The career choices that matter for long term wealth
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What is the best way to navigate a career for long‑term wealth?
Hello and welcome to the Australian's Money Puzzle podcast. I'm James Kirby. Welcome aboard. I have something quite different in mind for you today because we talk a lot about investing, but you know, you need money to invest. And for most people, that's going to be linked with your career and your salary and the way you manage your career, you navigate your career and the choices you make. My guest today is Jackie Clark. She's an advisor. She's a confidant of some of the wealthiest families in Australia. She's on the board of the BKI Group, the Milner Family's BKI Group, and an author of the book, How to Stop Worrying About Money. How are you, Jackie?
I'm great, James. Fabulous to be here with you today.
Great to have you on the show again. You know, I'm just thinking back. Once upon a time I managed, you know, a sizable group of journalists and we used to do these little coaching sessions with them, various things, you know, how to write, how to deal with difficult situations or whatever. We'd basically go into a meeting room and have these sessions. But the one I did that I thought was most important was was how to navigate your career. And because some careers have a very obvious pathway and some don't, and maybe more often than particularly now, most don't because it's so fluid. So I thought the theme that we could talk about today is, is this, the career choices that matter most to building long-term wealth.
I've never done this on the show before. I won't say I'm skeptical about doing it, but I am cautious about doing it because it's one of those kind of rubbery areas where there may not be a lot of facts and figures and data, which we do like on the Money Puzzle podcast because we're investors. But so let's begin. I mean, where do you want to start? What do you think is the most important thing for people to know about that key issue? What's the outstanding point you wanted to make about career choices that matter most?
Look, there's so many and there's probably two completely different spectrums that we can come at this from. Let's talk about here and now. And what I see is that a typical pay jump, if you like, if you change companies, generates about a 9% increase in income. Now, somewhere between 5% and 10% is the statistic. That's very interesting. It's quite significant. Is it significant?
Is 10% significant? Well,
you know, it depends, like you said, about career paths. So
you and I
have been with organisations or I had been for a long time and I chose to stay in an organisation because there was quite a clear, defined career path where I could continue to rise through the ranks and earn a greater income. It's not always that clear today and certainly professional services has changed a lot. But if you couple that potential wage increase with something like wage growth, which is sitting around 3.2%, and we've got inflation, the last quarter's inflation result was what, 3.6%. Yeah,
which is even, Stephen, it makes no difference.
Yes, but you start to say, hmm, so do I have to get the job moved to help pay the mortgage? And there's lots of trade-offs. And I think the other thing is if I've got a house full of millennials or Gen Xers or Gen Zers, sorry, I'm the Gen Xer, but the Gen Zers who are more likely to work for themselves and more likely to have something like 20 jobs in their lifetime or more, It's a completely different approach. It's almost like an experiential thing that you start somewhere, you learn a new skill, you get new opportunities, you go somewhere else for a new experience. Again, I went on a different career path, which pretty much had me just following, building skills out, but following a path to some extent.
Right. I mean, in my world... People would say, oh, I've got a job offer. And invariably it was outside, right? Outside the media because it pays twice as well, particularly financial and corporate comms and that sort of thing. It would pay more, dollar for dollar, all the way back, always did. And I would always say, listen, what are you doing?
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Chapters
8 chapters
1
What is the best way to navigate a career for long‑term wealth?
0:10–5:40
2
How can you negotiate a pay rise without changing jobs?
5:40–9:58
3
When should you buy your first home to maximise tax benefits?
9:58–13:50
4
What are the pros and cons of joining a start‑up for sweat equity?
13:50–19:28
5
How can a Self‑Managed Super Fund be used to own business premises?
19:28–25:41
6
What strategies help late‑career earners catch up financially?
25:41–31:13
7
How can investors access private‑equity and infrastructure assets?
31:13–36:54
8
What are the key takeaways for building long‑term wealth through career choices?
36:54–45:31