Question: My career coach has advised me that you don’t start making “real money” until your 40s…Is there truth to that? Should I be patient and work on my expertise and network in the meantime?
My reaction: Interesting perspective!
And frankly, the advice feels a little old school to me with a more than a hint of truth when you think about the times in our lives when we need to accumulate (buy a home or car) as well as reduce debt (i.e. student loans). We’re also in an interesting economic time when concepts of ownership have changed. Think of car ownership. With a myriad of flexible transportation options (Uber, Lyft, ZipCar), who needs the expense of owning a car? Why own something when you can rent, barter or borrow it? On the flipside, we’re now more willing to leverage assets (our cars or extra bedrooms) for income. We have more choices now on how we choose to spend our money on big-ticket items, which is also a lifestyle choice (more assets vs more experiences or more freedom). The bottom line: I believe “real money” comes from expertise, networks and investing your time (plus money) in something you’re passionate about — so these are activities you should also be working on, always.
This post originally appeared in Innovator Insights, Kelly Hoey’s newsletter. To get insights in your inbox, sign up here.