Some people dream of self-employment and the perks that come with it. Who doesn’t want to set their own schedule, doing something they love, and foster the growth of something they built themselves?

While I, too, partake in these self-employment dreams, I also don’t discount the enormous benefits that my 9-5 brings me every day.

It has been eight short months since I started working my first full-time job. I am an economic consultant in Chicago. A high starting salary combined with solid benefits and smart financial planning has jumpstarted my wealth building journey just one short year out of college

Stable and Predictable Income Can Provide Financial Independence

I put so much emphasis on saving and investing because although my 9-5 is serving me now, I want to be prepared for when I need a change. In the past six months, I’ve been able to keep my expenses at about 30% of my post tax income which means I’ve saved and invested the other 70%. This is helping me to build up a cushion so that soon I won’t HAVE TO work one if I don’t want to.

My plan is to earn as much as I can in the next five years so that I can save enough to finance other opportunities like starting a business, buying real estate, or just simply buying more index funds and growing my investment portfolio.

It is no secret that consultants make a good living. My job includes unexpected requests from clients, short deadlines, and skill-based work involving data analysis and research. As such, we are compensated for the challenges of the job.

Although I won’t disclose my specific salary, according to Glass Door, the average economic consultant salary is $82,901/year. According to the National Association of College and Employers, the average starting salary for college graduates is $50,944. Earning a relatively high starting salary is one of the key things that has helped me to accelerate my saving and investing progress.

Future Income Trajectory Will Accelerate Wealth Building

The key to building wealth is to steadily increase your income while keeping your expenses constant. This will accelerate your financial independence journey and decrease the amount of money you need to save and invest to become financially independent. If you know how to live off less, then you can feel secure with a smaller portfolio.

9-5s generally have set raises and promotions. A good rule of thumb when it comes to knowing if income is increasing enough each year is to compare it to inflation. In the past 10 years, inflation has averaged just under 2%. Although we can’t know for sure what inflation will be in the future, a 2-4% annual pay raise should be the minimum you look for.

I know that at my job and in my industry, my raises will significantly surpass that 2-4% minimum as long as my performance is on track.

Whatever your job is, it is always good to get a sense of what the income trajectory is in your company. Low salary growth could be a sign to either switch companies or careers.

Leveraging Benefits Helps to Get the Most Out of Your Compensation

Benefits are important to think about because they count as compensation. Taking advantage of all your benefits ensures that you are getting paid what you deserve. I think it’s helpful to share some of my main benefits and how I use them: 

• 3% 401(k) match
• Signing bonus and yearly bonus
• Healthcare
• 3 weeks paid time off
• Sick days that can also be used for mental health days
• Generous maternity and paternity leave
• $75/month fitness subsidy
• $350 work from home stipend

The 401(k) match and bonuses help to maximize the money I can put towards savings and investments. A 401(k) match is a great deal because it is a guaranteed 100% return on your initial investment. You won’t find that anywhere else!

 The healthcare would also be a huge benefit, but currently I am still on my parents’ healthcare plan. I am also a fan of my company’s paid time off policy. Three weeks is relatively generous. The company is also very good about respecting your time off, so I know that when I do take it, I won’t have to work during it.

Using My 9-5 to Invest in Myself

As you can see, my 9-5 has helped me start on the path to financial independence. My salary is a dependable source of income that I mostly use to invest in myself and build my capital to eventually leverage for other opportunities. I know that my job and industry promise high income growth, which coupled with steady expenses, will accelerate financial independence even more. Lastly, the benefits, while smaller parts of my compensation, help my money go even farther.