When things are going well we often get complacent -- forgetting the past and expecting the present state of things to last forever. Remember when "boom times" meant gold rushes or gushing oil wells in places like Alaska, California and Texas? Unfortunately these eras were short lived and a lot of people lost their shirts because they put too much faith in the excitement of the times. Now boom times characterize our economy, stock market, budget surplus and low unemployment rate (4.5%). But these are not the norm -- they're wonderful economic interludes.

So, how can you take advantage of the current economic prosperity? Do you make the money while it lasts, enjoy it and spend to the fullest? Or do you save, stashing money away for harder times? How you respond depends on many factors, some of which depend on the kind of person you are and the risks you are willing to take. But no matter what your cash management strategy is, when it comes to your career, a boom time should be used to prepare for the future, not to rest on your laurels.

Like the economy, job markets in different professions also run in cycles, with demand fluctuating over the course of a few years. For example, in the '80s hospitals were crying for nurses, offering large bonuses and salary packages to new and old entrants. Then along came managed care. Large numbers of nurses were laid off, replaced by technicians. This forced many nurses to leave the profession. Now, at the end of the '90s, nurses are back in demand.

Boom times provide the luxury to prepare, which means that we can afford to save money or handle purchases we might otherwise put off -- like a new car, a computer or education. Likewise, successful professionals know that careful preparation can improve their position, both in the present and in the future.

Bearing this in mind, I have put together seven tips to ensure that you are secure in your job today and down the road.

1. Do your homework. This means not slacking off on the job you have now and not taking it for granted. Pay attention to what is going on in your company and in your field. Make sure you know your strengths, what you do best, and your value to the organization so that you're ready for a change if one is needed in the future.

2. Set annual goals and review them periodically. Having and monitoring your goals is another strategy to keep you on track or help you prepare for transitions. Goals may include any of the following suggestions.

3. Join a professional association and participate in its activities. Membership will provide you with the latest information on your field and opportunities to retool, as well as a support network of colleagues.

4. Keep up with technology. Take workshops, upgrade or replace your computer or buy a digital phone. In downtimes, when you need to conserve finances, you'll be glad you made these investments.

5. Continue your education. Keeping up with technology is not the only thing you need to be up to speed. Professional fields change rapidly and it's important to stay ahead. It's equally important to know what's hot now, and what's coming ahead so that you can keep abreast of new and emerging opportunities in your area.

6. Develop communication and negotiation skills. When the downtimes come, you'll need both skills to land a new position or to advance the one you have.

7. Nurture your relationships and networks. You may need these, too, for support as well as leads and contacts. You don't want to be one of those people who only show up in hard times. The people we remember and want to support are those who are there through thick and thin.

By focusing on these seven tips during a boom time, you won't need to worry about what not to do. You'll be positioning yourself for your future and more than likely for new opportunities you hadn't dreamed possible.

Center for Career/Life Planning © 1999