When it comes to building wealth, a lot of focus is placed on the saving and investing side of the equation. Seeing as how investing is arguably the most attractive aspect of personal finance, it makes sense. However, this results in a disproportionate amount of attention being directed towards the accumulation rather than generation of money. At the end of the day, the money available to be saved and subsequently invested depends on two factors: the amount of money coming in and the amount of money going out. It all begins at the top, with how much is coming in. So naturally, increasing that amount will have a trickledown effect on the rest of our finances.

Most people would like to earn more money. It’s an understandable desire, as more money generally equates to more options in life. In an employment scenario such as a federal career, this is generally accomplished by increasing value which leads to promotions over time. Value, in the context of the workplace, is an overarching concept that is comprised of many facets. We can, and should continually strive to increase our value by working on its driving factors.

• Increase Knowledge: There may be no cliché more universally true than “Knowledge is power”. Knowledge is what ultimately shapes our ability to problem solve, critically think and work effectively. It also broadens our perspectives and shapes our worldview—two things that help us find meaning and happiness, in and outside of work. Through formal study and self-study, we can effectively build the knowledge base that will propel us forward in our careers. In many career fields, college degrees are now simply the cost of admission. Seeking out professional certifications and designations in your career field not only gives you the few extra letters after your name, but should also provide the specialized knowledge that is required to become an outlier in your field. If it doesn’t, you shouldn’t be investing time and money into it. For most of us, it’s difficult to find the time and mental energy for self-study on top of the life’s other demands. It is crucial, nevertheless. One efficient way to implement this into a busy life is through the use of audiobooks. Audiobooks are particularly useful for commutes and can provide a lot of value.  

• Manage Time: Time management is the crux of accomplishing anything in a day, week, month, year and ultimately, a lifetime. Effectively managing time isn’t so much about planning every minute of life as it is about understanding how your tasks adhere to your personal energy cycles. Everyone functions optimally at different times of the day, and even at different times of the year. It’s useful to learn your energy, and schedule your tasks (and relaxation) accordingly. It’s impossible to operate at max capacity all day every day. Productivity will plateau, and burnout will quickly ensue. It actually may lead to less effectiveness over time. On that note, constantly switching attention between tasks and checking your phone all day is also ineffective. Focus is everything, and it’s becoming increasingly difficult to harness in this age of endless distraction. The practice of focusing on one thing at a time will certainly give you an edge in getting things done. Planning what and when we are going to work on something is key to dialing in and making meaningful accomplishments.   

• Practice Entrepreneurship: You don’t have to start a business to practice entrepreneurship. And we should all be practicing entrepreneurship on some level. Employees may operate in a completely different work and incentive structure than entrepreneurs, but they can benefit greatly by applying some of the more entrepreneurial practices. Employees are like entrepreneurs, just on a less consequential playing field. An employee has certain tasks and functional areas that they are responsible for executing, a kind of mini business that they are in charge of. If they fail to do so effectively, they risk losing promotion opportunities, a demotion or maybe even losing their job. The natural progression through the ranks of a system, such as a federal career field, is to gradually become responsible for greater tasks and larger functional areas. Typically, the more breadth or depth of responsibility equates to a higher position. Learning to view your current tasks and responsibilities as your own “business” that you are in charge of running successfully helps in producing great work. Business owners also usually look to expand their operation over time. An employee may do so by exposing themselves to new learning opportunities after mastering their current responsibilities.

• Take Initiative: The stagnation of most careers comes down to one central theme—complacency. Matter of fact, most issues in life arise out of complacency. Be it a career, relationship, health or what have you, when we stop putting the effort forward is when things begin to decline. If we are to make progress and feel fulfilled, we have to continuously fight mediocrity. It’s not enough to do the bare minimum, we need to always push ourselves into new limits in order to grow. Simply put: if you’re not growing, you’re decaying. More often than not, others don’t have the time or inclination to hold our hands and guide us towards progression that we desire. They’re busy with their own life. It’s up to the individual to take initiative and actively pursue the path forward.  

• Gain Experience: Learning plays an important role in bettering our abilities, but it has its limits. Eventually, we must be able to apply the knowledge in practice for it to be of any use. Gaining real life experience is ultimately what matters most in any field. Reading every book on building a house won’t make you a better house builder than the guy who has successfully built 100 houses. Putting ourselves out there to experience trial and error in real time exposes us to the best learning opportunities. It equips us with the necessary practical experience to become a master of the craft.  

• Update Resume: Resumes are an often overlooked and undervalued aspect of our financial lives. Being able to market yourself in a clear and concise manner is what ties opportunities together. Nothing is more concise than the resume. Everything that you know, have done and are capable of doing has to be effectively synthesized into a couple of pages. Unless the hiring manager knows you personally, this is often the ticket towards receiving any kind of consideration for a position. It’s likely what will land you the interview, only at which point you can (and should) elaborate more effectively on your abilities.

Money is the byproduct of value. In federal employment you will receive small “step” increases based on time, but it’s not reasonable to expect substantial increases in pay just because you’ve been doing something for a long period of time. If we desire to meaningfully increase our income, it is only logical to increase the value that we provide. The more value that we can create for others, the more we will be compensated. Increasing your value can be accomplished by building knowledge and sharpening skills, but also through managing time and organization. Taking the initiative to gain experience and pursue opportunity is the driving force behind achieving a satisfying position–in both a career and life.