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Career path hits age gap

What’s your idea of a career nightmare? Is it long hours and low pay? Or a micro-managing boss and disrespectful co-workers? For the vast majority of workers under 45, new research shows it’s the latter.

Today, people very much want to love what they do. And they want a considerable amount of freedom to get the job done their way.

Problem is, says former advertising executive Sally Hogshead, author of the research as well as the new book Radical Careering, there’s a generation gap.

In many companies, the over-45 bosses still believe ruling with an iron fist is the way to go – which is precisely what alienates younger workers. So, Hogshead spent the last few years trying to figure out how Generation X-ers – in particular – can best make a go of it in this Baby Boomer world.

In her book, she offers so-called radical truths. “Being in a crap job isn’t your fault. Staying in a crap job is.” She also suggests, “You can be comfortable, or outstanding, but not both.”
Making best of work-day world
Recognize that opportunity can be more valuable than cash. Particularly in the early stages of your career, there’s nothing more important than working at a company where people are, as Hogshead says, “crazy smart,” or where you deal with clients who have the ability to think about things in a totally novel way.

You can’t just look at the salary today, you have to look at the trajectory for making more in the future. If you have one job that pays $65,000 but gets you stuck and another that pays $50,000 but will make every other employer in town drool at the notion of eventually stealing you away, take the latter.
Work those projects through to the end. The best way to gain the respect of that over-45 boss (or an under 45-boss, for that matter) is being able to tell that boss what you’ve done for her lately.

But being able to point to the results of a particular assignment at work – whether it’s an ad campaign that boosted revenues or a switch to a new courier service that cut expenses – means being involved in the project at its conclusion.

“If all you’re doing is pushing papers in the middle, you’re not participating in a way that allows you to take credit for the end result,” Hogshead notes.

Build your reputation in your industry, not just your company. If you ever want to switch jobs, start your own business, or moonlight on the side, it’s important that people outside your company know just how wonderful you are.

The best ways to accomplish this? Get involved in your industry’s most well-regarded association. Serve on a high-profile committee. Then run for the board.

Contribute articles to industry publications. And when you meet someone in your field who you admire, pick up the phone and ask them to lunch. “You need a personal board of directors,” says Hogshead, “People you can call for advice who are above you, below you, beyond you.”

That way, when you need the lowdown on how much you should be rewarded for that spectacular product launch you just carried out, you can call this board and ask for advice.

Finally, never allow the size of your mortgage to exceed the quality of your work. This is a toughie – but it is so incredibly true.

I have, in my career, worked with incredibly talented folks who felt the fact that they were well paid – in jobs they didn’t love – was the equivalent of a set of handcuffs.
They would have loved to quit, to take jobs at other companies where the work was a little more exciting, a little more challenging. But they couldn’t? Why? They had to pay the mortgage. It’s better to live a little further from the edge and give yourself a little more flexibility.
Easing debt takes willpower

Questions about credit reports started pouring in since the beginning of the month, when New Yorkers became entitled to a free report each year. For the next several weeks, Jean Chatzky will answer at least one credit-report or credit-related question. If you have a question, send Jean an E-mail at Personalfinance@nydailynews.com. Here’s today’s installment:

Q: I have $27,000 in debt. Do you recommend I get a loan to consolidate? My credit cards carry 18% to 28% interest rates. Eduardo

A: Purely on the numbers, I would absolutely recommend that you consolidate. If you took out a home equity loan for the purposes of consolidation, for instance, you could cut your interest rates in half (at least) and, moreover, the interest would likely be deductible. Problem is, I don’t know you. And I’m loathe to recommend consolidation for anyone I don’t know is a little type A about repaying their debts because I have research that shows me that a few years down the road, half the people who use home equity to consolidate have gone and racked that credit card debt right back up.

That means they’ve made their situations worse. Now they have big credit card debts and a substantial home equity loan.

So, you have to tell me … can you be trusted? If you consolidate these debts, will you lock your credit cards in a freezer or send them to your mother or do something else so that you’ll be absolutely certain you won’t dig yourself a deeper hole?
If not, then my answer is no. Instead, try to transfer your balances to cards with lower interest rates and keep your nose clean by paying more than the minimums and making those payments on time.