Former queen of retail at Target Launa Inman, knows a thing or two about building a stellar career and the benefits of keeping personal finance simple.
In this interview from The Constant Investor Success Stories podcast series she tells us how to create success and why her impressive career didn’t happen by accident.
Launa Inman is a name that deserves global recognition in the retail space and she gets it.
As natural goal setter, Launa’s tackled each career step, from managing director/ chief execiutive of Officeworks, Target Australia and Billabong International and now a director with Commonwealth Bank of Australia, by setting realistic and measurable goals.
She doesn’t let her plans “drift on too long” reviewing her progress each year or two.
On goal setting, Launa’s key piece of advice is to share your aspirations with the company. “If you don’t tell your boss ultimately what you would like, how is he supposed to know? He can’t read your mind” she says.
“Money should never be the reason you go into something but if you are really good at what you do money will follow. But you need to ask” says Launa.
When it comes to salary increases, don’t be shy in putting it out there. If your request is declined, get to the core of why and what steps you need to take to make sure you get the response (and raise!) you want next time round.
Launa believes personal humility is a very important characteristic in modern leaders.
Charismatic leaders without the ego serve companies well, pointing to CEO managing director and CEO, Ian Narev, as an example of an extremely smart and able leader who also has the common touch.
The ability to talk with and listen to ideas from different types of people at any level in an organisation is important to keep a finger on the pulse and form a connection with staff.
No matter what happens, always have a skill that will allow you to work.
As a child, this was never more evident to Launa than when her mother was suddenly widowed in her late 30’s. With no other income, her mother needed to return to the work force after 13 years.
Her secretarial experience, a skill that people required, landed her a job to support the young family, something Launa hasn’t forgotten.
It’s this younger life experience which is perhaps reflected in her strong advice not to stay out of the workforce too long if at all possible.
In the past she has spoken in support of tax deductions for nannies supporting working mums and believes keeping your hand in the game, even part time, reduces the chance of being left behind when it comes to career and finances.
Save 10 percent of your salary
When asked for her thoughts on personal finance, she gives the same advice she gave her children.
The Richest Man in Babylon by George Samuel Clason. It’s the book she paid her children, then teenagers, $20.00 each to read and then quizzed them afterwards because she was adamant they understood the fundamentals of personal financial management.
The book dispenses financial advice through a collection of parables set in ancient Babylon, highlighting the importance of grasping simple financial management strategies, including saving 10 percent of each pay packet and living below your means.