Passion + Purpose = Wealth | MAKERS Money
Host Sallie Krawcheck shares how you can strategically find a job that makes you happy. Guest appearance by Carla Harris, Vice Chairman of Wealth Management at Morgan Stanley. MAKERS Money is produced by MAKERS and Yahoo Finance in partnership with Ellevest.
SALLIE KRAWCHECK: Money is power. And ladies, it's time to level the playing field.
Hi, everyone. Welcome to Makers Money. I'm Sallie Krawcheck, CEO of Elevest, the investing platform for women. Grab yourself a beverage because we're going to dig into something exciting that I hope is going to change the way you think about your future.
We need to talk about building your dream career. Yes, the one that lights you up because you're doing something you love. The one that means you're living your most badass life. It's never going to happen in a vacuum. You have to pursue your dream career strategically and with intention.
Start by looking yourself in the mirror. I want you to ask yourself three questions. Number one-- what does my dream career look like? You need to schedule some thinking time for this. Close your eyes and think hard about your ideal work. What kind of impact do you see yourself making?
Are you being analytical? Are you being creative? Are you being persuasive? Are you leading a cause? Are you working on your own? Are you leading people? What makes your heart race faster?
Now once you know what's important to you, the next step is to ask yourself what you're good at. This can be tough for some of us, because after all, ladies don't brag. But sometimes we also don't give ourselves enough credit for the things we're good at because they come so naturally to us. So ask for feedback from people who know you well.
Number two-- I want you to assess what experience you need for your dream role. Chances are that dream career-- it could be a few steps from where you are today. So think about what skills you'll need for that next job. If it means getting better at marketing, ask the boss for a marking project. Spring for the coding class you've been thinking about or start the blog you've been dreaming of. Whatever it is, building out your skill set is going to make you a way stronger candidate for your next role.
Finally, ask yourself, am I in a position of strength? When you're financially stable, you just make better decisions. Example-- you've got three to six months of your salary saved in an emergency fund. You've been listening to that [BLEEP] old boss of yours pitch great ideas as if they're his own for months, then you've got the freedom to decide. You are done with that [BLEEP]. And find a better team to work with.
Joining us today is Carla Harris, Vice Chairman, Wealth Management, Managing Director and Senior Client Advisor-- you have a few titles-- at Morgan Stanley. In August 2013, she was appointed by President Obama to chair the National Women's Business Council. Carla, welcome. I'm so glad you can be here to see you again.
CARLA HARRIS: Thank you very much, Sallie.
SALLIE KRAWCHECK: It's great to have you. You have been so successful in an industry that doesn't just have guys in it, it's dominated by men. How have you managed to be so successful and navigate those environments?
CARLA HARRIS: I'll tell you, Sallie, I think it's three things. Number one, as I made mistakes, really being focused and understanding how I got there what was the mistake and what I could have done differently. The second is, frankly, having the tenacity to get back on the horse again and try it again, as opposed to saying, oh, this is now career limiting. And the third is prayer.
SALLIE KRAWCHECK: I think we, as women, the research tells us that we're really embarrassed by our mistakes-- more than the guys are. And what do you do? Just power through it?
CARLA HARRIS: Yeah, the key is to learn from the mistake. What was the lesson here? Why did the universe bring this issue to me and what was I supposed to learn? Get that and move on. Don't create baggage because baggage is heavy, and it will create a competitive disadvantage as you lug it around.
SALLIE KRAWCHECK: And I tell you, also, admit the mistake.
CARLA HARRIS: Absolutely.
SALLIE KRAWCHECK: What always makes me not trust someone in a business setting is when they pretend like the mistake didn't happen or wasn't their fault.
CARLA HARRIS: I can't agree with you more. Not only admit the mistake, own that thing, but also own the narrative. Never let anybody else tell your story.
SALLIE KRAWCHECK: Outstanding point. OK, so if you could go back in time and see yourself at 25, what are the three pieces of advice you'd give yourself?
CARLA HARRIS: First thing I would tell my 25-year old self is own your power. We have a lot of power, and we so easily and unconsciously give it away. The second thing I would tell myself is take risks and play it big. If you're going to bother to play it all, play it big. You know what no looks like, so why not play for yes?
SALLIE KRAWCHECK: If I go back to 25, I'd say, divorce that man. Divorce that man-- I mean, where do you get your confidence from?
CARLA HARRIS: Well, I will say that my confidence has come through my experience, it's also come through my faith, and it also comes from having really strong women around me as I grew up.
SALLIE KRAWCHECK: Right. What are you telling women in their 20s about how to position themselves for the next big opportunity?
CARLA HARRIS: Too often we focus on the performance because we think that performance is the objective thing. You can't debate the performance. But we have to invest in the relationships, because as you know, as you get more senior, it's not the performance that makes a difference-- it's whether or not somebody knows you well enough to speak up for you behind closed doors for that critical assignment, that big bonus, running a department.
SALLIE KRAWCHECK: Even when you work in a big company?
CARLA HARRIS: Absolutely.
SALLIE KRAWCHECK: Right? What are the big mistakes you've made in your career?
CARLA HARRIS: (Laughing) Where shall we start?
SALLIE KRAWCHECK: Well, we don't have that much time, Carla.
CARLA HARRIS: I know, right? There are lots of them. But here's the one that I really want to leave you with-- is when you're trying to decide on that next thing to do, make sure that you understand, again, that it is your responsibility to figure that out. Big mistake that I made-- I was ready to move on to something else. I went to someone who was very powerful who could make it happen. And I said, so-and-so, I'm ready to move. It's time to do something different.
And he said, so what would you like to do, Carla? And I said, I-- I-- I--
SALLIE KRAWCHECK: You weren't expecting that question.
CARLA HARRIS: Yes, right in that moment, I realized that I had lost an opportunity. His job was to make it happen, not to help me figure it out.
SALLIE KRAWCHECK: What's the stupidest thing you've ever done with your money? What's the smartest thing you've ever done with your money?
CARLA HARRIS: Stupidest thing I've ever done with my money was invested with somebody, who was a friend, who I thought would take good counsel. And if I had looked at this situation objectively and done my due diligence, the answer would have been no. So that was the stupidest thing I ever did.
SALLIE KRAWCHECK: Smartest thing you did with your money?
CARLA HARRIS: Smartest thing I did was invest in startups.
SALLIE KRAWCHECK: Are you getting a return on those?
CARLA HARRIS: Absolutely.
SALLIE KRAWCHECK: Or is it just for the fun? Really?
CARLA HARRIS: Absolutely.
SALLIE KRAWCHECK: Well, you are so great to be here with us.
CARLA HARRIS: Well, thank you for having me.
SALLIE KRAWCHECK: To this evening. What great advice. Thank you.
CARLA HARRIS: Thank you very much.
SALLIE KRAWCHECK: OK, now it's time to answer some of the questions that you've sent in. The first question-- I'm a year and a half into what I thought was my dream job during college. Now I dread going into the office every morning. What do I do?
I get it. I totally get it-- totally get it because my 20s-- disaster. I hated every job I held, one more than next. What I did, though, is I was careful to note what I did like and what I was good at along the way. And then when I was facing old age, 29 years and 11 months, it hit me one day-- an insight that I like to say so many young women have at that age-- I should be an equity research analyst.
OK, that might not be your personal passion, but it-- believe it or not-- was mine. And once I knew that, my career took off. And I was at the top of my industry in a few years. The lesson here is this-- it's OK not to love your first job or your second or your third, as long as you keep pushing yourself to figure out where your passion convergences with your talent and ability.
Question number two-- all right. I'm thinking about making a career change but it looks like I'll have to step back into a more junior role. Should I stay where I am or take a lower salary to do what I want to do? Let me ask you a question-- is it a job you think you'll love? Then go.
And instead of thinking about just that near-term salary, look at the earnings of the highest achievers in that field have, and girl, plan to be right there with them. So here's the deal-- figure out what makes your heart race at work, and align that with what you're good at. That's how you'll build a career that brings you satisfaction, and importantly, makes a meaningful impact on the world.
Huge thanks to the hugely talented Carla Harris for joining us. And ladies, we want to hear from you. So tweet at us at @MakersWomen and use the hashtag #Makersmoney. Or send us questions at Makers.com/makersmoney. Until next time, remember-- more money, more power.