Perspectives on Achieving Career Success
Lately I have been reflecting on the philosophies of Charlie Munger. Mr. Munger was the Vice Chairman and “right-hand man” of Warren Buffet until his recent death at the age of 99. Mr. Munger was known for his work ethic, business acumen, philanthropy, and pragmatic wisdom. Reading his thoughts and perspectives on his work has inspired me to share a few of my own.
I am in the second phase of my career. I had the good fortune to spend the first couple of decades at a company that was truly great, and through a series of mergers and transitions, eventually became good. Before it could move toward the next point along that trajectory, I left to pursue new challenges. Over the next few years, I earned my CFP® (Certified Financial Planner) designation and opened my firm WorthWise Financial Partners, LLC. It was during – and as a result of – that journey that I developed the following philosophy on how to build a successful career…
1. Do Something You Are Naturally Good At
We all have innate strengths. Some excel at sports and have the natural ability to control a ball or rise to physical challenges. Others easily absorb scientific and mathematical concepts. Still others may be charismatic speakers or have extraordinary finesse in developing relationships. Find that thing that comes easier to you than it does to others and build a career that leverages it. I’m not suggesting that we shouldn’t challenge ourselves to try and learn new things as well. But if you devote a lifetime to something you aren’t very good at – because a parent, spouse, or circumstances pressured you into it – you likely won’t achieve much success. On the other hand, if you find something you can do well without too much effort, imagine what you can achieve if you devote your life to its pursuit.
2. Do Something You Enjoy
You might think this is the same as #1 but it isn’t. We do not all enjoy the things that we are good at – and we are not all good at the things we enjoy. The magic is in finding the overlap. Further, it is important to enjoy not just the concept or perception of your work, but the actual day-to-day, nitty-gritty activities. For example, we often see the legal profession portrayed on TV through exciting courtroom battles, didactic speeches, and skillful negotiations. This may accurately reflect some of the work for some of the lawyers, but if you don’t also enjoy spending hours reading and drafting legal documents, the legal profession may not be for you.
I often describe my work as a Financial Planner as an endless series of mathematical word problems: “If Jorge can get a mortgage at X% with no points or at Y% with one point, which should he take?” or “If Charlotte can save $X per month for the next 15 years, will she have enough to send Junior to her alma mater?” Thriving at this type of work and finding enjoyment in explaining these concepts to others – along with a perverse love for spreadsheets – keeps me engaged every day. (If you froze in fear seeing these types of problems on a school exam though, I don’t recommend Financial Planning!)
3. Do Something That Contributes Positively to the World
I’m not suggesting that every job must cure the common cold or solve global warming to make the cut. I do believe, however, that if you aren’t doing something you feel good about, you will not be satisfied in doing it for very long. If your career is in sales, would you buy the product you sell? Is it high quality? A good value? Safe? If you own a business, does it provide a service that is needed at a fair price? Do you employ people in your community? If the work you do will somehow leave the world a little bit better than it was, you are more likely to find personal success and fulfillment.
4. Do Other Things Too
This might be the hardest one, particularly if you are following tips 1-3. This is a bit of a pot/kettle moment for me as well. During my free time, I am often drawn to my desk to work just a little more on the latest client plan, answer a question, read the financial news, or…write a new blog article. But time with friends and family, pursuing non-career related interests, and just relaxing, is food for the soul. Spending every waking moment on any one thing will ultimately lead to burnout. I find that committing to other things like specific time dedicated to family, events with friends, and volunteer work, enables me to maintain balance. The work will be all that more engaging when you return to it again.
Not everyone has the luxury to choose their career, but if you do, I encourage you to consider these guidelines or develop some of your own. I believe that success, whether it is emotional, financial, or reputational, will come from aligning your work with your unique skills, interests, and priorities and allowing time in your life for other pursuits. I can’t be certain, but I think Charlie Munger would agree with me on this.
