For the people we work with on a daily basis, the first part of their career is largely determined by the natural forces in the workplace, the second by the choices they make. It is their second career that is often critical to their long-term financial well-being.
From a personal perspective you are expected to live longer.
And a second or encore career is a extraordinary way to prolong your income earning life and help provide for the lifestyle you want.
A second career is not however an accident and does require careful consideration and planning. It is also highly unlikely to be in a corporate environment.
Second Career Tips
- Build and nurture your networks. The networks you built in your first career are where you have come from. The networks for your second career will be new – focused on the value you will create for future clients, customers, colleagues and associates.
- Find something you are passionate about and create an income from it. You will want to enjoy it as creating something new takes effort.
- If necessary retrain, develop new skills and get a coach.
- Creating something new is not a quick fix – allow time for the transition. Yet it is never too early to start the transition. Many people take 12 months out to consider their future options and rarely get back on track. Their retirement years are inevitably a disappointment.
There are also key financial considerations including:
- Having enough liquidity to fund the transition – potentially up to 24 months.
- Having flexibility in your financial plans and structures to allow for changes in circumstances.
- Having financial independence from your employer – not constrained by share options and long-term incentive programs.
- Insurances to cover any health-related breaks in income.
We are for working as long as you can at something that you enjoy. The default option – relying on government hand-outs – is pretty ordinary.
Re-invent yourself, re-educate, and work in some capacity at something that you enjoy.