For the vast majority of Americans, their careers are their most valuable financial asset. Don't believe me? Consider the following:
- If you earn an average of $25,000 over the course of a 45-year career that equates to $1,125,000.
- If you earn an average of $50,000 over the course of a 45-year career that equates to $2,250,000.
- If you earn an average of $75,000 over the course of a 45-year career that equates to $3,375,000.
- If you earn an average of $100,000 over the course of a 45-year career that equates to $4,500,000.
Unless you have very low earnings, your career is a multi-million dollar asset.
Also consider that your career:
- Pays all your living expenses. Without it, you couldn't survive.
- Is the source of all of your investments -- retirement, college for your kids, and so on.
- Helps you acquire other big assets like your home and cars.
- Is the source of everything you have financially -- the source of your wealth.
In the light of these thoughts, do you have any financial asset that's worth more than your career? Not unless you inherited a fortune or business or have saved over decades (which was enabled by your career). For the vast majority of us, our careers are our largest financial assets.
That's the good news. The even better news is that you can take steps to significantly increase the value of your career. And believe me, even small increases on big numbers like these can add up!
If you don't believe me, just look at how real-life millionaires have used their careers to become wealthy.
Update: After I posted this, I wanted to add one more comment since I was just working on something this weekend. If you're wondering how to grow your income, you'll LOVE my six figure interviews series. It provides stories from real people who have taken steps to dramatically grow their incomes. The first post in the series will be up in a couple weeks.