I’m glad I took the advice to set a “realistic” career goal and gave up the idea of becoming Chair of the Federal Reserve Bank!

Watch this video to learn why setting realistic career goals does not always mean you don’t believe in yourself.

There is an inspirational quote, “With the right mindset, you can achieve anything”, and I believe in this.  But you must “count the cost” of setting out on an ambitious career goal like becoming the Chair of the Federal Reserve Bank.

It is certainly true that pursuing the goal of becoming Chair of the Federal Reserve Bank is a lofty and important career goal.  The Federal Reserve Bank is a most important institution in the United States and the world.  Seeking a career goal that includes leading the Federal Reserve is huge, important job, but the preparation and the competition for becoming Chair of the Federal Reserve Bank has as high bar.

You need to have the what it takes to attend an Ivy League university and years of relevant experience to become appointed as Chair of the Federal Reserve Bank.  Just look at the caliber of those who have led the Federal Reserve Bank since 1979 when I thought I could become Chair:

• Paul Vocker (1979 – 1987) – educated at Princeton and Yale.
• Alan Greenspan (1987 – 2006) – educated at New York University and Columbia.
• Ben Bernanke (2006 – 2014) – educated at Harvard and MIT.
• Janet Yellen (2014 – 2018) – educated at Brown University and Yale.
• Jerome Powell (2018 – today) – educated at Princeton and Georgetown.

Do you think you can compete with the caliber and education of the individuals above?

As the Central Bank for the US economy, the Federal Reserve Bank today has a vita role in our society today.  This is a most powerful and little understood institution whose leaders require the academic and professional economic experience to craft a most creative and aggressive monetary policy to tame the high inflation rate we’re faced with today.

Jerome Powell, as today’s Chair of the Federal Reserve Bank has no easy job today.  I wish him well and I pray he has the courage to do the right thing, leading our Central Bank to craft a sustainable monetary policy that does not throw our country into another deep recession or even an economic depression.

I would appreciate your comments.  What do you think?  Should we set limits on our job or career ambitions by being “realistic”?