Best Advice on the Power of Earning by David Koch

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We often undermine the power of earning large money and discard it saying, may be its not for me. However, even the biggest of the billionaires have started from the scratch and made it big in this world. Getting the right advices from such people is rare but valuable. David Koch, an American businessman who is worshipped by the youth around the world shares some of his valuable insights for being successful. A philanthropist, engineer and a political activist, Koch says only and only hard work will take us to the very end of success and there is nothing to substitute your efforts in being successful. He believes that there are no short routes to being successful and here is what he had to say to all aspiring youngsters.

Opportunities Lead to Success

When Koch was working at Sunrise Network as a finance editor, he came across an opportunity to become a host. He was happy for that. It seems that he keeps asking himself: “How on earth did a finance journalist end up hosting Sunrise?”  And he answers that he has always been an opportunist and whatever he is today is all because of the dedication and commitment that he had put in.

Self-Belief Can Change Your Life

“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?’

Uniqueness Is the Need of the Hour

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 specialty where you can develop a unique set of skills that can set you apart from the rest.

Re-Think If Your Role Is Redundant and Not Adding Any Extra Value

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.

Optimism Can Never Fail

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?

Future Lies ahead of You, So Prepare Well

I’ve always vowed I’d never depend on radio or television for a living. While they’re great jobs, in some ways they’re horrible industries to be in because they’re so cutthroat and volatile. When you have a single income, a couple of kids and a mortgage, that volatility is unacceptable. So I’ve always worked other jobs on the side because I don’t want to put the family at risk.

That little stash of cash from a second job gives you a fallback position for when things go wrong and flexibility.

Do What You Love, Love What You Do

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.

Branding Well Is the Next Key Trend

Branding is important for every organization. The same is applicable for your career as well. Do what best you can at work and build up your reputation at workplace. Take up responsibilities in your company even if it is not a part of your daily work. For instance, it could be anything from helping a committee to being a first-aid representative. This can help you develop your personal brand.

Seek the Necessary Guidance and Mentorship Always

Many may undermine the importance of mentorship, but the billionaire businessman believes that receiving the right kind of mentorship at crucial stages can change the whole game from any business. So, make sure you have a set of good mentors who believe in you and your idea and are ready to walk the path of success with you by being your guiding light throughout.

 

 

 

 

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