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HerMoney with Jean Chatzky

Ep 368: Why a Linear Career Path Is Dead (And What To Do Instead)

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Business, Investing

4.71.5K Ratings

🗓️ 26 April 2023

⏱️ 48 minutes

🧾️ Download transcript

Summary

A core step to building wealth is creating a diversified investment portfolio. But when it comes to our jobs, we often do the exact opposite — we‘re told to specialize and stick to a single career or industry until we make it to the top. But what if that’s not possible anymore? Entrepreneur and Harvard Business School lecturer Christina Wallace joins us to talk about how the job market has changed, and why it’s so important to diversify our skill sets beyond our 9-to-5. In Mailbag, we answer questions about buying a house in a HCOL area and saving for multiple goals at once. In Thrive, how pets can improve your mental health. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

You're listening to an AirWave Media Podcast.

0:11.0

The future of work is going to end up being a lot more zigzaggy even within industries, within organizations.

0:21.0

This ladder up and to the right, it just doesn't exist anymore.

0:25.0

So how can you think about offering growth or opportunity to your team?

0:36.0

Exciting career changes could be in your future, but what does that mean for your wealth?

0:41.0

Visit planefe.com slash her money to schedule a free appointment with an advisor today.

0:48.0

Get the expertise you need to help you dream more, demand more, and do more.

0:54.0

Hey, everyone, I'm Jean Chatsky.

0:56.0

Thank you so much for joining me today on her money.

0:59.0

You know, on this podcast, one of my very favorite things to do is to dive into the pathway toward building long-term wealth.

1:07.0

And if you're a regular listener, you have probably heard me talk about the importance of diversifying your investment portfolio.

1:15.0

It is the best way, historically, to reduce your risk of losing money while still being able to reap the rewards of the stock market.

1:25.0

But on today's show, we're going to talk about the value of diversifying a different kind of portfolio, your career portfolio.

1:34.0

Unlike in the stock market, we're often told in our careers that we should be focusing our efforts on a single job or a single field of work.

1:43.0

If you are supposed to go to school, pick something that you want to study that is going to define your career and then work your way up in the same industry until you make it to the top.

1:54.0

Life doesn't usually turn out to be so straightforward.

1:59.0

I think I'm exhibit a of that you might get laid off.

2:03.0

You might take a break to raise your kids.

2:05.0

So that career that you chose in your early 20s doesn't really match up with who you are in your 40s or your 50s.

2:12.0

And my guest today argues that in all of those instances, you can reduce risk or even profit by having different kinds of work experience in your portfolio.

2:26.0

Christina Wallace has worked as a theater director, a nonprofit arts administrator, a tech entrepreneur, a writer, and most recently a lecturer at Harvard Business School.

2:38.0

And over the course of her career, she realized that having all of these different jobs wasn't a weakness. It was actually a strength.

...

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