The easiest way to become trapped in your career is to put on a pair of golden handcuffs. If you want your career and personal brand to move in a positive direction it is important to recognize and avoid this trap.
Avoid the trap
The golden handcuffs refers to staying in an unpleasant situation that pays the bills and supports your lifestyle. It is so easy to get into this trap. Simply spend more than you have. Buy things you don’t need and can’t afford on a regular basis and use credit to finance these habits. After a short time, you will feel trapped and unable to risk a career change.
Did you spend serious money developing a marketable skill? If so, this trap may be especially dangerous. You could change jobs, but you might take a big hit in income. You might even feel that you wasted your time and money developing that marketable skill, the one you don’t want to use anymore. The trap is set when credit card companies encourage unemployed students, emerging from post secondary education, to wear the golden handcuffs by offering them credit.
Finding the key
The security and financial benefits of your income may not be worth the psychological toll of working in a job you don’t like. Wishing things were better won’t change anything. There is only one way out of the golden handcuffs trap. Spend less than you make.
It’s like dieting. We all know what we should do, but we don’t like to limit ourselves. Going to restaurants, coffee shops, clubs, movies, concerts, buying cable TV, alcohol, most new clothes, games, and many of your other daily purchases are actually luxuries; you don’t really need them for survival. However, these purchases have become such a common part of our lives that we think we’re entitled to them, and they can be comforting, especially if we aren’t happy at work.
Financing big-ticket purchases also tightens the handcuffs. We’re not used to saving up and buying with cash, or going without until we can afford something. But saving requires only the same discipline as making payments, except you don’t pay any interest.
Unlocking the trap
You can get rid of the golden handcuffs by living within your means. Keep a tally of what you spend every day. Separate wants from needs. Create an austerity budget, one that includes only housing, food, and other core living expenses. I think you’ll be surprised at how little you can live on if you have to.
Think twice (or three times) before buying anything. Buy only what you really need. Save up for big-ticket items until you can pay for them outright. Avoid impulse purchases. Use the library and thrift stores. Make your meals at home. Have friends over instead of heading to expensive clubs and coffee shops. There are many ways to stretch your budget and still have fun.
Get out of debt and release yourself from those handcuffs. By adjusting your spending to your income, you gain greater freedom and flexibility for making satisfying career choices. Now you are free to move your career and personal brand in a positive direction.
Author:
Donna Dunning, PhD, is a psychologist, certified teacher, member of the MBTI ® International Training Faculty, and director of Dunning Consulting Inc. She is the author of more than a dozen publications, including her two newest books, 10 Career Essentials and What’s Your Type of Career? 2nd edition. Donna’s guiding principle is: Know yourself, respect differences, learn and grow. Follow Donna on Twitter and Facebook and visit her website.
