Your tenure in the professional world of banking has finally begun! Here are four tips for new bankers you should consider to help you build a solid foundation for your career.
1. Diversify your income
Economic recessions don’t favour banks, and many people believe western countries are headed towards another recession period. In 2008 when the housing markets and subprime lending caused a recession, millions of people were out of jobs, bankers among them. It’s a wise behaviour to hedge yourself against financial risk by diversifying your income. Use some of your banking knowledge to diversify your stock portfolio, turn your hobbies into a side business, or consider making a real estate investment. When the economy shifts, you don’t want your own personal finances to dictate whether or not you’re ultimately going to make it as a banker.
2. Develop yourself
Developing yourself as a person will really boost your career. You become what you think about most, so filling your brain with knowledge from great wise people will only help you over time. You’ll almost immediately notice a difference in the workplace if you start reading books from the all-time great economists, entrepreneurs, businesspeople, and psychologists. More than 85 percent of wealthy people spend 30 minutes or more reading books every day, and only 2 percent of poor people do.
3. Create an alliance network
Now that you are a professional businessperson in the banking industry, it’s time for you to consider yourself a leader. Create an alliance, a small team of people you strategically choose to help you grow. Choose a mentor in your industry with 20+ years more experience than you, a savvy underwriter or broker who excels where you’re weak, a talented forex trader, and a coworker or fellow banker with a work ethic you admire. Consult with this handful of people, nurture your relationships with them, bring them together, and help them grow. When you’re in need, they’ll be there for you.
4. Spend a lot of time working
Put your 10,000 hours in. As you spend more time doing the work, you will feel and become more comfortable. You’ll also seem more talented to everyone around you. The more hours you put in, the more familiar everything will feel, and the better you will do your job.
If you follow these career tips, you will have a promising future in banking. These tips will give you a solid foundation for developing your professional career in the banking industry. It’s a lucrative and promising profession if you work hard at it and continue learning.
As Henry Ford once said:
“It is well enough that people do not understand our banking system, for if they did, I believe there would be a revolution before tomorrow morning.”
What tips for new bankers do you have? Let us know in the comments below.