Being rich doesn’t solve every problem in life. But it does solve a big one: being poor.
Throughout my career, having interacted with many
individuals in all walks of life and all phases of their careers, I cannot
think of a single person who set an upper limit on his/her desired earnings. On the other hand, by their choices and their
actions, many individuals do set upper limits on the earnings they can actually
achieve.
If your career objective is to make a lot of money, as
opposed to work/life balance, wearing jeans to the office, or family time, how
do you accomplish that objective? Here are some factors I’ve observed.
Choosing your path:
1. Examine
your hard wiring. There is a whole chapter devoted to this in my book. You will
not excel at something you do not do well.
2. Pick
a path that utilizes your talents.
There are choices. If you are
good at math, you could be a math teacher, an engineer or an accountant. If you are good at science, you could be a
teacher, a researcher, a doctor. If you
are a good writer, advertising, editing, marketing or journalism might be areas
of interest. If you are good looking and
charismatic, modeling might be an option, but so would sales.
3. Pick
a path that offers a realistic chance of success based on your level of ability. I was a great high school hockey player with
thoughts of playing professionally. I got a reality check when I played for
Notre Dame – and ended up majoring in accounting.
4. Pick
a path that offers the highest financial reward potential. If you decide to be a biology teacher and not
a doctor, you will always make a teacher’s salary, not a doctor’s salary.
Once you have established a path:
5. Work
hard. Duh.
6. Work
very, very hard. Contrary to popular
belief, success and wealth are usually a result of hard work, long hours, and
extreme commitment. You may have to
sacrifice some evenings and weekends, and possibly some family life and/or
social life to the cause
7. Work
smart. You can work 15 hours a day, but
if you fail to notice and solve problems, your upward mobility will plateau at
your current level.
8. Set
short-term, achievable goals. Not “I
will be a millionaire in 20 years,” but “I will get a promotion in three years
or seek a position elsewhere.” Aggressively
target these goals.
9. Be
confident. If you doubt your abilities,
others will too.
10. Claim
credit for your achievements. Or someone
else will.
11. Differentiate
yourself. Never forget that you are competing
with your co-workers and your peers outside the firm for your next promotion. What
are your peers doing to get ahead?
12. Educate
yourself. If you need a degree, a
certification, or a course in XOOO to increase your salary, sign up now.
13. Cultivate
relationships in your company. Your achievements
must be noticed by someone in management before you are rewarded for them.
14. Cultivate
relationships in your industry. Your first employer may not provide the
financial upside you are seeking over the long haul. Knowing professionals at other firms may
provide entry into more lucrative positions.
15. Be
open to change. Do not marry your
employer. If a higher paying opportunity
or an opportunity with greater upward mobility comes along, forget your BFF co-workers and go.
16. Be
open to risk. Sometimes a commission-based
position or an entrepreneurial position can offer huge financial rewards. Does your station in life allow you to take a
chance? Do you have the self-confidence
to take a chance?
Notice that the term “good luck” did not appear in the above
list. Notice that the ideas of hard work
and sacrifice, in varying terminologies, were consistent throughout.
Keep in mind that not everyone wants or needs to be wealthy and that being rich is not synonymous with living a great life. At some point sooner or later in your career,
you might make the choice that the rewards of being very rich are not worth the
price that you will pay in other areas of your life. Be happy and confident with whatever choices you make and live your life accordingly.
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