“I was 40 before I became an overnight success. I had been publishing for 20 years.” – Mary Carr
Do you want to live a life of massive success? You won’t luck into it, the only way to get there is to become good enough at what you do to earn it. And, if you want to earn it, you need to get better, which is not as hard as it sounds. You can get 1000X better with steady effort over a long time.
My favorite success concept is “career equity”. In a nutshell, this term just means that the sum of all the parts of your career – your skills, experience, reputation, relationships, etc. – have some value. This equity has some earnings potential, just as a real estate holding or stock holding would. You can use this value to earn money, flexibility, enjoyment, or all of the above for yourself. This concept neatly explains why some individuals can land very high paying positions or opportunities and some cannot.
The Path to 1000X Improvement
The simple key to sustainable success is to build your career equity. Just as you are working on building a 401(k) or other investment vehicle, you should work daily on building your career equity. Even just .1% daily improvement yields fantastic results over the course of your life. Putting a number on your career equity is difficult, so lets use a clearcut example of .1% daily improvement in the financial world to paint the picture.
Say you have $1,000 today and you can grow that $1,000 by just .1% per day. How much money would you have in 10 years? $38,400. Remarkable improvement, for sure, but, what if you keep up the .1% growth for another 10 years? You would now have $1,474,000, a growth of 1,474X over your original equity holding.
Why do these numbers scale up so dramatically? Because they compound. Each day, you earn .1% on the full amount of the equity. You’re earning .1% on everything you already have. Your career functions exactly the same way – your relationships, skills, and experiences continue to build on one another and interact in ways that cause them to see accelerating growth.
As you progress, you might end up owning a company where you have a team that is strengthening your reputation and earning you more capital everyday, even while you are working on other things. You earned that team through previous investments in reputation, relationships, skills, etc. and now the team is accelerating your growth. Or maybe years have passed and your network connection from the first example has worked their way into a position of considerable influence in a corporation or government. With a simple phone call, you can get things done that the person who is just starting out can only dream of.
The Power of Being 1000x Better
This is the power of career equity. If you reset Richard Branson’s bank account to zero and liquidated all his personal investments, how fast do you think Richard Branson could be a millionaire again? He has a world class reputation, an immense network of contacts, and incredible skills and experience – i.e., massive career equity. He could earn a fortune again in no time.
The truth is that the average person builds very, very little career equity each year. The average person with 30 years of experience really has 1 year of experience repeated 30 times. If that works for a person and they enjoy this approach to life, then that’s great and this is not a criticism. But, if that doesn’t work for you, and you want massive success, you need to develop the kind of equity that leads to massive success and 1000x Improvement.
How do you get better each day? Develop a new connection. Earn some goodwill with a current connection. Learn a new concept or skill from a course or book. Build something. Develop some experience. Often you can even try something, fail, and still succeed in the long run. There are a million ways to move forward. This blog is devoted to this quest as well, so, you will definitely find some value here over time.
If you choose to pursue this quest and want a “buddy’, please let me know, I would be happy to be accountability partners with you to motivate and keep one another going.