All Things Financial Planning Blog

The current economic environment is causing people to worry about more than just their investments. Many people with whom I come in contact during my work are uncertain about the security of their income. When I think about my journey to becoming a financial planner, I am always fascinated with how life works. For more than 20 years, I was a development director and consultant to nonprofit agencies and rarely provided any direct client service or support. I was in the background, making sure that the folks who wanted to “work with people” had the financial resources to do it well. I loved my work…and I was exhausted. So, I took a break and reevaluated my career options. Having gone from the military to the nonprofit sector I was never really making much money and, frankly, I hadn’t thought much about retirement or saving money for a “work optional” life. At 40+ I realized I was not on track to be able to retire at ANY point in the foreseeable future. Being a “Tigger” (read: optimist) rather than an “Eeyore” (read: pessimist) I decided to focus on finding a career that I could do well into my 70s or as long as my brain held up. This revelation was a turning point for me.

Truth be told, most people thought that I was off my rocker when I told them that I wanted to be a financial planner for low wealth individuals and, I will be the first to admit, my choice has its challenges. But, from that desire I have built a new career path that satisfies my soul and meets my financial needs.

The reality of my financial circumstances forced me to learn more about my own money, which lead me to the conclusion that EVERYONE needs a financial plan – the earlier in life, the better. This new awareness led me to the Golden Gate University Master’s program for Financial Planning and the start of a whole new life. Now, this was no easy decision. I had to go to school again, take out student loans, again, and work on my financial calculator skills. Still, I was encouraged and even enthusiastic about the prospects. Fast forward six years and I now have yet another career that I absolutely LOVE.

During a recent conversation, a friend from my knitting group (yes, I am in a knitting group – actually, three knitting groups) shared her frustration with being uncertain of her employment status in the fall. You guessed it: she is a teacher and, from all accounts, a pretty good one. She was trying to put together a plan to generate income over the summer and prepare for the possibility that she would not have a teaching position in the fall. To compound matters, her husband was recently laid off so securing stable income was crucial to their financial well-being.

You may be wondering how to go about “securing” your income in a turbulent economic environment. I have some ideas:

1. Take stock of your own professional options – do you need to enhance current skills or build new ones?
2. Know the potential for growth and mobility in your industry and at least two others that you find “attractive” either because you think you would enjoy or they have the work or because the industry offers promising employment opportunities.
3. Dream – what do you want to be when you grow up?
4. Take action:
   • Assess and plan – where do you want to be in the future? Include goals and timelines for achieving the goals.
   • Gather information – read (some blogs are good) and research different career options; you may find that creating your own journey is the way to go.
   • Network – talk to people who know something about the careers you are considering; attend professional events.

Meet uncertainty with a plan. Having a financial plan and savings in place can help you weather temporary bouts of un- or under-employment. If you don’t have one, a financial plan would be a great first step. A few years ago, a colleague (and pretty nice guy) shared his thoughts on the idea of “Career Asset Management” and has created a process to help people “optimize” this asset. You can build your own Work+LIFE fit roadmap. Don’t wait!

By Saundra Davis
Special to FPA