David Koch’s Approach towards Earning Power
Mr. Koch has worked day and night for his success. He was once a Finance Editor at Sunrise and now he is hosting a show. What a growth, isn’t it? Yes, to be precise, he has always been an optimist and an opportunist. Good things have come in his way. He has listed a few tips below to increase your earning power.
Be an Opportunist
Yes, he says that he was an opportunist when they offered him an editor’s job. When things passed by, he worked on his basics and now he himself hosts the show. A seven network star at times can’t believe that he has grown exponentially. He questions himself that “How on earth did a finance journalist end up hosting Sunrise?” and the answer is sheer hard work.
Believe in Yourself
“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?’
Do Something That Is Unique
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.
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.
Be an Optimist
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?
Never Look Back
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.
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.
Build Your Entity
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 specialty — it might be the social club, becoming a first-aid officer, helping on a committee.
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.
A Trustworthy Mentor
A trustworthy mentor is all you need when you kick-start your career as you are very young when you graduate from school and you will not know what to do. A good mentor should help you get away the negative vibes and always fill in the positive vibes.