- Make Money
- Save Money
- Invest Money
- Manage Risks
It makes sense when you think about it. We must first make money, as it’s hard to accumulate wealth without income. Then, we must save a portion of it. Then, we need to make sure that what we have saved earns a good rate of return. Pulling this together, we need to manage our risks along the way.
I’ve written about this framework in my post on key personal finance questions we should be asking ourselves. As I think about it more, it’s probably worth thinking about these areas a little bit more. Let’s focus on the first area, making money.
Specifically, as we make money, I’ve found that it’s often who you know that matters as much as what you know. Sounds crazy, but it can be true in so many cases. Along those lines, it’s never been more important to network for career success.
I’m certainly no expert, as this is something that didn’t come naturally to me at all. I’m continually working on it, to be fair. However, I’ve learned that it’s an important part of accomplishing your goals. In our careers, it can really help to embrace networking. After all, if it can help us make more money, it can help us with our efforts to grow net worth.
Here are 3 tips on networking for career success:
Consciously think about giving first, even without direct expectation of getting something back
Some of the best networkers that I’ve met and who immediately come to mind are those that simply gave tips and leads without necessarily expecting something back in a “quid pro quo” manner.
The great thing is that it often doesn’t cost much to give. While we have limited time and money, sometimes giving to others requires very little of us and can help someone else in a big way.
The thing is, even if we don’t expect something back right away, it can come back to us. I find that the more expansive I have been with reaching out with ideas or help, the more I actually get something back without asking. It’s a high ROI for everyone, without really even trying for it.
Build your network before you need it
When someone launches a business, or starts looking for a job, one of the things they might want to do is “network”. Which is great! But I’ve found that it’s better to always be building your network so that it’s there before you need it.
Having been a part of a prior layoff, I realized that it would have been great at the time to have really paid attention to my network. It’s kind of awkward to get in touch with people you haven’t talked to in years, clearly doing so for your immediate need. Of course that shouldn’t stop you, but believe me it’s better to have paid close attention to everyone before you needed help.
You can network with anyone
It’s not just the people “higher up” in companies that you should get to know. Rather, it can be a good thing to simply connect with anyone interesting.
I don’t know about you, but I enjoy meeting different people from various walks of life. Friends can come from anywhere, and “networking” doesn’t have to be done with focus on their careers. Of course, all the while they might know someone anyway.
Really, I think it’s sometimes friends and those closest to you who are often one or two degrees of separation away from someone who can help you. You know, the LinkedIn concept : )
Speaking of which, while I have quite a few LinkedIn connections, just seeing that total number add up doesn’t really mean much in terms of networking. Maybe I’m wrong, but actually being active and helping each other is what it’s about!
My Questions for You
Do you consider networking an important part of career success?
If yes, how do you approach it?
If no, what are your reservations?