3110: How to Grow the Value of Your Career by 50% by ESI of ESI Money on Increase Your Salary

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[00:01:17] I ran into an interesting set of comments by Warren Buffett the other day that I found very compelling, and I just had to share them. Buffett was talking to a class of college students at Columbia University in 2009. While there, he discussed the value of a career. Of course, he put the comments in terms only he can, as an investment with a specific value. The value of a career. Here's his first statement.

[00:01:47] Quote, Right now, I would pay $100,000 for 10% of the future earnings of any of you. So if you're interested, see me after class. End quote. A few things to note about this comment. Number one, Warren knows that over a working career, the average college graduate is going to make at least a couple million dollars. So his 10% would get him $200,000.

[00:02:15] But $200,000 for $100,000 is a smart move, and one way he became so wealthy. Remember, he has to account for the time value of money too. He pays now, but gets paid back over 40 to 50 years. And he wants way more than an investment doubling in 40 years. So he probably thinks a career is worth much more than $2 million. Number two, he has good reason to think that.

[00:02:43] According to Business Insider, Columbia graduates begin with a median starting salary of $59,200. Assuming they work 45 years and get 3% average annual raises, they would generate career earnings of almost $5.5 million. If they work at growing their career just a bit and average 4% annual raises, that's almost $7.2 million in career earnings.

[00:03:13] 5% annual gains gets them $9.5 million. Remember, this is just their earnings. Imagine what could happen if they took a portion of this money and invested it throughout those 45 years. Number three, given the previously mentioned, Warren is making a sucker's bet he would do quite well paying $100,000 for 10% of any of their earnings.

[00:03:39] And number four, it's not just the average person Buffett makes the offer to. Note the words, any of you. So even the one earning the least will still deliver a good return for Buffett. In other words, all of these careers are very valuable. Let me summarize everything up to this point in one sentence. Warren Buffett and I completely agree on the value of a career. How to make a career 50% more valuable.

[00:04:10] I ask quite often if people would try and grow a multi-million dollar asset. The answer? Of course they would. So that's what everyone should do with their career because it's a multi-million dollar asset. And Buffett has given us a great head start to this end. He shares something he thinks will grow a career's value by 50%. Here's his second comment. Quote,

[00:04:49] That's a pretty bold statement. Consider your entire career, education, experience, everything is worth $100,000 to him. And your ability to speak in public alone is worth an extra $50,000. Sounds like he puts a high value on speaking and communicating. I would agree 100%. Being able to speak in public is a very valuable skill.

[00:05:15] Developing this skill is a great way anyone can grow his income and get those extra millions over the course of a career. I'd actually expand the statement to all communication skills. Speaking to large or small groups and even one-on-one. And writing are very valuable skills that employers pay big money for. My experience with communication skills. I've seen the value of these skills firsthand in my career.

[00:05:43] I was fortunate to benefit from several situations that helped me develop them and realize higher earnings as a result. It started in high school when it became clear that I was not going to be a star athlete. I turned my time and attention elsewhere and got involved in school plays, speech and drama competitions and debate. By the time I left high school, I was comfortable in front of a crowd.

[00:06:10] In college, I had more opportunities to speak to groups of all sizes. I was involved in a number of campus organizations, plus held a staff assistantship. Many of these required me to speak regularly, so my skills improved. In graduate school, many of our classes required a final project that we had to present. I built my skills even more, once delivering the entire one-hour presentation without notes for our whole team.

[00:06:40] Also, in graduate school, I learned how to write well, through a grueling class that taught business writing. Once in the real world, I continued to develop these skills, both through the normal course of work, as well as by attending seminars on salesmanship, presenting and speaking to the media. All of these built upon each other, and my skills kept growing. I'm not sure being able to speak in public helped me increase my earnings by 50% by itself,

[00:07:09] but I'm sure it had a significant contribution to my overall earning potential. Why? I think we all tend to assign all sorts of positive traits to those who speak and write well. We think they're more intelligent, skilled, capable, and so on. Companies tend to like these qualities and reward those who have them. Of course, there needs to be substance behind the style. You can't speak your way to success.

[00:07:37] At some point, you need to deliver the goods as well. But I think it's safe to say that being able to communicate effectively is a skill that can separate anyone from the crowd and help him earn more than he would without the ability. You just listened to the post titled, How to Grow the Value of Your Career by 50% by ESI of ESIMoney.com.

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[00:09:59] Sign up for your $1 per month trial and start selling today at Shopify.com slash OFD. Go to Shopify.com slash OFD. Shopify.com slash OFD. I agree that your career is an extremely valuable tool in growing wealth. It certainly has been for me.

[00:10:22] I spent over a decade increasing my income and building my skills, including communication skills, before I left it all behind to pursue self-employment. Focusing on career progression is what got me to where I am today, where I have full autonomy over my time. But I think it's important to recognize that your career is a tool. And if you're not careful, it can become a crutch.

[00:10:49] Many of us find our identity in our career and work. Our sense of self-worth can become tied to our job title, salary, and whether or not we get that big promotion. When we prioritize our careers over our relationships and health, we're setting ourselves up for a rude awakening. At best, it leads to burnout. And at worst, it leads to a full-on breakdown.

[00:11:18] I've watched the latter happen to a colleague of mine, and it scared the shit out of me. So while our careers are incredibly important, I think it's also important to keep it all in perspective. And that should do it for today. Have a happy rest of your day, and I'll see you on the Thursday show tomorrow, where your optimal life awaits.