Seize day to win big

Take control of your earning power and create your own Lotto windfall

EVERYONE dreams about winning Lotto or receiving a big inheritance. But you know what? You have the opportunity to fulfil that dream by creating your own Lotto: your career.

If you’re in the right field, there’s the potential to win Lotto-type returns. Increase your salary from $40,000 to, say, $80,000, and over 12 years you’re earning almost $1 million.

Now I know doubling your salary won’t happen overnight, but rather than dreaming of a windfall, why not take control of your earning power?

GRAB OPPORTUNITIES

Some people’s success seems so crazy and out of reach. I wish I had a dollar for every time I’ve been asked: “How on earth did a finance journalist end up hosting Sunrise?” The answer is always the same: “Sheer arse.”

That’s what life’s all about. Taking advantage of opportunities and seeing where they’ll take you.

For 11 years I’d been the finance editor for the Seven Network, which included daily segments on Sunrise, when I was asked to fill in as co-host for three months … that was 16 years ago. You never know how an opportunity will turn out.

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 by 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 SPECIALITY

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.

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

ASSESS THE FUTURE OF 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 disappearedaltogether – 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.

If you don’t have some sort of map, how do you know where you want to get to?

HAVE A FALLBACK POSITION

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 provides flexibility.

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 or helping on a committee.

Get 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.

You’ll be amazed at how many people are happy to help, take an interest and give advice – they only need to be asked.

This is an edited extract from

Kochie’s 11-Step Money Plan For A Better Life,

published by Macmillan Australia, RRP $29.99

sophie.elsworth@news.com.au

“I think social media and apps have really helped scammers target older people,” said ACCC deputy chair Delia Rickard.

She said consumers could protect themselves by:

• anyone remote access to their computers, no matter where they said they were from, because scammers often hid behind trusted names.

• about dealing with any strangers they had not met face to face.

• the scamwatch.gov.au website for information and updates.

The Australian Securities and Investments Commission’s moneysmart.gov.au website also has helpful information.

ASIC’s senior executive leader for financial capability, Laura Higgins, said older Australians could find it more difficult to recover from financial losses caused by scams, “which is the great heartache”.

“If people are trying to sell you something over the phone, saying ‘no thankyou’ and hanging up is the right thing to do,” she said.

“Protect your personal information – don’t share it.” Fraud Watch is presented in partnership with The Commonwealth Bank.

If you have a scams story let us know at fraudwatch@news.com.au

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