That time of the year when you budget for everything. Except your career.

If you work in a company, you know there is a time of the year when most of your day develops around an excel spreadsheet, or for the most sophisticated, and FP&A software.

The time when you and your team work relentlessly to make sure the numbers you write on your budget won’t put you in trouble throughout the year. Only to wish, a few months later, you had done a better job!

Since I post this article on LinkedIn, I assume most readers are familiar with the concept of budgeting. In all fairness, such activity can and should be carried at home too, for a well managed domestic economy is a pillar of a happy personal life.

There is a third area worth budgeting and planning for, one that most people disregard: their career.

A large percentage of employees build their career by doing their job well, hoping their stakeholders will recognize their value in the future. Something that may, or may not happen.

Hope doesn’t seem to me an excellent strategy, and I believe a more proactive approach can and will yield better results.

In my many years of experience in the corporate world, working as a manager, consultant and educator, I have identified four areas worth planning and budgeting for and they are:

1. Knowledge
2. Image
3. Network
4. Health

KNOWLEDGE

As physical jobs are increasingly being automated, human beings compete in the arena of individual and collective knowledge.

A company’s value is determined by the collective knowledge of its teams, and on a system that harmonises such knowledge to produce great products and services.

An individual’s value is determined by her or his knowledge and their ability to put it at the service of the team they work in.

And, unlike the past, knowledge today is a fluid concept, for the world keeps changing at an unprecedented fast pace, and knowledge is available everywhere and anywhere.

Given these factors, rather than a fixed set of skills, the market rewards one person’s ability to unlearn outdated information (and also skills, beliefs, etc.) and relearn new ones.

The good news is that the human brain possesses the remarkable capacity to reorganise pathways, create new connections, and, in some cases, even create new neurons—a concept called neuroplasticity or brain plasticity.

The bad news is that to do so, one has to have:

1. The humility to admit what she or he knows is outdated or not sufficient
2. A method to learn efficiently
3. A detailed learning plan
4. The willingness to do this hard work until….

…forever, for learning is a lifelong journey.

Let’s deep dive into the requirements mentioned above.

Humility plays a big part in someone’s ability to learn new things.

Paradoxically, the more knowledgeable a person is on a certain subject, the less likely she or he is to learn new things and, in particular, new discoveries in their field.

This happens because once a person perceives herself as an expert, she will struggle accepting any discovery that would question the very essence of her previous knowledge.

That person, who’s highly intellectual, is also likely to lack the patience to learn the basic information that approaching a new field of knowledge requires.

For this reason, it is preferable to keep a beginner's mind. To avoid identifying with the “expert” role (experienced sounds much better) and to learn how to be at ease when being proved wrong.

Learning efficiently is another arduous task for a majority of people.

While schools are good at delivering information, very few of them succeed at helping students build a method to keep information in the long run.

Many students succeed in school because they’ve learned to leverage their short-term memory. It is not unusual to talk to graduates who have forgotten most of what they’ve learned only a few years after graduating.

For learning to have a positive impact on our life and work, we need to store it into the long-term memory. The same can be subdivided into two different types: explicit (conscious) and implicit (unconscious) memory.

This is where repetition, intentionality, emotions and hard work play a significant part.

It would take more than an article, perhaps a book, to address the subject of memory.

In this article, we will focus on the difference between recollection and retention.

Recollection happens when we read or see something we have read (or seen) before. The brain recognises the information or the situation, and gives us the false impression it has it stored in the long-term memory.

Instead it is stored in the short term memory, and so we need to make an extra effort at making the new learning stick into our brain!

If you’re reading a book, for example, take notes, re-write the concept you’re learning in your own words, stop reading and associate it to other experiences, cases, situations, etc..

The more intentionally and actively you learn, the longer you will remember.

Having a detailed and smart learning plan is also instrumental in growing your career.

The world is full of interesting subjects. You can very well become an expert in something, without it contributing to move your career forward by one inch.

Let’s say you’re an auditor and you love fishing, or you’re a medical doctor and you love playing Fortnite, or you are a jewellery salesperson and you love boxing.

While I believe there are valuable lessons to be learnt from any activity we commit to, I wouldn’t bet the activities mentioned above could help to boost a career.

(Except for boxing for the jewellery salesperson, for any sale is - in a way - a fight! :) )

Instead, there are several fields of knowledge that may not be directly related to one’s job, but which can contribute to it.

For example, my interest in macro-economics, finance and the stock market has helped me create strong bonds with clients who shared the same interests.

I’ve seen firsthand how a passion for art has helped professionals in the luxury industry create better products and communicate them with their audience.

Every person, in any industry and any role, can expand their knowledge in a way that their career can benefit from.

It' is up to the individual person to identify the subjects and to commit to learning them.

Where to start?

Large consulting firms publish a list of skills of the future on a regular basis.

Start from these lists, where you are likely to find: Strategic thinking, public speaking, coding, foreign languages, data literacy and negotiation, amongst others.

As you may imagine, whatever subject you pick, learning is hard work. Yet, it is work that pays back financially and also in terms of personal growth.

IMAGE

Only a few years ago, saying that image counts was a taboo. Everybody knew it, but it was not the right thing to say; it was not politically correct. Today, with the overwhelming success of social platforms like Instagram and Tik Tok, the hypocrisy is over.

Image counts because the human brain, which in order to save power looks for shortcuts every time, will form a first impression in 10 seconds. After the impression is formed, the brain, again to save power, will try to resist any attempt to change it.

Trying to influence the way we are perceived is the smart thing to do.

Perhaps unsurprisingly, beauty helps.

In his best-selling book “Blink,” author Malcolm Gladwell found that 30% of the CEOs of Fortune 500 companies are 185cm or taller, even though this represents only 3.9% of the population of American men.

A deep, powerful voice also makes a difference.

Quantified Communications discovered that when people were asked to evaluate speeches delivered by 120 executives, voice quality accounted for 23% of the listener’s evaluations while content of the speech only accounted for 11%.?(It’s not what you say, but how you sound when you say it that matters.) Another study revealed that leaders with the deepest voice earn significantly more than others.

In a recent episode of Lux And Friends Podcast, I have interviewed Kelly Khan, a professional soprano and vocal coach from the United States who shared with me simple yet powerful exercises anyone can practise to strengthen and deepen their voice. I invite you to watch or listen to this episode, and try yourself.

With appearance and style, there is no one size fits all.

Every industry has its own “appearance standards”, and it would be counterproductive to show up in a suit and tie on your first working day at Google, for example.

Equally, T-shirt and flip-flop won’t work if you join Cartier.

As a general rule, and whatever the style of your industry is, I suggest to invest in garments, accessories and footwear of good quality. They last longer and fit and look better than cheap ones.

A few years ago, I coached a lawyer who worked for a large law-firm in Dubai. Despite having an impressive track record and being super smart, his career didn’t advance at the speed he deserved.

I realised that, coming from a working/middle class background, he struggled to invest in the status symbols the industry valued.

He only had one, not impressive, suit. Three ties, and one pair of black laced shoes of average quality. No watch, or at least, not one people in his industry would call a watch.

The interesting thing is that he was not stingy by any means. He lived in an fairly expensive apartment, took his family on adventurous trips several times a year, and would dine out, although in casual restaurants, almost every night.

Yet, when I asked why he wouldn’t invest more money in his business attire, he answered, “I thought I had all that I needed, and I also find buying expensive clothes and accessories a little immoral ”

Seeing the contradiction, I asked him to consider investing a few thousand $ in a tailormade suit, a pair of brown brogue by Church’s and a Rolex timepiece. A boring selection, I must admit, but sometimes you need to start with the basics.

It took him a few months to digest the idea, and eventually, he made the investment.

If I am writing about it, it is because it worked.

He got promoted several times. He now runs the entire office, and keeps investing, regularly and proportionally, in his image.

NETWORK

There is an old say “your network is your net worth”.

I think everyone should print this statement, and place it somewhere in their house where they can see it every day. I did it.

Knowing the right people is much more valuable than money, for a sincere piece of advice or help is more powerful that one for sale.

Yet, building a good network requires hard work, commitment, generosity, a plan, and a precise idea of who you should deal with.

You can have 10.000 friends and associates, but if they are all negative and lazy couch potatoes, the value of your network, in relation to your career, is below zero.

Instead, connect with people with a growth mindset. Individuals who commit to their craft and who have something to bring to the table. It can be either their experience, expertise, a fantastic track record, life and business strategies, investment tips, or just an unshakable willingness to succeed.

These are the people who will add value to your network.

And for them to join, you must bring value first. Generosity is paramount. Give first and expect nothing in return. Build a reputation as a giver. And if you work hard on yourself, what you offer will become increasingly precious.

“How do I meet new people and strengthen existing relationships?” you may ask.

Live events, now that they are back, are a great source of new connections. Conferences, trade shows, seminars, but also charity events, the golf course, private and business networks gatherings, all work well.

My wife and I have an unwritten rule: we don’t go out for dinner alone (there are exceptions, of course). We’d rather spend double the money and invite a couple of interesting people. Chances are we’ll learn something new, which makes the money spent turn into an investment.

Another way to getting to know new people is to reach out to them on social media. You should do with grace. I suggest you start by reading their posts and commenting on them regularly and meaningfully.

Only after a few weeks or months of indirect communication will you earn the “right” to contact them directly and hopefully be welcomed. And when you do, make sure you’ve got something to give before you ask.

Old and new connections must be nurtured, and to do so, you must touch base regularly.

I trust many readers use a CRM at work. Why not using one as well for your own career and private life?

Besides knowing the right people, another smart networking strategy is to be known by more people.

Celebrity is a currency, once said U2’s lead singer Bono, and if you know how to invest it, it is quite precious.

I am not saying that everyone should try to become a celebrity, but I believe everyone has something to offer that other people can benefit from. Sharing it on social media, for free, can boost a person’s popularity within a sector.

If you are in HR, for example, imagine how much value you’d create for job seekers if you took the time to share on LinkedIn, your blog, or elsewhere, tips and tricks to succeed at a job interview!

On a much higher level, there is the remarkable case of Paolo Gallo, the former HR Director of Citigroup and the World Economic Forum.

Paolo, a generous man with an unmatchable experience in HR, has devoted the second part of his professional life to helping people succeed in the corporate world.

Besides being an executive coach, speaker and consultant, he wrote a book, The Compass and the Radar, that has sold tens of thousands of copies.

He also writes on Harvard Business Review. His LinkedIn posts are viewed by millions of people, and every article, and every post, is an invaluable source of information, and often inspiration, for employees and business people from any corner of the world.

I had the privilege of interviewing him on a previous episode of my podcast.

If you like, you can listen to the interview here.

Use social media to your advantage.

If you analyze LinkedIn, you’ll notice most of the original content published (not just reposted) is written by people like me; entrepreneurs, consultants, business writers, etc..

Very few employees take the time to write about their experience, their challenges, their problems, and the solutions they found. It’s a shame, for it would be helpful for fellow employees of similar companies.

I reckon not everyone enjoys writing, and not everyone seeks exposure. I also know certain companies refrain their employees from gaining visibility.

None of the above is a good reason to avoid sharing valuable content and expand your network!

HEALTH

As banal as it may sound, none of the above strategies is possible, or even makes sense, in the absence of good health.

It is much easier to pursue a career when you feel good, rather than with a suffering body. Some people do it, but at what cost?

It’s no secret that some business people achieve success at the expense of their health and their private lives. They work long hours, eat junk food, abuse coffee and perhaps other substances to remain alert throughout the day and night. Stress devours them. They have no time for physical exercise and for their family.

They may have large bank accounts and society may label them as successful, but they are not. Don’t be one of them.

Health is all about balance.

A balanced diet. A balance schedule. Balanced relationships.

Everyone should find their balance.

I’ve found mine, and I keep experimenting with it.

Here’s my routine: I hit the gym at 5.30am for a 35/40 minute workout.

After that, I take a large cup of coffee with my wife, and we make plans for the day and for the future. No whining allowed.

At around 6.30am my two kids wake up and I spend 15/20 minutes with them as they have their breakfast.

I then meditate for 20 minutes, write my personal journal and make the to do list for the day.

Before 8am, I feel I have accomplished a lot, and the working day can start. In creating this routine, I was inspired by the timeless speaker and business philosopher Jim Rohn, who used to say: “Don’t start the day before it’s finished”.

I do intermittent fasting. I skip breakfast and I try to leave a window of 16 hours between my last meal of the day and the first one of the following day.

Following the advice of the Indian guru Sadhguru, and the longevity experts Dr. Walter Longo (University of Southern California) and David Sinclair (Harvard), I’ve also often experimented with longer fasting periods, such as eating one meal a day.

The results are astonishing! Not only I lose fat in excess in a matter of days, I also gain unprecedented levels of physical energy and mental clarity.

However, eating once a day is my biggest challenge. I am a foodie and every meal, for me, is an opportunity to celebrate life and try new foods.

I also intake limited amounts of sugar (mainly from pasta and bread) and I favor vegetables over proteins. Nothing too extreme, and there are periods in which the foodie has the best of me.

I also take a few supplements and I keep David Sinclair’s book “Lifespan. Why we age and why we don’t have to” handy, to fine tune my diet and my lifestyle regularly.

But health is also a byproduct of happiness, and I think we should allow ourselves to be happy more often.

You read it well, ALLOW ourselves to be happy.

There is nothing wrong with putting ourselves first, from time to time. With switching off the phone, and taking an hour, a day, a week off from our duties.

There is nothing wrong with taking the time we need to recharge our batteries and bring a smile back to our face.

When we leave this planet (no, I am not referring to joining Elon Musk on Mars), we won’t be remembered for the things we have achieved, but for the happiness we have spread around us.

CONCLUSIONS. WHY BUDGETING?

If you see value in growing your knowledge, your image, your network and your health, you must invest in them.

Every investment, to be efficient and produce a satisfactory ROI, must be analysed and planned. Of course, there are exceptions and sometimes we must decide quickly and make investments we haven’t planned.

Yet, budgeting an investment takes hesitancy out of the picture.

When you budget:

• You don’t need to think twice about buying the multi-thousand-dollar ticket to that learning event, because you had planned it in advance.
• You don’t hesitate while booking a dinner for 6 in a fancy restaurant, because that expense is written in your budget, under the category “networking investments”.
• You go straight to the fresh food section of the supermarket, without even be temped by the cheaper, canned food.

Is that simple, and yet most people do not, and will not do it.

How about you?

Carlo Pignataro

PS: If you enjoyed this article, please like it, share it with your network, and tag the people who need to read it.

You can also opt to receive my next articles straight in your inbox, by subscribing to The Weekly (Luxury) Reflection