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Is Your Status Costing You Money?

balance We all experience trade-offs. One of the most significant ones is time and money. If we have money, we can use it to buy services that give us more time. Another trade-off is status and money.

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Status at work

We may ask our boss for more money, but he or she tells us that it’s not in the budget. So instead, we’re offered a title – it gives us more credibility but it doesn’t line our coffers.

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marylynn When I was starting out in my radio career, I helped out quite a bit in the production department putting together commercials. I eventually became the go-to person when the production director wasn’t available. When I asked for more money, I was told it wasn’t in the budget but they gave me the title of Assistant Production Director. This helped me negotiate for a higher salary when I left for a different market.

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So sometimes the title can lead to more money. If that’s the case, great! But we need to go into it with eyes wide open because status without money usually doesn’t do us much good in the short- or long-run. We may have to work more hours because of our new title. We may be held more responsible. So we have to weigh the benefits.

Bringing it home

We also often fall into the status trap personally. We buy things, such as cars or houses that we don’t really need or want. We do it to keep up with our friends and neighbors.

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georgeTwo of my friends are best friends. They don’t do this anymore but, when they were first starting out, it was almost comical to watch them compete with each other. One bought a new car; within a month or so the other got a new car. One of them bought a new house; the next thing you knew the other one had his house on the market and was buying a new one. One got married; soon the other was engaged. One had a kid; soon the other one was an expectant father!

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The point is to recognize when you’re about to do something solely to increase your status. It may hurt you financially! Which means, in the long run, you’ll have less status than you would like.

It’s funny … what often keeps us from getting rich is acting like we’re rich before we are rich!

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Next time, we’ll discuss one more thing to add to your schedule to keep you on schedule. Until then, here’s to your bigg success!

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