Loyalty is so valuable in building relationships however in many instances your loyalty may betray you financially and cause you to not reach your potential because you aren’t willing to take a risk.
Too Loyal To Your Job
Your job may be great, but if you become overly satisfied or complacent you could stop earning greater than what you could have earned in life. I know I have started to hit my peak as far as earning potential in the position I am in and the only way I’m going to get a big bump again is to switch jobs or get a major promotion.
I still get regular raises but I’m not likely to get a big 40-50% raise. I would have to get another degree to get a major promotion into a position I don’t really want to go into because it is more of a science position than business so that doesn’t look likely and if I change jobs I would lose the familiarity and comfort level I currently have right now. Of course, I might lose out on some of the flexible schedule perks as well, but it’s always good to see what is around.
However, maybe things are better in another job. I took a leap many years ago and it was the best decision ever. It could be that I have been limiting my potential earnings by not looking around because I have been comfortable with where I am right now. Maybe I have lost out on some income because I haven’t been looking to improve things.
We have a top employee here at work that we would love to move into a management position but they haven’t finished their degree. Despite tons of work experience, we can’t move them to that spot without the degree because of industry regulations.
We have begged and begged them to make the move by finishing 2 years of school. It would be an instant 50% raise and they won’t take the time to finish school. They would excel in the job, but they don’t want to take the time to go back to school.
It is the same division and they would be the boss so more time in the office and more regular hours. That is their right to refuse, but they are losing out on $25,000 a year. It’s a shame because we asked them years ago so they would have been done by now.
Too Loyal to Your Parents Investing Strategy
Your parents never invested in the market and kept all their money in savings accounts earning minimal earnings because that is what your grandparents did as well. Sometimes they had a CD or they even went crazy with a CD ladder. Well if it worked for mom and dad and grandpa and grandma then it’s good for you right? Uh…no.
Your parents didn’t invest because no one ever taught them. Those that invest for the long term always wish they had started sooner and invested more. You need to be loyal to yourself and your future. The risk of not investing is actually less risky that keeping your money in a savings account. What is the going rate today 0.001?
Sure you might have $100,000 in savings by the end but if you had invested it over time you would have retired five years earlier and you would be sitting on double, triple, or even more because you stayed steady through the ups and downs and let the dividend growth add to your investments instead of earning that whopping 1% in the bank.
Too Loyal to People at Work or Life
You know what, you are probably replaceable at your job. Your company is only as loyal to you as much as they need you around. After that, they will move on and hire someone new.
I know I have saved my company millions of dollars over the past several years which has given me lots of great bonuses. That makes me think I have had job security for a long time, but you just never know. I could walk in tomorrow and find my stuff packed up. My industry could change because of technology.
There is a lot of consolidation of companies in my business over the last several years and we could merge with another company and I could be out as one of the managers. Why have two of the same position?
I have been at my job for eight years and really enjoy it. I have built it into a machine that requires very little supervision because of extreme productivity. It took a long time to get it to where it is, but the simple hiring of a new boss could change it all for me.
You Need to Be Loyal to Yourself
You are number one in your life. Your earnings, income, and job should be most important to you. I value freedom of work and ideas as well. I get to have the end say on all my projects which is awesome. No vice president makes the decision, they have passed it on to me because I have earned it and I love that freedom. If you start to work for others then you could end up disappointed in the end results.
I’m not saying you say no to every project or task. You have to look out for number one and that is you. If a great opportunity comes you must jump at it. If you are really comfortable you need to be looking at the market and what is out there. You just never know when things will change.
Everything Could Change Even in the Best Times
At my first job, we took last place TV station and took it to number one on the weekends. I got pulled in with the weekend team to the general manager’s office one day and he said the new owners of the company wanted a 10% cut in costs.
He concluded that the best way would be to cut the weekend news because we were 10% of the costs. What the crap kind of plan is that? We are the top thing the station has and you are getting rid of it. Who doesn’t have weekend news and what is the Monday morning newscast going to have without any Sunday night news?
The GM was just giving us a courtesy heads-up (he was new so he didn’t understand that you don’t have to be nice) so we could put resumes and tapes together.
Well turns out the general manager took the plan up to the new owners at a meeting in the pacific northwest. The owners heard the plan and thought the plan was so stupid they fired the general manager on the spot and that was where the money was saved.
Don’t Be So Loyal You Stop Looking for Opportunities
Amazing opportunities can come and go quickly. If we aren’t prepared for something new, then we could let it pass by because of comfort and loyalty. Sure, I do what I am told at work, but I always know that I need to promote myself and my actions first. If I take on a job or responsibility, I am going to give it 100% effort because that is what I do and who I am, but I still have to look out for myself.
If I do all the work and let others take the credit I’m not only damaging my career, but that has an impact on my family. I also look and see what the going pay rates are and what opportunities are out there. There are new and amazing companies out there with amazing benefits.
My company was the top dog in the state when I joined years ago, but new tech has moved in and now there are even more opportunities out there. I would be crazy not to see if there is an opportunity. Do I need it? No. But why wouldn’t I look to see if there is something better?
Be Loyal to Your Success
What are you trying to accomplish in life and how will you get there?
- Do you need to earn more money?
- Do you need a different job?
- Do you need to spend more time with your family?
- Do you need to take more risks in your investments?
What is your end goal in life? Be loyal to that goal. You will likely have to take a risk or two to get there and that is what most successful people have to do and you can do it too.