Good Morning DINKS. As dual income no kids couples we all have jobs and we all earn an income. We recently discussed why we all work so much; maybe we all work so much in order to save money, maybe it’s because we really love our job, or maybe we all work so much just to pay our monthly bills and maintain our current lifestyle. Today I want discuss the fruits of our labour, let’s examine our current income and how much that income is worth.
For some of us our income may just be a means to an end, it may be the source that helps us pay our bills each month. For some of us our income is the source of a lavish lifestyle that allows us to take vacations, buy a home, save for retirement, and purchase a car. For some others our income is a direct reflection of our personal skills, professional qualities, and education.
Why is your income so important?
Our income is basically our financial lifeline. Our income determines our quality of life, our savings capacity, as well as our disposable monthly income. Our quality of life includes where we live, what we eat, how we enjoy our free time, and when we can afford to go on vacation. Our quality of life can also determine who we chose to spend our free time with, because people with similar lifestyles and spending habits tend to spend time together.
For some people income may not just be a means to an end, it may actually be a dream that we are working towards. Maybe some of us are working towards achieving our ideal income because it is a dream lifestyle that we hope to someday achieve.
Do you feel that your income represents your professional qualities?
Our income may be a direct reflection of our personal skills, professional qualities, and education. I know some young professionals who have declined an offer for their dream job because they didn’t feel that the income was a direct reflection of all the skills and qualities that they could bring to the corporate table. Corporations do not always offer an annual income that reflects an employees personal skills and professional qualities. Corporations usually low ball their annual income offer because they are trying to get the best employees at the lowest possible cost. Unfortunately this could make employees feel undervalued.
What is your ideal income?
Maybe your ideal income is a specific number such as $150,000 per year. Maybe your ideal income is a number that is unheard of in your field. Maybe your ideal income is a number that represents a dream lifestyle that you want to have. Or maybe your ideal income represents exactly how much you think your personal skills and professional qualities are worth as an employee.
If your ideal income is a direct reflection of your skills and qualities as an employee does it represent what you currently bring to the table with your past experience, or does it represent the future growth of the type of employee that you potentially want to be?
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Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
I think I’m decently compensated for my experience. I know I can’t expect to make very much in my field. I’m not sure what my dream income would be. We get by fine but more would never go amiss. That said, I wouldn’t want to trade more income for a job that brought me less enjoyment/more stress.
Hmmm I always wonder about what my ideal income would be. The career track that I’m on is for income in the 6 figures (and potentially 7), but I would be happy with $100K if I didn’t have to deal with all the stress that comes with my job.
I’m not really sure what my ideal income is either. I do feel that I have not been getting paid adequately for what I can bring to the table. Unfortunately a big part of that is specific skills which I have not taken the time to properly develop. I also tend to gravitate to the jobs that can keep me happy in other ways. Sure good money is important, but you also want to enjoy where you work.
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