Success in Every Phase of Life

Initially you are paid for what you do.

Then you are paid for what you know.

If you are very successful, you will be paid for who you are.

Someone said this to me today, and it really resonated. The question is for many people, particularly early in their careers, how can you move from one step to the next?

I started working when I was about 12. I certainly didn’t know much about anything, but my labor was needed in my family’s business. It was a lot of manual work- but so much can be learned from getting your hands dirty. Work ethic is what gets you paid for what you do- but it shouldn’t be viewed as a necessary evil. So much has been written about the value of getting up in the morning and making your bed, or about the “heroic minute” of not hitting the snooze button. All of this is about habits- those that will underpin everything that you do.

I have met many a “clever” person, who missed this first step. Inevitably they hit a wall in their success because at some point, you have to be able to put in the work, and be willing to focus on things that seem like small details. Learning to develop satisfaction in a job well done, is a huge step in developing a great work ethic- whether that job is mowing a lawn or closing a big investment banking deal. We probably all know people who brag about never having needed to study in school to do well. This is a huge red flag to me that the muscle of how to work hard has not been properly developed- because you can always work hard in school to learn more- and having the internal drive to push yourself is key.

Getting paid for what you know inevitably takes time. I remember when I was early in my career, I had a reasonably good theoretical knowledge of Economics and Finance — having worked in academia- but I hadn’t had the experience of applying it to anything real. I wanted to have an industry to dive into- and as it happened I found the world of Commodities trading. It is a great place to apply the principles of finance and economics- but it also required many years of learning how the actual industry works. There were no shortcuts. It is easy to look at some of the “over night successes” in the world of technology (Facebook comes to mind)— where kids in school come up with a clever idea and seem to hit the jackpot. In some instances this may be what happened. More often, however, there are seasoned mentors and partners who help take the kernel of an idea and nurture it into a real business- and “overnight” can be measured in hundreds if not thousands of days.

Developing what you know is a daily investment, and a lifetime commitment. Now that I am 30+ years into my career, I have more books stacked by my bedside than ever- because the things I want to know about have increased rather than decreased. Curiosity is the fuel that causes knowledge to grow.

But finally there is the culmination, where you are paid for who you are. I have had a number of young people say to me that it looks like it was “easy” for me to have gotten some of the opportunities I have gotten in my career — and I am not dismissing that there is good fortune in every success. But as Louis Pasteur said, “luck favors the prepared”, and ultimately to be able to be paid for who you are requires that you have made an investment in getting better and better to the point where you can bring something unique and valuable to the party. That includes your ability to “do” and your ability to “know”- but even more important is your character, and the reputation you have developed, and differentiated insights based on your unique experiences. None of this can be rushed- and it is always a work in progress.

Celebrating wherever you are on this path is also important. There is nothing at all that is diminishing to be at any point in this continuum — it is all about savoring where you are in the journey, and getting the most out of where you are. Gratitude — appreciating what is good about where you are in life- is key to being able to get the most out of the experience. In that sense there is the potential for success every step of the way!