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Are You Managing Your Career Assets?
Have you ever thought of your career as a house? Well, according to Michael Haubrich that’s what you should be doing.
Haubrich has dedicated over thirty years to helping clients with their financial planning. (Learn how you can get a masters degree in financial planning.) A little over ten years ago, he started working with a growing number of clients who displayed a disconnect between their retirement and career.
“Clients weren’t looking forward to a new transition of retirement, rather just looking for a way to get out of their current dysfunctional career,” he says.
He created a model that blends career counseling and financial planning: Career Asset Management. It helps you view your career as your most important asset—as a fuel to acquire other assets. If you’re able to extend the useful life of your career, while also ensuring that you’re getting what you want and need from it, you’ll get the most earning for the most amount of time of retirement.
Haubrich discussed his advice on this topic during a recent webinar, one of many free career webinars offered by Bentley University's Alumni Career Services.
Why is your #career like a house? #careeradvice from @towealth. #prepareduTWEET THIS
Think of Your Career as a House
Most people see their careers as being owned by their employers. Not so, says Haubrich—they just rent your time, talent and potential. Instead, view your career as a house that you own and rent to a tenant. As the owner, you want to make sure that your property has everything it needs to attract a well-paying tenant.
“How often do you clean the rental car or the hotel room before you check out? People take better care of the stuff they own, better than what they would borrow or rent,” says Haubrich.
So, who is this ideal tenant (or employer)? Someone who appreciates your property and its long-term value.
Maintain and Remodel Your Home: Career Sustainability Habits
You must consistently maintain and improve this beautiful house of yours to make it a worthwhile investment for your tenant.
Haubrich points out that it’s important to actively engage in lifelong learning and keep yourself relevant in your market.
“In my case, as a certified financial planner, I have to have 30 hours of continuing education every two years.”
Here are some ways to sustain and nourish your career:
- Ask your employer about opportunities to advance your career: workshops, trainings, conferences, etc.
- Subscribe to trade publications to stay updated on developments in your field
- Network in and outside of your career and field (follow these tips on how to improve your networking skills)
- Benchmark and check the value of your career skill set (this can be done at salary.com) every two years to identify the skills that you’re lacking
- Think about going back to school for a masters degree or MBA to stay competitive
Avoid Buyer’s Remorse: Do You Love Your Job?
“If you love your work and what you do, you’re going to want to do it for a longer period of time,” says Haubrich.
But how does he know if a client is destined for a career burnout? By doing a quick test and asking, on a scale from one to ten, how happy are you in your job?
“Ten being you love your job so much you can’t believe they are paying you to do it, and one being you expect your picture to be at the post office for going postal because you hate your job so much.”
If you’re a seven or below, Haubrich thinks it’s worth having a conversation with your current employer about how to improve that.
“If you’re not satisfied, you’re not able to do your best work and give the best value for the ‘rent’ that your employer is paying you,” he adds.
Do you have #career burnout? Take this test from @towealth. #prepareduTWEET THIS
Buy a Beach House: Ensuring a Sustainable Retirement Fund
Retirement was created by President Roosevelt in 1935 when he enacted social security. Back then, life expectancy was 63 years old—for most people, retirement only lasted a couple of years.
Today’s average life expectancy is 79. Scientists believe that the first person to live to 150 has already been born. With retirement looking so differently than it did for our grandparents, Haubrich is concerned that our reliance on social security and a meager retirement savings for a 20 or 30-year retirement is not a viable or sustainable strategy.
If your career is a necessary asset, like a house, what do you do if it can’t accumulate enough value for a sustainable retirement by the time you hit 65?
Get yourself a vacation property—an encore career. It’s is a great way to put the skills that you’ve gained throughout your life toward a job you can enjoy and add to your cash reserve for a more sustainable retirement.
Want to know more about career asset management and get tips on learning how much your assets are really worth? Listen to Michael Haubrich’s webinar for Bentley University.
Megan Margulies is a full-time freelance writer living in Massachusetts with her husband and baby daughter.
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