Buy that brand new car later, invest in your career first!

One of the factors which hurt career progression and which consequently affect income of employees is the wrong decision of financing brand new car instead of investing in their careers. It is very important to state that no company can hire you or promote you because of the type of car you have. Companies hire people because of their potential in adding value to the organization. In order to add value to an organization, you need a good academic training. In this sense, a candidate needs an educational level higher than undergraduate degree. A graduate degree makes a difference. Examples of graduate degree are MBA, M.S., or even a Professional certificate. Other important skill that can leverage someone is to speak a second language. A second language gives one the opportunity to work abroad. A second language is also important for someone living in his native country, but oversees operations in other countries. It is true that English is the language of business. However, others cannot truly follow your leadership IF you do not speak their language. Speaking another person’s language has an emotional connection.

     Returning to the title of this publication, many people ask how they can increase their income. There is no miracle to that. Everything you desire in life will come to you only when you make it a priority and be committed to it. Making your career a priority implies that you should invest in it before any other thing. Many people, instead of investing in their career first, they make buying brand new car their number one priority. They finance the cars and eventually enter into a rat race. They cannot make more because they did not have enough training and they cannot have adequate training because they don’t have sufficient income. Let us look at it the other way round. How much is the monthly payment and insurance on a car like Toyota Corolla or its equivalente? How much is the monthly payment for obtaining a graduate degree or MBA and a second language paid over a spread of 5 years? The cost of having a higher degree today is cheaper because one can study online. Only go to Google and search for online courses.

Now, think about the change that will occur in your life when you have advanced degrees or specialized training and the ones that will occur with a brand new car. While the first option increases your earnings for life including your retirement, the second option sends you on an unending spending road that you can never recover from. The worst part is that you are spending from the little you make and you don’t have the possiblity of increasing your income. Having an expensive car when you don’t have a solid source of income takes you to a path of no recovery. Investing in your career first gives you the possibility of even paying cash on your preferred brand new car in the future.

     Think about this when you are taking your decision!