​

Financial Samurai

Slicing Through Money's Mysteries

  • About
  • Invest In Real Estate
  • Top Financial Products
    • Free Wealth Management
    • Negotiate A Severance
  • Buy This, Not That (Bestseller)

Being Overly Content Can Be Detrimental To Your Career

Updated: 04/07/2021 by Financial Samurai 59 Comments

Every year, there’s inevitably a headhunter or a competitor who gives me a ring. They eagerly ask if I’m interested in leaving my current firm for a hefty salary increase. And every year I turn them down. Perhaps I’m overly content. But, I respect the people I work with, like the camaraderie, and believe in my firm’s management and future.

My 10th year anniversary is coming up. And just like how I freaked out for a couple days before turning 30, I’m starting to wonder whether I’ve become overly content and too comfortable with what I have.

Dodging bullets is a myth. But, I can safely proclaim that I dodged at least one bullet by not taking an offer from a firm that inevitably went bankrupt. Phew, I sometimes remind myself. But, what about the other firms I wonder.

If I joined them, would I be making more money and doing more in my career than ever before? Maybe, I don’t know. What I do know is that many who have job hopped have indeed made an incredible amount more. And they have rocketed their careers way more than if they had stayed.

Is It Stubborn To Be Overly Content?

It’s sad that loyalty is often rewarded with below market pay. We call this the “loyalty discount”.  The late, great John Wooden of UCLA basketball fame never made more than $36,000 a year. This is despite him winning an unprecedented 10 NCAA championships in a 12-year period. He was overly content and never entertained other offers.

Nick Saban on the other hand, played LSU like a fiddle. He bolted to the Miami Dolphins after winning a championship at LSU. And then bolted again to Alabama for a mega 8-year, $32 million contract! With Nick proceeding to win another championship at Alabama, it’s safe to safe he maximized his income and his career.

Work Loyalty Can Be Overrated

Gone are the days where people work for 30 or even 20 years at a single firm simply because people have more options, and the competitive environment is that much greater.

Firms have proven in this volatile environment that they will fire and layoff at will to cut costs and appease shareholders. Being a 15 year veteran used to mean something. Now it just means maybe you’re too expensive.

With the track that I’m on, if I don’t change soon, I’m pretty sure I’m going to end up being one of those 20 year-to-lifer type employees. I do think loyalty is admirable, but at what cost? If people are banging down your door, at the very least open it and let them in.

Wondering “What If”

One of my worst fears is wondering “what if.”  10 years from now, I don’t want to obsess about wondering how my life would be different if I took this job or made this decision. 

It’s too bad we can’t live parallel lives. All we can do is weigh the pros and cons, ask our loved ones for their opinions, and make a decision.

We have a responsibility to be loyal to the firm that provides for us. But, we have a bigger responsibility to be loyal to ourselves and our family.

If a firm is underpaying or mistreating you, speak up. They are literally taking away opportunities. Maybe you want to send your daughter to private school. But, because your firm isn’t paying you a market rate for the past 10 years, you’re literally $100,000 poorer in your bank account.

The point is that loyalty goes both ways. Your firm has to be loyal to you as much as you are loyal to them. If you are too content in your career, your managers are going to sense your complacency and potentially take advantage of you. 

Don’t get overly content. Make sure to have a heart-to-heart talk at least once a year or two, and preferably during your year end reviews. It really is great to be happy with what you have. Just don’t let your employer take you for granted.

Further Reading

  • Why Do People Spend More Than They Make?
  • What’s Your Financial Independence Number?
  • Sometimes Saving Money Is About Principle
  • Dealing With Racism: Understanding Why And A Solution
  • An Entrepreneurial Journey With SpotHero
  • Financial Samurai Predictions For 2011

If You Want To Quit Your Job

If you want to leave a job you no longer enjoy, I recommend negotiating a severance instead of quitting. If you negotiate a severance like I did back in 2012, you not only get a severance check, but potentially subsidized healthcare, deferred compensation, and worker training.

When you get laid off, you’re also eligible for up to roughly 27 weeks of unemployment benefits. Having a financial runway is huge during your transition period.

Conversely, if you quit your job you get nothing. Check out How To Engineer Your Layoff: Make A Small Fortune By Saying Goodbye.

It’s the only book that teaches you how to negotiate a severance. In addition, it was recently updated and expanded thanks to tremendous reader feedback and successful case studies.

Add to Cart

Be Your Own Boss

I never thought I’d be able to quit my job in 2012 just three years after starting Financial Samurai. But by starting one financial crisis day in 2009, Financial Samurai actually makes more than my entire passive income total that took 15 years to build.

If you enjoy writing, creating, connecting with people online, and enjoying more freedom, see how you can build your own website in under 30 minutes for less than $4/month via my step-by-step guide. Not a day goes by where I’m not thankful for starting my site. 

You never know where the journey will take you!

Blogging For A Living Income Example: $300,000+
Here’s a real example of how much you can make blogging from a blogging friend. Be your own boss!
Tweet
Share
Pin
Flip
Share
Buy this not that instant bestseller Wall Street journal banner

Filed Under: Career & Employment

Author Bio: I started Financial Samurai in 2009 to help people achieve financial freedom sooner. Financial Samurai is now one of the largest independently run personal finance sites with about one million visitors a month.

I spent 13 years working at Goldman Sachs and Credit Suisse. In 1999, I earned my BA from William & Mary and in 2006, I received my MBA from UC Berkeley.

In 2012, I left banking after negotiating a severance package worth over five years of living expenses. Today, I enjoy being a stay-at-home dad to two young children, playing tennis, and writing.

Order a hardcopy of my new WSJ bestselling book, Buy This, Not That: How To Spend Your Way To Wealth And Freedom. Not only will you build more wealth by reading my book, you’ll also make better choices when faced with some of life’s biggest decisions.

Current Recommendations:

1) Check out Fundrise, my favorite real estate investing platform. I’ve personally invested $810,000 in private real estate to take advantage of lower valuations and higher cap rates in the Sunbelt. Roughly $160,000 of my annual passive income comes from real estate. And passive income is the key to being free.

2) If you have debt and/or children, life insurance is a must. PolicyGenius is the easiest way to find affordable life insurance in minutes. My wife was able to double her life insurance coverage for less with PolicyGenius. I also just got a new affordable 20-year term policy with them.

Subscribe To Private Newsletter

Comments

  1. Sam says

    July 18, 2010 at 5:54 am

    I say wonderful post. And I only have a quote which I somehow find fitting to this post:
    ” Contentment is not always the fulfillment of what you WANT, it is the realization of how blessed you are for what you already HAVE.”

    Reply
    • admin says

      July 18, 2010 at 6:31 am

      Thanks Sam. Great quote. Are you a new writer with Mike at TFB?

      Reply
  2. Jslugger says

    July 5, 2010 at 11:43 am

    I am quite content with the current level of my finances however that contentment allows me to contemplate without fear about what my next step is in life.
    I am not mal nor discontented, neither am I complacent. I eagerly look forward to the next thing in my life but i think being content allows me to make a better decision with regards of weighing the pros and cons of a situation. I find that these days I am less hasty and it is easier for me to recover from mistakes whereas before being discontent could have and it has caused me to compound mistakes.

    Reply
  3. Brandon says

    June 28, 2010 at 2:53 pm

    Great advice. I think what people don’t realize is that they’ll be even more comfortable with a higher salary. Sure, it may take time to get used to, but eventually you will get back in your same rhythm.

    Reply
« Older Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


n
n

Top Product Reviews

  • Fundrise review (real estate investing)
  • Policygenius review (life insurance)
  • CIT Bank review (high interest savings and CDs)
  • NewRetirement review (retirement planning)
  • Personal Capital review (free financial tools and wealth manager)
  • How To Engineer Your Layoff (severance negotiation book)

Financial Samurai Featured In

Buy this not that Wall Street journal bestseller

Categories

  • Automobiles
  • Big Government
  • Budgeting & Savings
  • Career & Employment
  • Credit Cards
  • Credit Score
  • Debt
  • Education
  • Entrepreneurship
  • Family Finances
  • Gig Economy
  • Health & Fitness
  • Insurance
  • Investments
  • Mortgages
  • Most Popular
  • Motivation
  • Podcast
  • Product Reviews
  • Real Estate
  • Relationships
  • Retirement
  • San Francisco
  • Taxes
  • Travel
Buy this not that WSJ bestseller 728
  • Email
  • Facebook
  • RSS
  • Twitter
Copyright © 2009–2023 Financial Samurai · Read our disclosures

PRIVACY: We will never disclose or sell your email address or any of your data from this site. We do highly welcome posts and community interaction, and registering is simply part of the posting system.
DISCLAIMER: Financial Samurai exists to thought provoke and learn from the community. Your decisions are yours alone and we are in no way responsible for your actions. Stay on the righteous path and think long and hard before making any financial transaction! Disclosures