Source: This article was originally published on CNBC.
Written by: Courtney Connley, CNBC Make It
Many of today’s most successful people agree that it takes more than a high-paying job to achieve true happiness.
In fact, I almost always advise people to take a job that fulfills them, over a ‘meh’ job with a nice paycheck. But there are a few specific times when prioritizing a high salary above all else may be good for your career.
Three circumstances where she says it’s OK to work just for the paycheck:
1. You’re in a deep financial hole
If you’re in a position where you’re struggling financially and need more money to make ends meet, then working at a job simply for the paycheck is understandable. I’m not talking about paying off your student loans. That’s an unfortunate part of life these days. Instead, I’m referring to what many people may call “do-or-die” circumstances, such as paying back a major debt with a high interest rate or paying off urgent medical bills. In cases like that, you need to earn as much money as you can and it’s OK to hold onto a job just for the salary.
2. You have a strategic plan
If you’re working towards a financial goal that requires you to start saving some extra cash now, then working at a job just for the money could be a smart move. For instance, you’re saving for business school or to start your own business. In those kinds of cases, working for a paycheck is actually a form of investing in your career. I’m all for that.
3. You’re a card-carrying “effective altruist”
“Effective altruists” are people who are so committed to their social causes they seek high-paying careers primarily to maximize their ability to give away their earnings. For example, you may not mind working a 70-hour work week in order to fund a philanthropic initiative you support. In this case, hats off to you— working for a substantial paycheck is helping you to fulfill your mission to give back.
I’d be crazy to say compensation shouldn’t matter to you. But if money is all a job has to offer, make sure it’s for a worthwhile reason, or it may be time to look for something new—and more valuable—to do with your life.
Suzy Welch is the co-founder of the Jack Welch Management Institute and a noted business journalist, TV commentator, and public speaker. Through its online MBA program, the Jack Welch Management Institute transforms the lives of its students by providing them with the tools to become better leaders, build great teams, and help their organizations win.