Should you do a job just for the money?

The only 3 times it’s OK to work just for the money

It takes more than a to be successful nowadays, according to a significant number of the world's most successful individuals.

In point of fact, bestselling author of management books and contributor to CNBC Suzy Welch has said that she would "almost always encourage individuals to select a career that satisfies them, over a'meh' one that pays well."

However, she tells CNBC Make It that there are a few particular situations in which putting a big pay ahead of everything else may be beneficial for your professional life. In the following, she identifies three situations in which she believes it is acceptable to labor only for the sake of acquiring financial gain.


1. You're in a deep financial hole

If you are in a situation where you are having trouble financially and want more money to make ends meet, then it is logical, according to Welch, that you might want to work at a job merely for the income.

"I'm not talking about paying off your college debts," she explains. "I'm talking about something else entirely." "Unfortunately, that's just a fact of life in this day and age."

Instead, according to Welch, she is referring to situations that many people may refer to as "do-or-die" conditions, such as having to pay back a significant loan that carries a high interest rate or paying off urgent medical expenditures. She argues that in situations like that, you need to make as much money as you can, and it's okay to stay onto a job solely for the income if that's all you care about.


2. You have a comprehensive strategy in place.

Working at a job only for the sake of accumulating cash might be a prudent course of action if you are attempting to achieve a specific financial objective that needs you to begin setting aside more funds right away.

Welch gives the example of someone who is putting money away for either business school or to launch their own company. When circumstances like these arise, working for compensation might really be seen as an investment in one's professional future. That has my full support.


3. You are what's known as a "effective altruist," right?

People who are "so dedicated to their social causes that they pursue high-paying employment with the primary purpose of maximizing their capacity to give away their earnings," according to Welch's definition, are considered "effective altruists."

For instance, she explains, you may not mind putting in a 70-hour work week if it means you can donate more money to a charitable organization that you believe in. In this instance, she compliments you by saying, "hats off to you" since the fact that you are working for a big wage is assisting you in achieving your goal of giving back

She continues, "It would be foolish of me to imply that compensation shouldn't matter to you," and she means it. "But if a job can just give money, you should make sure that you're doing it for a cause that's worthy. If not, it may be time to search for something new — and more useful — to do with your life."

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