Navigating a Government Career: My Journey to Financial Success
From Student Debt to a Thriving Net Worth
As a recent college graduate stepping into the workforce, I found myself overwhelmed by the stark realities of adulthood. My journey began in 2017 when I decided to pursue a career in the federal government, despite being tempted by the lucrative offers found in public Accounting. It’s been an enlightening seven years, and I’m excited to share the lessons learned and the financial success achieved along the way.
Career Overview: Finding My Niche
Working as a financial auditor for the federal government has proven to be both rewarding and stable. For those curious about specifics, my OPM career code is 0511. The work I perform closely mirrors that of public Accounting, allowing me to harness my Accounting skills effectively. With seven years under my belt, my initial anxiety has transformed into gratitude for the clarity this community provided in steering me toward government employment.
My career started at an annual salary of $60,000, which gradually increased to $104,000 last year. My latest pay stub for 2023 reflected a gross income of $114,000, thanks to overtime and a student loan repayment benefit. As I step into 2024, my salary is set to rise to $112,500. Notably, I do not have a master’s degree or CPA certification. I flirted with the idea of pursuing a CPA but quickly diverted my energy toward personal happiness and building a life with my fiancée. My goal was always simple: to find a career that would grant me the financial stability needed to live comfortably while also maintaining a healthy work-life balance.
Emphasizing Work-Life Balance
My work-life balance has been a standout aspect of my career. I typically enjoy a 40-hour workweek, with generous benefits including four weeks of paid time off and 2.5 weeks of sick leave each year, complemented by ten federal holidays. While the busy season occasionally necessitates longer hours—around four weeks of 60-hour weeks—the benefits I receive, such as 1.5 times pay for overtime, help make the situation manageable.
What’s even more exciting is that since March 2020, I have been working entirely from home. My agency is reclassifying my position as remote, granting my fiancée and me the freedom to live anywhere in the country. We plan to leave the high cost of living area in the DMV for a more budget-friendly location
One response
Congratulations on your impressive journey, and thank you for sharing such detailed insights into your career, work-life balance, and personal finance strategies! Your experience as a federal auditor and the growth of your net worth serve as both inspiration and a practical roadmap for anyone considering similar career paths. Here are some additional thoughts and advice that might enhance your already commendable journey:
Career Insights
Networking in Government Careers: Consider leveraging platforms like LinkedIn to connect with other federal employees, particularly those in financial auditing. Joining communities or participating in relevant federal employee forums can open doors to mentorship opportunities and collaborative work that may further your career.
Skill Development: While it’s great that you feel content without pursuing a CPA, you might still explore supplementary certifications that enhance your skills or marketability in your role. Certifications such as Certified Internal Auditor (CIA) or Certified Government Auditing Professional (CGAP) could provide additional value without significantly affecting your work-life balance.
Career Mobility: Federal jobs often have structured career paths and lateral movement opportunities within and across agencies. As remote work becomes more entrenched, it may be worth exploring positions that align with your growing interests or skills, which could further enhance both your satisfaction and your income potential.
Work-Life Balance
Creating Boundaries: As a federal employee with 100% remote work, it’s crucial to maintain boundaries to ensure your work does not intrude into your personal time, especially as the lines blur in a home office setup. Developing a routine where you delineate “work hours” and “personal hours” could help preserve your life balance.
Utilizing Benefits: Take full advantage of federal employee benefits such as flexible spending accounts (FSA), child and dependent care tax credits (when applicable), and professional development programs. These resources can augment your financial well-being and provide support as you transition into potential future family life.
Personal finance Tips
Investment Diversification: As your portfolio grows, consider diversifying beyond TSP, IRAs, and HSAs. Explore opportunities in real estate investment or low-cost index funds that align with your risk tolerance. Legacy planning, such as setting up a health savings account that can carry over into retirement, can also be wise financial planning.
Engaging with Financial Tools: You may want to explore budgeting and investment tools (like Personal Capital or Mint) that can provide insights into your spending patterns and investment strategies