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Are you looking for a job? What sector are you looking in? How much money do you need to earn to maintain your lifestyle? How much can you anticipate your income changing relative to living costs?
These are all important questions for people of all ages, especially those completing college and university educations, to contemplate. The cost of living is outpacing incomes and in Canada there are more part time jobs than full time ones. Contract employment has been on the rise and now the government is trying to intervene in this trend with new employment laws.
The employment picture for the foreseeable future is not very positive. Canada has been turning away from technology and looking towards resource exploitation as a means of improving the balance of trade. Nonetheless, the cost of living has been outpacing wage growth for several decades.
In the face of reduced wages, increasing taxes and increasing living costs debt has become the go-to work around for many families and individuals. Since the ate 1970s ease of access to debt has augmented incomes to facilitate maintaining some decorum of lifestyle.
Although the Canadian Bankers Association reports that 58% of Canadians pay off their credit card balances in full every month such numbers are misleading. Many Canadians transfer balances between credit cards and into lines of credit and loans giving the illusion, which is capitalised on by media reports, that they are paying their balances.
The fact is that consumer increase exponentially every year and is certainly not congruent with incomes or employment prospects. When you are looking for a job, consider your longer-term prospect from a financial perspective. Ask yourself, will your income increase? Can you build on your skills? Will you earn enough to live on without resorting to credit?
Debt is tied to income, to a point, but is an odorous and undesirable way of acquiring goods and services. Using debt means increasing purchase prices for everything but getting out of debt can be more than a little challenging even with, the ever elusive, regular full-time employment.
As your income increases with career progression so does your debt obligations. When you look for a job be mindful of how long you will be employed, the prospects of progression and growth of income, but above all try not to spend tomorrow’s income today.