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Consider a career switch

Staying in the same role for too long could be lowering your satisfaction with work. While job hopping typically has a negative connotation, there can be benefits to knowing when to move on to greener pastures.

In fact, a study by Side Hustles found those who switch jobs often are 64% more likely than long-term employees to feel like their career is progressing. Data from the Federal Reserve Bank of Atlanta also indicates that “job switchers” have seen faster wage growth than “job stayers” over the past five years.

So if you’re looking for better work and better pay, it may be time to fire up the job hunt.

Kiss your credit card debt goodbye

Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.

Explore better rates

Negotiate for better compensation

If you’re content in your role, you could improve satisfaction by simply asking for better compensation.

Only 32% of men and 28% of women asked for higher pay in 2023, according to Pew Research Center. A similar gap was highlighted regarding age: Only 19% of workers 65 and over said they didn’t feel comfortable asking for higher pay compared to 46% of workers ages 18 to 29.

Regardless of your age or gender, getting over this psychological barrier to pay negotiation can be essential for your work satisfaction. If there’s no roadmap you and your manager can agree on to get you to your desired salary, you may want to consider a job switch to improve your prospects.

Boost income with side hustles

If leaving your job and negotiating for better pay is off the table, you may want to consider a side venture. More than half of Americans (54%) have taken on side gigs to supplement their main source of income in the last year, according to a recent MarketWatch Guides study.

Beyond the flexibility and added pay, launching a side hustle can be a great way to indulge in a passion project without too much risk. For instance, If you’re keen on social/political commentary, launching a podcast in light of Shapiro’s observation could be a great way to demonstrate human agency and improve your professional satisfaction.

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Vishesh Raisinghani Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

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