Posts Tagged ‘retirement’

Life Events

August 6, 2011 Leave a comment

Today is a big day for me. Later in the afternoon, I will be saying “I do” to a very special woman. Yes, that’s right, I’m getting married.

This past week has really given me an opportunity to think about my life events; the ones that have already occurred and the ones that are yet to come. So what I’d like to do is share with you some of my past life events:

  • First day of Kindergarten.
  • First kiss.
  • First day of Middle School.
  • Making the basketball team.
  • Winning the 15-Year-Old All Star State Championship.
  • First day of high school.
  • Making the baseball team.
  • First paycheck.
  • First car.
  • Going undefeated in league play during my senior year baseball season.
  • High school graduation.
  • Acceptance into the University of Nevada, Reno.
  • First internship.
  • College graduation.
  • First “real job”.
  • Acceptance into the MBA program at UNR.
  • Buying our first house.
As well as past life events, we all have future life events that we all get to look forward to, like:
  • Getting married.
  • First promotion.
  • Having children.
  • Retirement.
I know my list is short and I left it that way for a reason. I want you to share any others that you’re looking forward to in your future in the comments section below!

Want to Learn How to Become Successful? 5 Classes of Successful People you Need to be Friends With

7 habits of highly effective people successful success make more moneyIt pays to hang out with the rich folk, literally.  What’s the best way to learn what success is all about?  Hang out with those who’ve led successful careers themselves.  You’d be amazed how much you can learn from people who’ve encountered large amounts of success throughout their lives and professional careers.  Not only do you get to experience what it’s like to be wealthy, but you get to learn how they got there and hopefully gain some tips that will help you become successful.

When it comes to successful people, I’ve identified five classes.  Here’s how it works.  Those at the bottom can learn from the people above and those at the top can teach the people below them.  A guy like me falls below the entire list.  I’m young, but I’m not quite successful (yet!), which means I can learn from every person above me.  I will be able to relate the most to the young and successful type, but I will likely learn a lot more from the retired and successful type.  If you consider yourself to be middle-aged, but not quote successful, you would fall between the transitioning and middle-aged successful class.  While you may be older than the transitioning and successful person, you can still learn from them.  Why?  Because they’re successful, and you’re not.

1.  Retired and Successful (65+)

These are the people who’ve worked their butts off for most of their lives, made lots of money, and now are sitting back and enjoying the wealthy life.  They are wise and knowledgeable and have the most to learn from.

2.  Retiring and Successful (50-65)

These are the people who are approaching retirement in the next couple years.  They too have worked their butts off for most of their lives and now they’re on the home stretch.  They’re wisdom and knowledge may be more relevant, as they are slightly younger and are still active in the work force.

3.  Middle-Aged and Successful (35-50)

These are the people who’ve worked their way up the corporate ladder or “figured it out”.  (I use the term “figured it out” for those who’ve learned how to make money on their own, whether it’s starting a business or making smart investments, they’ve become successful outside the typical corporate environment.)  These guys know their stuff, but unfortunately they don’t have a lot of time take someone under their wing and show them the ropes.

4.  Transitioning and Successful (30-35)

These are the people in between the young and middle-aged successful class.  They usually have a mid-level management title and an indirect connection with the organization’s “higher ups.”  On a personal level, they’re usually “settling down,” getting married, having kids, selling the lifted truck to buy a more economical vehicle.  At this point, they usually have a very good blend of educational knowledge and experience, which makes them a very valuable connection.

5.  Young and Successful (20-30)

These are the people fresh out of college who have a more educational knowledge base.  They’re book smart; not necessarily experienced.  They know how things should be done; not necessarily how they are actually done.  These guys are successful because they did well in school, started working early, and have moved past the entry level position within an organization.  They’re bills are usually smaller than most, making their personal bottom line relatively larger than others.

Now that you know how to classify successful people, where do you rank in the mix?  I’d love to hear your thoughts in the comments section below.

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4 Benefits of Picking a Job and Sticking With It

May 7, 2011 2 comments

Many people believe the best way to “rise to the top” is to switch jobs often.  You start with a small company, get promoted once or twice, then move on to the next company, with better compensation and benefits.  Sounds good enough, but switching jobs can often be stressful and non-beneficial.  Here are some reasons why you should find a good job when you’re young and stick with the company throughout your career.

1. No Starting Over

Don’t you hate that new job anxiety?  Going to work the first day not knowing anyone, not knowing the processes, and not knowing what do to.  When you pick a job and stick with it, you don’t have to worry about starting over.  Don’t worry, you’ll still get promoted throughout your career, but it will be the same people, same processes and systems, and same culture that you’re used to working with.

2. Early Retirement

I’d like to share with you my story of Bob and John (that’s not their real names, by the way).  Bob is nearing 50 years old.  He was hired by a company when he was fresh out of high school.  He stuck with the company all these years, moved up the ranks, and has been quite successful throughout his career.  Bob plans on retiring within the next year or so.  On the other hand, John is in his early 50’s.  He’s had a number of careers throughout his life and has been successful without a doubt.  But John isn’t planning on retiring any time soon.

Part of starting over with every new job involves your retirement benefits.  Let’s say you worked for a company for 2 years and you’re ready to move on the the next.  You’ve contributed $5,000 to a 401(k) and your employer matches 150% of your contributions, which means the total value of your retirement is $12,500.  Unfortunately, you aren’t fully vested until you’ve completed 5 years of service, you’re only 1/4 vested.  If you quit, you only get to carry over $6,875 instead of $12,500.  That’s like free retirement money that you’re throwing away by switching jobs.

3. More Likely To Get Promoted

Companies like to look internally for possible promotion candidates before they post the job on the website.  The nice thing about current employees is there’s no surprises.  When you’ve worked for a company for 5, 10, or 15 years, they know exactly what you’re capable.  Sometimes, they know you’re capabilities better than you do and they know what path is best for you.  At least that’s what a good company would do.

4. Gets Easier As You Go

Similar to not having to start over, the more time you spend in a job or with a company, the easier it gets.  You learn more about the people, processes, systems, and culture, and the more you know, the easier the job gets.

So what are your opinions?  Did you pick a job and stick with it or did you move around throughout your career?  What are the benefits of each?  Share your thoughts in the comments section below.

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Pros and Cons of Sticking With One Job for Years