“Golden handcuffs” is a term that refers to the financial incentives keeping employees tied to their jobs, even when they’re unhappy, unfulfilled, overworked, and overwhelmed. As a psychologist providing executive coaching and psychological services in the San Francisco Bay Area, I’ve witnessed firsthand the impact of golden handcuffs on employees.
I spend countless hours each week helping my clients navigate the challenges of golden handcuffs. While some learn to adapt and even flourish within these constraints, my primary objective is to empower my clients to break free.
The concept of golden handcuffs is deeply troubling to me personally. I value freedom above all else. I would rather live in a van with my family and abandon my current lifestyle than feel trapped in a job. However, I recognize that many people don’t believe they can have this freedom and feel imprisoned in their lifestyles. As a result, golden handcuffs might seem acceptable or even appealing to them. After all, why settle for regular handcuffs when you can have golden ones? It’s an upgrade to your imprisonment.
While the perks associated with golden handcuffs can be attractive, they can also trap you in a career that no longer aligns with your goals or values. It’s crucial to recognize this trap and take steps to free yourself. In the following sections, I’ll outline how you can break free and reclaim your personal and professional freedom.
1. Reassess Your Priorities
Before making any moves, take time to reflect on what truly matters to you. Are you sacrificing your personal life, health, or long-term goals for a high salary? Understanding your values and long-term objectives is crucial in making informed decisions about your career.
2. Calculate Your “Enough” Number
Determine how much money you actually need to live comfortably and meet your financial goals. This “enough” number might be lower than you think. Once you have this figure, you can better evaluate whether your current job’s compensation is truly necessary or just excess.
3. Develop New Skills
Invest in yourself by learning new skills that can make you marketable in different industries or roles. This can open up new opportunities that might offer a better work-life balance or align more closely with your passions.
4. Build Your Network
Cultivate professional relationships outside your current company. A strong network can lead to new opportunities and provide support during a career transition.
5. Live Below Your Means
Start living on the salary you’d expect to earn in a role you’d genuinely enjoy. This helps you adjust to a potentially lower income and builds your savings, giving you more flexibility to make a move.
6. Explore Entrepreneurship or Freelancing
Consider starting a side hustle or freelance business. This can provide an additional income stream and potentially grow into a full-time venture, allowing you to leave your current job.
7. Negotiate at Your Current Job
Before leaving, try negotiating for changes that would make your current role more satisfying. This could include more flexibility, different responsibilities, or a change in work culture.
8. Plan Your Exit Strategy
If you decide to leave, do it strategically. Pay off debts, build an emergency fund, and have a clear plan for your next steps.
9. Seek Professional Advice
Consult with a financial advisor to understand the implications of leaving your job, especially regarding stock options, retirement accounts, and other benefits.
10. Remember Your Worth
Your skills, experience, and potential are valuable beyond your current role. Don’t let fear hold you back from pursuing a more fulfilling career path.
Final Thoughts
Breaking free from golden handcuffs isn’t easy, but it’s often necessary for long-term happiness and fulfillment. By taking these practical steps, you can prepare yourself for a successful transition to a more satisfying career that aligns with your values and goals.
About the Author
Dr. Christine E. Dickson holds a Dual PhD in Clinical and Industrial-Organizational Psychology and has over 25 years of experience. Christine is passionate helping people live fuller and happier lives. She is licensed to practice throughout California but provides life coaching worldwide. If you would like to make an appointment with her, please reach out through her website.
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