to build out that diverse skill set. You also get professional development opportunities, which will talk a little bit more, and you also get networking and mentorship more so when it comes to job hopping. So the skill acquisition portion, number two, is really, really important. Now let's talk about number three, because we just

mentioned networking very briefly there, and I want to dive deeper into that. Your network is your net worth, and that is something I will say over and over and over again to you. Most people don't realize how powerful this is until they actually see it come to fruition. And your networking ability is going to dictate how much money you make in life. It just is. And so it's one of those things that the more people that you can network with, the higher the probability that you will be able to earn a massive amount of wealth. And the reason for this, it's all about who you know. Have you ever heard anybody say that? It's all about who you know. The more people you know, the more dollars you can earn. And so networking I have found. At first, I was like, I'm not going to network.

You know, I'm an introvert. I don't want to go out and talk to all these different people. I don't want to have these conversations. I'd rather just stay home, read a book, watch Netflix, do whatever I want to want at nighttime. You know, I really don't want to go out of network and go out on a limb. Shout out to the introverts. I hear you. It's not a fun experience, especially when you're first getting started. You probably don't want to do it. But guess what? As time goes on, and as you start to do this more and more and more, your network is going to build up. And if you develop a system put together, and we just had the episode with Jordan Harbinger, and part of the reason why we re-released that episode was because I think it's a really simple

way to build a networking system. And he talks through how you can network in five minutes a day. And if you do that five minutes per day networking system, you will be able to have a much larger network than 90% of the people out there just by checking in with people. So it's really, really important to have those networking opportunities and go there. But when you job hop, you have an opportunity to meet an entire network of companies, not just your internal company, but the external companies that they work with as well. So if you start the job hop more frequently, you're going to meet 10x more people, probably

even more than that than you would just staying at one company. It would be way more than that, actually, because you're meeting your internal network, meaning the internal company plus all the other companies they work with. Here's an example of this. Let's say, for example, you work in consulting. And so you work in consulting, maybe you work for McKenzie or something like that, okay? And so you're working in consulting and you're working through and trying to help, you know, one company, okay?

Then you transfer to another consulting firm. So McKenzie works with all these different companies. Well, then you transfer to another consulting firm. And now you meet all the people inside of that consulting firm and all the other companies that they work with. You can see how this can become a massive spider web effect over time when your network can become very, very large, especially if you work hard, you go above and beyond, you do favors for people, you really help them out. People are going to remember that. And if you can make yourself memorable to

people in a positive way, not a negative way, if you can make yourself memorable to people, you will earn so much more over time. Now, I'm going to also give you five high value ways to increase your network at your job. And this is going to be helpful for you if you have no idea where to start. Number one is try to attend networking and events and workshops within your industry. So like I said, the example of consulting. If you're in consulting, try to attend networking events in your industry and try to work through some of that stuff. There are a bunch of different networking events out there.

You just have to search your industry and then networking events and see what pops up in your area. It's really important to do this kind of stuff because the more people you meet, the more people you know, the more powerful it can become. Number two is join cross-functional teams and projects. So if you want to meet more people internally, try to join. join cross-functional teams or projects. So if there's projects presented it to you,

the more projects that you can take on that are within your scope of work and that actually makes sense, then the more people that you can meet, A, and the more people that you can impress, B, by your work ethic and the work that you do. So this is another one that I definitely think that a lot of people need to be doing more so

is joining those cross-functional teams or projects. Now, most people try to avoid these. Why? Because it means more work for them. But if you see it in a different light and you see it as a way to be able to establish relationships with other people. It's going to be really, really powerful. Great example of this is like I talked about. I had to work with legal a ton on some of those acquisitions.

And there's a huge legal team that we had at that location. And all of a sudden, those relationships developed into very, very cool things that we were able to do together in the future. And it's just by having those cross-functional teams or projects. Number three is you can join mentorships or reverse mentorship programs. So some companies have mentorship programs. A lot of like the Fortune 500 companies do. that you can go out and you can work through

or you can participate if you're upper level management or you're working your way up, then you can become a mentor as well and you can network with more people. Utilize social and collaboration platforms. So there are a lot of social and collaboration platforms within your organization such as teams or Slack or all those different things.

Make sure that you're utilizing some of those from time to time in a productive way. You've got to be as productive as you possibly can, but utilizing those is going to help you add additional channels for networking, especially if you're working from home. this is a little bit harder to do. So you want to make sure that you are networking in some of those areas as well.

And then you can also organize or participate in employee resource groups. So if you've never heard of ERGs, these are groups and employee networks that bring individuals together with shared interests. And it allows you to connect with like-minded colleagues and things like that. So for example, say you work at a big company and there are different departments that need to create very specific reports. Well, you can create a group that is going to kind of go. and meet once a week and you can kind of share ideas on how you can create these reports,

how you can improve these reports, how you can actually build out these reports. So it's more valuable to the company. So everybody wins in that situation and you're able to network in that situation as well. So very, very important stuff here. Now, let's get into number four. I remember when I needed to hire someone fast, but finding the right person quickly felt impossible. And if you've ever been there, you know how stressful this can be. That's where Indeed comes in. When it comes to hiring, Indeed is all you need. Instead of struggling to get your job post noticed, Indeed's sponsor jobs help you stand out and hire faster. Your post jumps up to the top of the page, making sure it reaches the right candidates. And it makes a huge difference.

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With the AI control tower, you see all your AI across the business in one place. What it's doing, what it's done, and what it's about to do. So you stay in control. To put AI to work for people, visit servicenow.com. All right. So number four is that you're going to get a diversified job experience. So we talked a little bit about this, but I think that having a diversified job experience is a really, really important thing to have in today's day and age. Most people are not diversified in terms of their experience. And if they are diversified in their experience, it's all in one thing. But you can show that, you know,

within these different sectors, these different company cultures, within these even different industries, having this diversified experience can make it where you are more marketable to other companies. So first of all, A, this means that you're more adaptable. And so you're more adaptable to a diverse different skill set. You've been in different industries. You've been in different roles in different environments. And this is going to allow you to really be able to help when there's changing environments going on. Number two is it shows your problem solving abilities.

Meaning because you have exposure to different experiences, this allows you to see different ways that people actually solve problems and allows you to take on all the ones that make the most sense. And so it allows you to have those problem solving abilities because you can draw on insights gained from all these different industries and all these different companies that you worked for. Problems that come up in life are a lot easier to solve when you've seen or experienced so many different things. This is why a lot of older people in life are able to solve problems in a much more calm manner because they've seen a lot more. They understand what the outcomes are going to probably be. And so they are able to calculate how they can do this.

This is why a lot of times listening to older folks and their advice can be a good thing because, A, maybe they aren't as adaptable as they used to be, but at the same time, they've seen a lot. And so you can kind of take and weigh their advice more so than someone who has never seen anything or who's young and in their 20s. The next part of having a diversified experience is that you have a growth mindset, meaning a growth mindset is really, really important. and having a diversified experience cultivates resilience and a growth mindset. So a person with a growth mindset, they view setbacks as opportunities for growth rather than barriers. And so this is something that really does take development over time, but it's important to have as you go through this.

So diversified experience is number four. Number five, and this is a really, really big one, and you probably have been screaming at the phone. Why haven't you talked about this yet? But this is one that's really going to help you earn a lot more money is negotiation power. So negotiation power, and we're going to do an entire episode on how to negotiate coming up here in the next couple of weeks. But when it comes to negotiation power, you have the opportunity to negotiate better compensation packages. This includes things like salary offers, benefits, perks, and we'll talk about some of these in a second.

But according to data from JobByte, Job Switcher saw a 30% increase in pay compared to only a 5% increase for those who stayed with the same employer. So when you do this, if you're looking to learn how to negotiate, we have to. have a free negotiation ebook. And if you've never read it, a lot of people have gone through it. And the messages I have gotten from this are absolutely amazing. So it has two parts to this ebook. One of the parts is how to negotiate your salary at a brand new job, meaning how do you go through the negotiation process at a brand new job. The second part is how to negotiate your salary with your current job. And we even have a section talking about, hey, if you work from home,

here's how you do this as well. So this is a really, really valuable ebook. It's absolutely free. So if you want to download it, just go to mastermoney.co slash resources and we have it available for you there. And you can be able to download that. And so when it comes to negotiation power, number one, and this is the most powerful thing, is having competitive salary offers. Having competitive salary offers is by far one of the fastest way to earn more money. Every single time that I'm about to leave a company, that I've left a company, I always get a job offer or a salary increase offer from my previous employer that is more than the offer that I'm getting now. Now, I'm usually leaving for additional reasons as well, like opportunity for growth, things like that. But I always have gotten a new

salary offer. And so if you can actually have competitive offers from multiple different places and you have gone through the interview process, this is why it's good to interview more locations, just one, because you can have these competing offers and you can put them up against each other. And so having these competitive offers are really, really important. And companies may be willing to offer higher salaries just to entice you to join your organization. They may ask you what you make now and there's a lot of scripts and stuff in that e-book that are going to show you exactly how to do this, but this is something you definitely want to make sure that you are doing. And you can leverage multiple job offers when you get them in. Another reason that you are able to have negotiation power is because

you have demonstrated that you have market value. So by successfully navigating multiple job changes and if you get a promotion each time, that's even better, this shows that you have market value and you have desirability as a job candidate. And so employers may even notice that other companies are willing to invest in your skills, especially if each time you job hop, you're taking a promotion. So they're going to see, hey, this person has very valuable skill sets. Each time they leave, they're leaving because they are getting a promotion. They're making more money.

They obviously have valuable skill sets. We need to look more into this. Also, when you job hot, since your skill set expands, that means you have more skills available to offer that are going to love. allow you to have more negotiation power because someone could come in with a low ball offer and you say, hey, I possess these skills, X, X, and X. These skills alone are worth more than this job offer coming in. So here's where I would like to be. And you have this conversation with that potential employer and you can go about doing that. And then obviously, like we talked about leveraging multiple

job offers is the other reason why you'll be able to have a ton of negotiation power. So negotiation power is a very, very powerful thing that you can have at your disposal by job hopping more frequently. All right, number six is one that we haven't talked about yet. A lot of times we've been talking about financial reasons as we've gone through this list. But this one is more so lifestyle reasons. So number six is increased job satisfaction. So if you're unhappy in your current role and you may be unhappy for a number of different

things, maybe you want to work from home job and you have to go in the office every single day, you have to commute for an hour, and you have to fight through traffic, then you get into your office and you absolutely hate your job. job? Well, maybe you want to increase that job satisfaction. And so because you have the ability to switch jobs, that means that you can actually have the opportunity that leads to overall job satisfaction. So actually, a Gallup poll found that only 33% of U.S. employees feel engaged at work. And it found that those who switched jobs more frequently found more satisfaction in their jobs than those who did not. Now, the reason for this is that you can change the way

And you can change the opportunities that you have at your job by switching jobs. So a big one right now is a lot of people want to be able to at least partially work from home. And so they want to be able to be home for a day or two because you can optimize your work environment. You can get more stuff done in less time. And then you can kind of do some of the stuff you want to do at the same time. And that's what a lot of people do at least. And so for a lot of people, they are trying to increase their lifestyle balance. And so if that is you, if you're trying to increase the balance in your lifestyle but still make the same amount of money,

the job hopping is definitely going to be something that you want to consider. Because doing so is going to let you get all the benefits that you want. And each time that you switch, you're going to be able to add on and tack on some of those benefits. You've got to weigh the pros and cons. You've got to make sure that you are still increasing that income over time. But that job satisfaction and that balance may be worth the time. Now, also, you may be willing to take a pay cut because your situation is so bad that you may be even willing to go backwards. And sometimes you have to go backwards to go forwards.

but you may be willing to go backwards in order to have more job satisfaction. So that is another option as you go through job hopping is you can have increased job satisfaction. So what I would advise you to do is take out a list of everything that you would want in your dream job. And it's not like make a million dollars per year. What I mean by that is what do you realistically think is possible in the current role you're in? How can you make 20% more at another role, 20% plus more? And what would that role look like? Would it be working from home part time?

would be working from home full time. Do you like going to the office because you're an extrovert? Would it be a short commute? Would it be something where you have a boss who allows you to just get your work done and you don't have to be logged in a certain amount of hours? What would that look like? And I want you to write that down and I want you to put that list together. Then I want you to go out and try to find companies that actually have that available

because if you hate your job right now, if you're sitting in a cubicle, you're listening to this episode, that is the last thing we want for you. And so I want you to be able to build wealth over time. And so this is what wealth is for is to actually help you get out of a job you hate. But at the same time, we also want you to be able to earn that income and enjoy your day-to-day time. And so when you do that, job hopping is going to really help you do that. Also, if you have a really terrible boss, really, really terrible boss, and you built up an emergency fund, that's what an emergency fund is one of the best things you can do with an emergency fund is get rid of a boss that you absolutely hate. and what you can do instead is build up that emergency fund enough where you have time to go find

that next job. And that is the opportunity that money allows us to have is we can actually take our mental health back and our sanity back by doing something like that. So another really powerful thing that you can do is increase your job satisfaction through your personal finances, which is why we do this. So this is really, really important stuff. Now, number seven, after job satisfaction is number six. Number seven is avoid stagnation and faster career progression.

Most people who stay in the same job for a long period of time are going to make less overtime than people who switch jobs. In addition, they're going to be staying in roles for longer periods of time than they need to be where they could have so much faster progression. And so you can explore a bunch of different career paths, A, if you start the job hop, and that's going to allow you to see, hey, what do I actually like? If I don't like what I'm doing right now, maybe I want to go to a different job and I want to explore a different career path.

So maybe you work in HR now and you're like, I don't really love HR, but I really love marketing, then you switch from HR and marketing at a different company. This is going to allow you to A, have two vastly different skill sets, but B, also be able to go see what you like. And so you can explore those different career paths. You also have more opportunities for growth and development. You have more flexibility and autonomy by choosing and selecting the correct jobs. And you can also align these jobs with your personal values and goals. And so stagnation is something that I don't want for anybody to listen to.

to this podcast. I don't want you to stay stagnant in a job. I don't want you to get content in a job. There's people, when I went into the corporate environment in my 20s, there was people who were in the same job for 20 years making 35 grand a year. And it was honestly a heartbreaking situation where all they lived for was the weekend. All they lived for was Friday, 5 o'clock to hit so that they could go out there and they could live their life on the weekend. And this is what I don't want for you. And this is why we created this episode. I don't want you sitting in a cubicle right now to be in a stagnant job that you absolutely hate when there are so much opportunity out there for you. This life is filled with opportunity. Opportunity is literally everywhere.

And you have to have that growth mindset and you have to have that abundance mindset to see you don't have to stay where you are if you absolutely hate your job. There's nothing wrong with job hopping. Loyalty is not rewarded anymore in the corporate environment. And so when you move around, there is a high probability of making more money. Now, there are risks when it comes to job hopping, and we can talk about a couple of them here now. If a company goes under and you're the new person, you're going to be the first to go, usually,

unless you're a high performer. If you're making the most of that a company and a company is not doing well, you're going to be the first to go. So these are things that I want you to make sure you're doing your research when you job hop. You're doing a ton of different research in the financial health of that company.

If it's a public company, you can look this stuff up and you can see how healthy is this company financially. And so I want you to make sure that you are researching the company when you do your job hopping. But at the same time, there are a ton of benefits to job hopping and why you need to make sure that this is part of your arsenal when it comes to building wealth. Because I don't want you being in a job that you absolutely hate,

and that is the most heartbreaking thing that you can do. I watch these people. They're in their 50s. And they have been there forever, just barely getting by. And really, the reason why they did that is because they were trying to be loyal to the company. They talked about loyalty all the time. You know what the company gave them every five years?

A new certificate that says, thank you for your loyalty. Thank you for your loyalty. You've been here 10 years. Thank you for your loyalty. You've been here 15 years. Thank you for your loyalty. You've been here 20 years. And they had those certificates in their cubicles as a badge of honor.

I don't want that for you because that is not the way that the world works right now. That is not the way that you can earn more money. I want you to be able to earn more money. And what I don't want you to do is get stuck in that cubicle. So as each day goes by, I want you to think about what are some things I can do. what are the things that I want in my job? What's going to actually give me fulfillment? No job is perfect.

There's never going to be a perfect job. Don't ever think about it. But if you can get to 50% enjoying your job and 50% enjoying what you do day in and day out, that is a really good place to be. That's a Jeff Bezos quote. He said, if you can get to 50% you enjoy 50% of your job, that's a great spot to be.

And he's absolutely right. Even in entrepreneurship, there is stuff every day I don't want to be doing. And so it's not some glamorous life to be an entrepreneur. We have way more risks going on. So if you are working that nine to five, let's work it in a way. We can actually build a tremendous amount of wealth because we want to make sure that we have millions of dollars invested by the time or retire so that we can retire and live the life that we want and spend our time doing what we want.

That's exactly why we do all of this. So listen, thank you guys so much for listening to this episode and investing in yourself. And that's exactly what you did today is you invested in yourself. If you guys have any questions, please reach out to me via email. Send me in your questions. We'll do them on Money Q&A. and we would be happy to answer those questions. I cannot thank you guys enough for listening to this episode,

and we will see you on the next episode. Rosen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play-O-Joe, the online casino with all the latest slot and live casino games. What you win is yours to keep, with no wagering requirements, instant payouts,

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