Credit Cards

When Is a Credit Card Like a Career?

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We do a fair bit of writing here about the impact of interest rates when it comes to paying off credit card debt. It should come as no surprise to any regular visitor to this site that paying minimum balances will extend the life of your debt, and raise the total amount you end up spending to settle that debt considerably. And as your interest goes up, your total debt gets higher… exponentially higher.

With that in mind, we read with great interest an article at FreeMoneyFinance.com which takes a look at a similar phenomenon, but on the other side of the balance sheet. In other words, just as it benefits you to consider how much your debt will cost you over its lifetime, it’s equally beneficial to consider your earning potential over your lifetime—and gear your decisions toward maximizing that potential.

[Related Article: More Jobs, Lower Stress Over Money for American Workers]

In an article titled “How to Maximize Your Lifetime Earnings,” FMF writes:

“I have noted (several times actually) that your career is your most valuable financial asset and by making the most of it you can earn several million dollars more than you might otherwise accumulate over the course of a working lifetime. That said, I wanted to look at which strategy would help you make the most over your career—starting at a higher salary or getting larger annual increases.”

Take a look. The numbers may surprise you.

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