How to Make a Million Dollars in Ten Years, Part 5: Career

Here's part 5 (the last part!) in our quest to grow our net worth by a million dollars in ten years as guided by Smart Money. Today, we're focusing on your career, which Smart Money says will net us $171,000 in net worth over ten years. Their key thoughts:

Entrepreneurs might get rich quick selling magic widgets, but when you're working for the man, there's nothing magical about the surefire way to increase your income. Every career expert we interviewed for this story said the No. 1 rule is simple: You've got to go above and beyond your job description.

The first mandate — be of service to your boss — is probably the hardest, especially for the 95% of us who think we're smarter and saner than the little Napoleon we report to.

Of course, you can't rely entirely on the boss. On the job, look for assignments that get you noticed outside your department.

It's your responsibility to acquire skills that make you more useful.

Of course, no matter how well you position yourself, you can get sideswiped by changes in your industry and the economy. Prepare now.

While I agree with the guidelines stated above, I have to say that I think the amount assigned to your career is very, very, very understated. I think your career is your most valuable financial asset and managing it correctly can earn you millions of dollars in extra income throughout your lifetime. That's MILLIONS, not $171,000. Sheesh!!!!!!

Here are some of my thoughts on how to make the most of your career:

• The Art of the Raise

• Developing a Successful Career

• Your Most Valuable Asset

Anyway, using Smart Money's numbers, after five days we're at $1,318,000 in our quest for $1 million in added net worth in ten years. So we've made our million with room to spare! And if we add in the real numbers for managing your career, we'll be at $2 million or more! Not bad for ten years, huh?
This is just what I recommended when I wrote Free Money Finance Guide to Getting Rich.

For reference, here are the links to the other parts of this series:

• Part 1: Staying/Becoming Healthy Helps You Spend Less and Earn More

• Part 2: Saving Money

• Part 3: Savings

• Part 4: Investing

Comments

[beloml]

Hey, I'm first! When do I get my book? Just kidding. Thanks for the post.