{"id":7462,"date":"2015-09-15T22:55:42","date_gmt":"2015-09-16T02:55:42","guid":{"rendered":"https:\/\/aspire-canada.com\/?p=7462"},"modified":"2017-02-19T08:58:11","modified_gmt":"2017-02-19T13:58:11","slug":"why-work-life-balance-wont-make-you-wealthy","status":"publish","type":"post","link":"https:\/\/aspire-canada.com\/?p=7462","title":{"rendered":"Why Work-Life Balance Won\u2019t Make You Wealthy"},"content":{"rendered":"

Why Work-Life Balance Won\u2019t Make You Wealthy<\/h1>\n
\n

\"work-life<\/p>\n

Some people are determined to\u00a0climb the corporate ladder<\/a>\u00a0and rise to the top by any means necessary. They accept every special work project, sacrifice their freedom, skip vacations and remain at their employer\u2019s beck and call. It\u2019s the trade-off for a cushy salary and a corner office. But this life isn\u2019t all it\u2019s cracked up to be. Ask any millennial.<\/p>\n

Older generations might accept the idea of being tied to a desk, working 40-plus hours a week, and giving up family time in return for a big paycheck.\u00a0Millennials aren\u2019t buying into that lifestyle.<\/a>\u00a0A\u00a0global study on work-life challenges found that 65 percent of U.S. millennials would willingly give up an opportunity for a promotion to be able to better manage their time.<\/p>\n

Unfortunately, this arrangement doesn\u2019t benefit their bottom line.<\/p>\n

Read:\u00a0Survey Says 53% of People Think Most About Work or\u2026<\/a><\/span><\/em><\/p>\n

1. Fewer Hours, Less Pay<\/h2>\n

Michelle Katz, a healthcare advocate, speaker and author of \u201cHealthcare for Less<\/a>,\u201d understands first-hand how a job can take over a life. \u201cI worked for Arthur Andersen years ago and made a ton of money, but worked non-stop,\u201d she said. \u201cIt was affecting my relationships with friends, family and even my marriage. I would miss family gatherings, even weddings, because of work commitments.\u201d<\/p>\n

Read:\u00a07 Traits Successful Men and Women Don\u2019t Share<\/a><\/em><\/p>\n

A job can start out as a means to an end, but gradually consume workers\u2019 every thought. They might\u00a0like the idea of being promoted to a supervisor and receiving a pay increase, but working more hours is likely the trade-off. A recent Ernst & Young study found that\u00a058 percent of U.S. managers work more than 40 hours a week. Likewise, a 2014 Gallup survey found that the average U.S. employee puts in an average of 47 hours a week.<\/p>\n

If you talk with your boss about working fewer hours, your paycheck might sink but you\u2019ll have more freedom and flexibility.<\/p>\n

Katz ended up leaving her job and starting a consulting firm. She took a pay cut but said she cherishes the time to enjoy friends and family. And with her extra time, she was able to finish her latest book.<\/p>\n

2. Saying No to Overtime<\/h2>\n

For non-salaried employees, working overtime typically gets them one-and-a-half times their hourly pay rate. For those with a mortgage, student loan debt or trying to save for retirement, working overtime can put extra cash in their pocket. But when employers demand that workers put in too much overtime, it becomes a problem. In fact, according to that Ernst & Young study, working excessive overtime hours was one of the top reasons millennials quit their full-time jobs.<\/p>\n

Sure, working late or bringing work home can get employees to the top faster. It can also be draining and lead to burnout.<\/p>\n

3. Being Labeled Unambitious<\/h2>\n

In Katz\u2019s case, her best friend and grandmother both had medical emergencies around the same time. Work prevented her from helping out. Eventually, she heeded her grandmother\u2019s advice to \u201ctake time to smell the roses\u201d and cut her hours.<\/p>\n

Perhaps some workers would also prefer to put in fewer hours but fear that their boss will label them as not ambitious or driven. If supervisors believe work should come first and they\u2019ve made personal sacrifices for the benefit of the company, it\u2019s likely they expect the same from their employees. Not following that lead could end up costing workers promotions or other opportunities to advance.<\/p>\n

4. Characterized as a Clock Watcher<\/h2>\n

For workers who leave the office at 5 p.m. on the dot while others stick around until 6 p.m. or later, watch out. Not only might supervisors draw wrong conclusions about those workers\u2019 drive or ambition, they could erroneously assume that they\u2019re not working as hard as others in the office.<\/p>\n

\u201cRaises and promotions often go to those who put in extra time and effort into the job,\u201d said Toni Coleman, a psychotherapist and relationship coach. So when the time comes to offer promotions and salary increases, supervisors might\u00a0only look at the hours workers put in rather than the quality of work.<\/p>\n

\u201cTelling the boss you are just not available at certain times, or requesting more time off or a flexible schedule, can impact your career choices and any upward movement in a company,\u201d Coleman added.<\/p>\n

Related:\u00a0Work-Life Balance Secrets of Work-at-Home Parents<\/a><\/em><\/p>\n

5. Less Opportunity to Shine<\/h2>\n

Volunteering for special projects and working overtime means a greater presence in the office. Achieving a work-life balance often involves working less overtime, cutting back hours or perhaps working from home. Even if managers allow subordinates to work remotely, they might not fully appreciate how hard they work because they don\u2019t observe them in action like other workers in the office. So advancement opportunities are more likely to be offered to those who are visible.<\/p>\n

\u201cEmployees who appear to be fully engaged 24\/7 tend to get the recognition,\u201d said Lynda Spiegel, a human resources professional and founder of\u00a0Rising Star Resumes<\/a>.<\/p>\n

Can Money Make You Happy?<\/h2>\n

It\u2019s been said that people who seek a better work-life balance simply hate their jobs. It\u2019s probably more likely that they have strong priorities and choose to live and work accordingly.<\/p>\n

That said, can money buy people happiness? Yes, but only up to a point, according to an analysis published last year by Doug Short, vice president of research at investment group Advisor Perspectives.<\/p>\n

Related:\u00a07 Pet Peeves of Highly Successful People<\/a><\/em><\/p>\n

For those who live in relatively expensive Hawaii, the threshold for happiness is $122,175 annually per household\u00a0\u2014 extra cash over that amount doesn\u2019t appear to translate into more happiness. In the more affordable state of Mississippi, money appears to stop making people happier over the $65,850 per year threshold.<\/p>\n

Earning a\u00a0higher income<\/a>\u00a0can improve the quality of workers\u2019 lives. But day-to-day contentment might\u00a0prove elusive.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Why Work-Life Balance Won\u2019t Make You Wealthy Some people are determined to\u00a0climb the corporate ladder\u00a0and rise to the top by any means necessary. They accept every special work project, sacrifice their freedom, skip vacations and remain at their employer\u2019s beck and call. It\u2019s the trade-off for a cushy salary and a corner office. But this…<\/p>\n

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