Mr. Koch Talks About Earning Power

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Koch Says Anyone Can Increase Their Earning Power

If you want to increase your salary from $50,000 to $80,000, and after 12 years to almost $1 Million in your account, you need to put in a lot of hard work in order to double your salary. Obviously, there are no quick shortcuts that you can take. You need to work on your skills every day and improve your skills day by day. Once you start improving yourself and your skills, your income will start increasing all you need to do is just continue putting in the best of your efforts.

Grab Your Opportunities

You must always grab the opportunities, which are around you. Always make sure you give everything you have and take the opportunity and work on it. There might be infinite possibilities and opportunities around. You just need to create a vision in your mind and grab those opportunities and give your best.

Work on Your Self-Confidence

“Always have enough confidence in yourself to give anything a go. But also have enough confidence, if it doesn’t work out, to go and do something else.”

That’s the single best bit of advice I’ve ever received, and I’ve tried to follow it to the letter. It came from my father, and I’m trying to pass it down to my children. In essence, it means never be scared of an opportunity. Grab it, give it your best shot, and if it doesn’t work out, then move on to something else. But never be left wondering ‘what if?’

Look for a Specialty

When I was a young, ambitious 25-year-old journalist, I looked around at all the finance media icons to see what I could learn and how I could be as good. They were all highly skilled with great contacts and much older than I was.

So I looked for what could be the next big thing in finance journalism, something so new and different than the usual rules wouldn’t apply and age wouldn’t matter.

I’d seen the boom in personal finance media in the US while visiting my parents, who were living in San Francisco at the time. So I decided to do the same thing in Australia. I think the key in any career is to look around and find an in-demand speciality where you can develop a unique set of skills that set you apart from the rest.

Assess Your Job Category

The economy and technology have dramatically changed the working landscape. Tens of thousands of positions have been made redundant and some jobs have disappeared altogether — including many jobs in print media, where I started out.

If you’re in a large company, the first step is to look for the right department and job. Ignore the gossip and check with the personnel department to see which divisions are hiring. Internal transfers usually receive preference. Ask department heads about their long-range plans, and scan trade magazines or websites to learn which parts of your industry are expanding.

Set Yourself Goals

Every New Year I ask Libby and the kids what goals they’ve set for themselves for the next 12 months. For years they’d laugh at me. As they got older, there were fewer laughs and even a couple of answers.

Life’s so busy these days that we don’t seem to take a deep breath, stop and think about what we want to do as individuals. But if you don’t have some sort of map, how do you know where you want to get to?

Build Your Brand

One of the biggest assets of a company is its brand, and you should be thinking the same way about you and your career. Do the best you can at work and build a great reputation in your company.

Volunteer for company projects and activities outside your speciality — it might be the social club, becoming a first-aid officer, helping on a committee.

Slightly Undervalue Yourself

There’s no doubt money is important. Being paid what you’re worth is important. But it isn’t the be all and end all.

My top priority has always been to be in a job I love and then be paid appropriately for doing it. I’ve always thought it’s better to be happy to be paid a little below what you’re worth and keep your job than push for every last dollar and run the risk of being let go at the next downturn.

Like most industries, the media runs in cycles.

So many people stress about how much they’re being paid down to the last dollar. I tend to look at the other rewards first and balance them up — enjoyment, colleagues, potential, conditions.

Get actively involved in your industry association as a member or on a committee — you’ll learn a lot and make good contacts with competitors and suppliers.

Building your personal brand is all about being seen as good at your job by your boss — and the bosses of your competitors.

Find a Mentor

You might not have had a mentor at school, but learning from others with more experience and wisdom is just as important after you graduate when you’re developing a career and even once you’ve established your career. If you don’t have a mentor, look around and find one.

These tips from David Koch can help any newbie to shine with a bright career in life.

 

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