Build a Portfolio Career

Building a Portfolio Career

Wednesday, September 1, 2010

Tips for a Midlife Financial Reboot!

Guest post by Andrew Salmon

It doesn’t matter if you’re the victim of downsizing, spiralling debt or have just hit a fork in the road of life, it’s never too late for a midlife financial reboot. The one thing we can always count on in life is change and if you follow these steps, making big changes in your life does not have to be a terrifying experience.

Your Inner Reboot

It all starts here. Right between your ears. Being aware of what’s going on at work will allow you to see the writing on the wall long before the axe falls and with this forewarning you have the opportunity to squirrel away a portion of your salary for that rainy day. The same goes if you are planning to quit your job. The key is to not act on impulse. Plan ahead.

Once the deed is done and you’re out on the street, it’s vital that you keep your cool and don’t panic. Yes, you’ve lost that income you came to count on, the security blanket is gone. But the sky is not falling, this is not the end of the world and you’re not the first person to lose their job. Keep things in perspective and work out your next step.

Creative Solutions

Unless you’ve already selected a new field for your life’s endeavours and are on your way to achieving it, you might find yourself a little lost as to what to do once the dust has settled in your life. Here’s where you get creative. Being at the same job for a long stretch can put the blinders on us all and we get to believing that a steady pay check is the only means to our survival.

However this is not the case at all and creative alternatives are just waiting for you to discover. These do not have to be permanent solutions (although they can be) but they can help you bring money in while you decide what that next great calling will be.

If you have any kind of talent, now is the time to use it. Whether it be illustrating greeting cards to sell to the neighbours, or carving a bench for a friend, turn your talent into income. Start a catering service, begin selling off valuable baubles you no longer want on eBay. Remind your friends of the loans they keep forgetting to pay back. Cut back on your lifestyle and downsize your house if need be. Get rid of that second car you hardly use. There’s money all around you just waiting to drop into your pockets.

Who knows, changing jobs may lead to a complete change of your lifestyle, which can be a positive thing. At the very least, tightening your belt may reveal to you that you’ve been wasting your hard earned money on things you never really needed. Or that using your talent to earn a living brings you more joy than other career paths you’ve gone down in the past.

The key in rebooting your finances in midlife is to focus, really get in touch with who you are and what you want. It can be scary, it may seem impossible, but it can be done and is being done by people all over the world. Now it’s your turn. 

This article was written by Andrew Salmon from www.lifecover.ca. He writes on a variety of subjects including personal finance and frugal living.
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