Consider this: My career is my true financial asset
A midlife career change that extends the life of that career, can substantially improve a persons future wealth, thus providing greater income, more security and flexibility during the transition from wealth creation to wealth consumption.
We are currently facing the greatest crisis that has faced the world economy and financial system since the 1930′s. It followed an extended period where too many investors were prepared to take too many risks that they often poorly understood – and all with too much borrowed money. We have no way of knowing when the turmoil in the world’s financial markets will come to an end, just as it well-nigh impossible to identify when such crises are likely to start. Rememember, diversification may not work all the time, but it will work over the course of time. The only certainty (and greatest opportunity) for investors is uncertainty itself.
When I ask people to think of and list their financial assets, typically the items that come to mind are cash, shares, bonds, superannuation and property. Not too many mention their career.
What if you thought about your career as a financial asset – not just a job? What if you sought to manage your career just like you can manage your other financial assets?
Consider your career asset as the sum total of your time, talent and potential. When you do, it makes sense to want to maximise its (your career’s) long term return, in exactly the same way as you want to maximise the return of any other long term investment.
Your career asset return, is made up of not only the current income you receive from active participation in the workforce, but also the satisfaction you receive by doing what really energises you. This satisfaction is much harder to quantify, but no less important in managing your career asset.
By not balancing your work and life objectives you run the risk of suffering job burnout – some byproducts of which are reduced productivity, stress related health issues, and a lessening number of work years before retirement leading to the acceleration of wealth consumption.
In addition to traditional number crunching, I regularly call upon my own previous career in human resource management to help clients consider the financial and non-financial aspects of a career change. For many its walking through the discussion of whats important to them, for others its providing reassurance … for all its about ensuring they are comfortable that the mid life career change decision will not set them back from achieving the goals identified.
Heres five suggestions:
- Think about new possibilities; its not just work or retire
- Don’t assume you can’t afford not to retire
- Negotiate honestly with your employer for a few small changes which could make a great difference
- Learn new skills
- Find employment that matches your lifestyle needs (think project based employment)
Instead of fitting your life in to your job, find ways to extend the longevity of your career by fitting your job into your life.
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