According to a saying, “Sometimes you need to spend money in order to make money.”
This is true, especially for business people, but it’s not only them who should invest to make profits. This saying applies to your career as well. In order for you to move up or advance in your career, then you’ve got to invest in yourself. However, there are also certain limitations as to until when you should spend.
It is wise to spend when:
a. You feel that a particular brand name can make a huge difference.
In some industries or career fields, it is beneficial for job seekers to have in their resumes names of popular or prestigious universities or companies. Until today, hiring managers tend to give preference to job candidates who came from a specific school, or who have experience in particular companies.
Enrolling in an expensive yet highly reputable school or joining an internship program in a first-class organization in your industry may seem like a huge investment for you. But you have to think of this as a long term investment for your professional development, which can benefit you tremendously in your career.
b. You have to make a good first impression.
Whether you are going to begin a new job, or just going to an interview, it is important that you start off on the right foot, and make a good impression to your potential bosses or coworkers. If you don’t have the right attire for your interview or first day in your job, don’t hesitate to invest in a professional looking and well-fitting outfit. This will not just make you look good, but will also boost your confidence in yourself.
c. You thing face-to-face informational interviews will get you ahead.
Traveling to another city, for instance, may cost you some money, but it will be worth it to personally meet those people who can help you get a job. If you are applying for a job based in a different city, you would certainly want to personally submit your application, and of course, have a face-to-face interview.
You don’t need to spend money when:
a. You have already made a good first impression.
While it is indeed important that you look professional and neat when you come to work, there is no need to be a fashion icon to earn your co-workers’ respect. Your daily wardrobe should be something that will make you look respectable, but you don’t need to buy top-of-the-line clothes for this.
b. You just want to get to know your new co-workers more.
It is good to make the first move to be familiar with your officemates, but this doesn’t mean you have to pay for their lunch all the time. You could also invite some of them for dinner, but again, you don’t want them to think that you will be paying for them every time you make the invitation.
There are things you need to spend on, and there are things you should not waste you money on. By being smart with your finances, you will be able to save yourself from money problems, while at the same time building genuine relationship with the people you work with. And if you are ready to invest more in your professional development, joining a career coaching program is one that will be worth your time and money.
Cecile Peterkin is a certified career and retirement coach, and a registered member of the Career Professionals of Canada and the International Coach Federation. She is also the Founder and Senior Career Strategist at Cosmic Coaching Centre, provider of career and life management services for middle managers and mid-career professionals across Canada, United States and Europe.