Evolve and Grow Wisely

Our world is changing, quickly evolving and we need to pivot and adapt just as quickly to keep pace and remain relevant. Skills that anchored our careers a decade ago are outdated and irrelevant now. Tenets we held to be central to our missions are tossed aside. Mechanisms that held our work together have been changed so often as to now be unrecognizable in their original form. Have you maintained the nimble approach to your career and your work needed for you to remain viable in this fast-changing world?

As I observe the careers of many of those around me, I watch as some make seemingly dangerous but necessary leaps while others struggle as they find themselves inexplicably unemployed. The only certainty in our current business environment is that the old concept of career stability is now obsolete. Change or die.

Our world is moving fast - economically, legislatively, politically. Innovation, led by AI and collaborative smart technologies, is driving the rapid evolution of technologies that shape our lives. Millions have become enamored by electric vehicles and automation which promise somewhere in the future to make our lives easier. DEI now controls corporate hiring decisions and straight white men are all but unemployable in many progressive companies. Decisions back and forth about remote work versus cubicle lifestyles are increasingly influencing the career paths of good employees in most industries. Virtual collaboration tools are replacing international airline tickets at an accelerating frequency. The days of lifetime employment are DONE. Unfortunately, for many good workers in the US, economic realities driven by poor macroeconomic and political decisions outside their direct control, the days of retirement at age 65 are similarly unattainable. Many Boomers and Gen X who'd hoped to be retired now or retiring soon are instead finding themselves financially unable to do so, but also unwanted in a workforce whose skills have outpaced their learnings.

To remain relevant and set yourself up for success, you can't rely on the government or employer loyalties - It is up to you and you alone. (Sorry to be so blunt, but that's life.) If your financial advisor and others who you pay for advice haven't told you, this is what you need to do right now and on an ongoing cadence.

1) Learn the right new skills. I always tell people there are three circles that overlap one another - your job is to live in the small intersection of what you do better than anyone else, what you enjoy, and where demand exists for the outputs you can deliver. At least annually, it is up to you to step back and ensure you're still in that sweet spot and that socioeconomic forces aren't eroding your standing there.

2) Build your network. Your current company loves you today, but tomorrow that may or may not be true. Beyond age 50, you're not applying for a job blindly and seeing much chance of landing it out of the blue. It's just simple statistics.

3) Spend less than you earn. I know things are rapidly getting more expensive. Suck it up. pack money away for later at the fastest rate possible. Aim to have no debt (including no mortgage or rent, car payments or loans) by the time you retire. NEVER carry over a balance month to month on credit cards and high interest instruments.

4) Invest well. For most of us, that decision comes down to having someone managing our money who is smarter in this area than we ourselves could do. Mike - I love you. Keep making me money and protecting my future wealth. I've dealt with a lot of smart people who think they can game the market - most are total dumb@sses in this regard fortunate during periods of market growth with incompetence found among crashes in the worst of times for many of them. Diversify. Invest more conservatively as we approach the point where we will need those investments. Balance growth with protecting the downside.

Of course, decisions and actions are different for everyone. I just want to see good, hardworking people able to live great lives across ALL of their lives, even into dignified retirements. I hope you can find value in these suggestions.