This little note’s for those of us in what could be considered in the 3rd or 4th quarters of our careers.
You’ve paid your dues.
You’ve worked hard, grown your skillset, and have risen the corporate ladder.
Now, according to Jeff Pundyk of Marketwatch, get ready to be shown the door.
Sound grim? It may well be. He references a study done by ProPublica and the Urban Institute that states “more than half of older US workers are pushed out of longtime jobs before they choose to retire…”
This sudden loss of income (and status) can result in financial damage that can be almost impossible to overcome.
And the older you get, the greater the risk becomes.
That’s why it’s important to start thinking differently about your career at this stage of the game so you’re better prepared should that “really bad day” happen.
Here’s a couple recommendations:
- Adopt an “UNTITLED” Mindset. Rather than think of your job in terms of its “title,” consider it more like a “project” that you are currently in charge of. Focus your attention on starting, managing, and completing projects that are easily understandable to outsiders – demonstrating the value of your accomplishments and results, rather than the title alone.
- Develop a Portfolio of Projects. Get involved with outside projects that can build new skills, create new relationships, add to your network, and (of course) bring in some extra money. You may find that even a small side hustle / project could turn into a whole new career direction.
And absolutely do this:
- Save for the Worst Case Scenario. The best way to be prepared for the worst is to have a solid emergency fund ready and waiting as necessary. Not only does this give you peace of mind, it will free you up to try new opportunities by reducing the risk of failure.
Maybe you will get to retire with the gold chain and watch at the end of those 50 years or so. But just in case that golden parachute never shows up, make sure you take the steps necessary to play your best game for as long as possible.
Always having a complete and current picture of your financial situation is critical, whether you’re working for someone else or yourself. Call us at 513-563-PLAN (7526) or book online to schedule your financial review and reaffirm your commitment to build a better future today.
Dan Cuprill, CFP®