Over-50

Stock-Heavy Portfolio? - Right Now, That Could Mean Putting Off Retirement (maybe for a long time)

Trusted economy-watcher Robert Shiller is pessimistic about equities. MarketWatch reports that he isn't ruling out a stock market crash right up there in devastation with 1929 and 1987.

What he recommends is rebalancing the investment portfolio to have less stock. The question, given this afternoon's 800-point plunge, is: Is it too late to pull out? Should the stocks be left untouched and you hope that in time they will bounce back in price, just as they did before?

The problem there is that those near retirement can't hold on that long. Either you will have to put off retirement or get in the market fast, sell your stocks and leave the gains in cash.

This is a scary time for those over-50. COVID-19 has given employers an excuse to terminate those high-compensation older workers. And, as ProPublica documents, the odds of landing another job at that same compensation is one in 10.

But, the good news is this: You can continue to earn income. Here, a free read, is my bible on how to land, hold and move on to better work Download Outwitting ageism. It's becoming commonplace to remain in the world of work until your 80s.

Meanwhile, start downsizing both fixed expenses and discretionary purchases. It's no longer unthinkable to ditch the car. As Nerd Wallet reports, the monthly nut for that could be $878. Also, rooms can be rented out. Used whatever can be sold online. For most items, Craigslist and NextDoor have no fee. Shop for clothes and furniture at Goodwill and the Salvation Army. There may never be a need to buy "new" again.

In 2003, after I lost my nest egg, business and mind, I took a vow of poverty. Today, they call that "minimalism." Here is the beginning of that story. During the next 17 years I got rid of debt, started several successful businesses and got my mind back. To me the most important gain from that ordeal is that I can "afford" to choose my clients. There is no financial pressure to accept every assignment offered. In September 2019, I ditched the car.

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The Aging Megyn Kelly - Struggle to Put Together The Comeback

Sure, this mandate from California's Governor Gavin Newsom could make it to "SNL."

But already, knocked from the entertainment box (and former law firm Jones Day associate) Megyn Kelly is leveraging it as a platform for a comeback. Daily Mail features her vilification of those orders for how the residents of CA have to spend their Thanksgiving. 

Among the rules are:

• Dinner be outside (yes, you can go inside to use the bathroom but only if it has been sanitized)
• Guests limited to 3 households
• People must sit 6 feet apart
• Masks are a must, except when eating
• Duration of dinner not to exceed 2 hours.

No surprise, Kelly, who is operating her own podcast media, ridicules it. As if she couldn't find a more seminal issue. Her tragic flaw is that she can't engage, at least not beyond the brittle Fox News politico persona. And, I have a hunch she won't have much of sustained reach with this podcasting one. 

What's obvious is that the warm and fuzzy type of Normal Rockwell Thanksgiving isn't welcome in CA. Since that state is a trendsetter, Newsom's model can catch on.

So, there the nation will be, at the McDonald's drive-thru each person ordering up 2 turkey burgers, double french fries, small green salad, a sugary beverage and chocolate chip cookies.

And we can enjoy a good belly laugh as we share our horn of plenty with two other households outside in a Midwest winter. Things, as we head into the Winter of COVID-19, maybe won't get better than that. 

Meanwhile, Kelly might be betting her promotional chips on something we are too exhausted to care about. 

Place your paid sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Contact janegenova374@gmail.com.

Your Career Is Over? So Is Everyone's

Careers don't exist any more. At least not among those who understand the new dynamics of the world of work. 

Instead of the career path, explains consulting firm Wallis Tower Watson, there is the portfolio of skills.

You keep adding to that portfolio and you remain employable. Stop adding and you're just another older professional who is unable to figure out how to land, hold and move on to better work.

If you're currently without work and are willing to think in different ways, here is a free read on all that Download Outwitting ageism.

Carrying a portfolio of skills is actually nothing new. Among tradespeople and blue collar laborers that was and is routine. I recall working in Spain teaching English as a second language and earning extra income in a tourist cafe serving coffee and Spanish sherry.

Over and over again I had great conversations with cooks, handymen, deck hands and musicians who never went without a meal. They had down cold how to acquire the right skills to pick up work fast - in a number of nations. Among their skills was being fluent in several languages. 

Adding to your skills doesn't have to be expensive. Certification and two-year associate degrees are low-cost in a community college.

When the long-distance trucking market bounces back, you can get licensed for under $7k. Or for free if you agree to drive for two years for the company which trains you. 

The most old-fashioned way is to tag along with an expert in a field and learn it. That could be a consultant or a landscaper. Many lines of work don't require formal licensing. 

Back in 2008, when I was blogging on legal matters, lawyers who were laid off asked me to provide help with their resumes, cover letters and interviews. Eventually, I was also doing guidance. Usually it's an emotional blockage which keeps those searching for work from finding it. By 2010, I had added career coaching to the portfolio.

More recently, I also put into the portfolio ghostwriting about The Future of Work.

Sure, if you have been forced off your career track, you should mourn. In "Necessary Endings," executive coach Henry Cloud recommends performing rituals which help you let go of what was. 

That can be useful too as you discover a skill which you used for four decades is no longer marketable. Most of my early career I had excelled in writing Corporatese. Then, no one wanted that tone and content any more. I packed up the car and my four-legged son LOV and spent a winter weekend by frozen Lake Erie. By Sunday morning I got it: That way of making a good living had been a long time ago. 

One more tip: Develop and keep expanding multiple sources of income. Millennials call them "side hustles."

The Future of Work is now. Ghostwriting on those issues and coaching for job search, transition, personal branding, re-entry after recovery and reputation restoration. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

 

Your Retirement Date Might Be Pushed Up to 61 or 62

"Most retirees said they quit working for reasons outside their control, such as a surprise job loss or health issues." - Russ Wiles, Arizona Republic, October 19, 2020.  

The fallout from COVID-19 has increased the odds that you will be forced into early retirement. The confluence of rampant ageism per se and the pandemic-generated job losses has lowered the retirement age to about 61 or 62. 

That means that if you are still employed you have to prepare emotionally, socially and financially for exiting your career.

If you are already unemployed you have to embrace the reality that your career is probably over. Sure, you can find work, maybe even in your own field. But the big money, status and brand identity are probably over.

There are two big pieces to this reality.

One is the difficulty of wrapping your head about this ending. In America, we are our careers. Give yourself time to grieve and to let go. Yes, be gentle with yourself. A useful read is executive coach Henry Cloud's "Necessary Endings." He doesn't underestimate what a brutal rite of passage transition can be.

The second is the money part. Reducing fixed costs and pulling back on discretionary spending usually are not enough. The odds are you will still have to bring in income. Here, a free read, is my book on landing, holding and moving on to better work, no matter your age or what's happening in the economy Download Outwitting ageism.

It's magical thinking to wait for some government entity or nonprofit to parachute in and "save" you from the challenges of redefining yourself and your lifestyle post-60. Essentially the burden is on you to put together a fresh platform for your identity and earning power.

The Future of Work. Ghostwriting on those issues and coaching for job search, transition, personal branding, re-entry after recovery and reputation restoration. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

Older Professionals - Don't Hope for a "System" Reform (you'll starve to death before that happens)

 "Goodwin Procter’s Blake Liggio stands apart from scores of newly announced partners at firms this fall as the first transgender equity partner at Goodwin and one of relatively few transgender lawyers known to have climbed the ladder in Big Law." - Meghan Tribe, Bloomberg Law, October 19, 2020.

Blake Liggio's journey in BigLaw is not only amazing because he transitioned from Katherine to Blake. According to the National Association of Law Placement, only 2% of partners are in the LGBT category.

In addition, Liggio started on his career path in the legal sector as a staff member at Goodwin Procter. 

Then he went to Northeastern for a law degree. After that he circled back to Goodwin as a summer associate. Soon he was onboard and proving himself partner material.

Obviously, diversity has come a long way since 2007. That's when gay Aaron Charney sued his BigLaw employer for alleged bias based on sexual orientation.

At the time, that was the story media, ranging from legal to business to general, ran with. How would anyone in a law firm self-identify as gay? And wasn't it burning bridges to file a lawsuit against an employer filled with brandname lawyers? 

But Charney landed on his fit. There was a settlement. And he was hired at another BigLaw firm. Something shifted.

The next challenge in diversity is ageism. In terms of diversity, it's a step-child. And it really does derail careers.

According to ProPublica, the majority of those over-50 will be forced out of their jobs. Only one-tenth will ever earn comparable money, if they are fortunate and are hired for another job.

Among my career coaching special areas of expertise is equipping older professionals to remain marketable Download ReimaginingYourCareerWithJaneGenova.

And, here, a free read, is how to get, hold and move onto better work, no matter one's age Download Outwitting ageism.

Place your paid sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Contact janegenova374@gmail.com.

Make Your Past Work for You

The past is a known - unlike these very uncertain current times. 

Also, the mind tends to sort through that memory bank and select out happy moments. An example might be trying out Coca-Cola's new product introduction - Tab. It might have been with young friends. Ah, youth.

No surprise, across Americana, there is mourning for the disappearance of Tab from our lives. BusinessInsider reports that announcement from Coca-Cola triggered widespread nostalgia.

That collective feeling reflects the nation's current return to heavy-duty nostalgia. 

Yes, the market for reaching back to what seemed a golden age (or at least lots better than 2020) is a growth one. 

Businesses which can embed them in their product/service offerings can thrive. 

Entrepreneurs can create whole new lines based on the nostalgia meme. 

Marketers and public relations representatives can leverage nostalgia into the messaging for clients. The iconic way that had been done was in the Kodak Carousel campaign developed by Don Draper on "Mad Men."

Individuals can also cash in. One platform for networking can be to create and strengthen bonds through shared memories. Yes, that is perfect for commenting on LinkedIn Updates and Twitter. Baby Boomers from the counterculture would probably welcome circling back to that period of extreme optimism about reforming the system. Also, reaching back into history has become effective in your podcasts, blogs, YouTubes and speeches. Right now there is push-back on the notion that the past is passed. 

Trends come and they go. The nostalgia one is, of course, a use it or lose it. In the present it's a power tool for business in general and individual careers. 

The Future of Work. Ghostwriting on those issues and coaching for job search, transition, personal branding, re-entry after recovery and reputation restoration. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

Coming Wave of Jumbo Mergers Could Set Off Tsunami of Unemployment for Aging

Capitalism is opportunistic.

So, it should be expected that strong businesses during the COVID-19 economy will parachute in to acquire weakened ones. Goldman Sacks Group, reports Bloomberg, predicts a surge of M&A. Many of those will be jumbo mergers. 

That's good news for law firms with transactional practices in M&A. During the worst of COVID-19, that work has fallen off to the extent that lateral hiring for the niche plunged. Now, there are signs it's picking up.

Also gaining with be the economy. The reconfigured entities will be more solid businesses. Their earnings stories could send the stock market into unthinkable highs.

But the losers, as happens in most of M&As, will be large pockets of the workforce. M&As create "redundancies."

The newly created business may not need two communications or investor relations departments. There will be an increased need for coaching about career transitions Download ReimaginingYourCareerWithJaneGenova. Those most vulnerable are the aging. Here, a free read, is my book on landing, holding and moving on to better work, no matter one's age Download Outwitting ageism. 

For those who can't find their way in the mutating labor market, policy makers will have to focus seriously on versions of Universal Basic Income. Recently, in Canada, the Leaf pilot program testing out UBI for the newly homeless was very successful.

Right now the high jobless figures aren't having a negative effect on the stock market. Therefore those with power could blow off the unemployment from the M&A since their investment portfolio is doing just fine. 

Place your paid sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Contact janegenova374@gmail.com.

Marketers/PR Players - The Time Is Right Now to Create Multiple Sources of Income

Downright reckless. That's what only working your day job or running your core business has become. 

Instead, it's necessary to create multiple sources of income. Darkness can fall fast, especially in a "staff" function like marketing and public relations.

The trick is for marketers and public relations representatives to do this without diluting or corroding your primary brand identity. The bible of communications Odwyerpr.com just published my article on building, preserving and scaling wealth through side hustles. Without shooting yourself in the foot.

Ghostwriting on careers/future of work. Also, coaching for job search, transitions, personal branding and re-entry after recovery. Very Affordable.  Make an appointment for a complimentary consultation (janegenova374@gmail.com)

Maybe It's Time: Ditching the Car

Each month, owning a car costs on the average $773.50, calculates AAA, reports MarketWatch. 

Yet, because of COVID-19, it's used less and less. 

Also, the low-cost options for getting around grow. They range from Uber to an e-bike to walking. More residential areas are being designed for the latter. 

In addition, the car is not green.

Ditching the car opens up the possibility of starting a business if you lose your job. Actually, your whole industry, such as in hospitality, might have gone poof. 

You might be facing the reality that you will have to chase work for the rest of your life.

Or you take charge. You can become an entrepreneur. Down the road, no pun intended, you could be hiring both full-time and contract help.

The good news is this: Technology makes the transition to entrepreneurship doable. No MBA is needed to launch an ecommerce enterprise to sell survival kits for hurricane season or used clothes. A lot of the heavy lifting such as production, fulfillment and payment processing can be outsourced. 

Also there are the brick and mortar businesses. That can kick off with renting rooms through Airbnb. Eventually that can be extended to residential properties invested in to lease out. 

Sure, several businesses can be started simultaneously. 

Meanwhile, as MarketWatch hammers, it's a seller's market for used cars. That's because a new one costs a king's ransom. The 2020 Ford Explorer sets folks back $32,765. The monthly car payment could be over $500. Yes, have your car detailed and then put it up for sale on Craigslist or NextDoor. 

Don't want to go totally un-motorized? The Honeystar motor scooter will get you tooling around town for under $1,500. And, in most states, the 50 cc horsepower doesn't require a special motorcycle license. No, you can't take it on the highway. For that you will have to rent a car. That can be quite affordable if you shop around on the internet for the best price.

Business ownership has its unique set of problems. But those are more under your control than being an employee or gig economy player and losing sleep about losing your job.

Yes, you can reimagine your career. Create presence through a personal brand. And, earn multiple sources of income. Affordable coaching.  Make an appointment for complimentary consultation (janegenova374@gmail.com)

 

Aging Workforce - Of Course, There's a Target on Your Back (so develop multiple sources of income right now)

During COVID-19, it's the perfect storm for workers over-45.

Everything came together to paint a bullseye on your professional identity. Yes, you're being forced out of your jobs.

If you still have a job, if don't have a job and if you are looking for a job, it's all the same. To survive what is now deeply embedded age bias in the labor market (which will not only continue by accelerate) you must develop multiple sources of income. Immediately.

In 2019, lawyer Kevin Ha made the news. Unlike you, he is in his early 30s.

The coverage was in financial media - MarketWatch. Among the players in the money crowd there was a fascination with a lawyer who was employed full-time (his wife also worked) and who had 13 side hustles.

There was more in the Ha story. The gigs were, well, without status. They ranged from returning scooters to food delivery.

That was then.

Because of the actual employment carnage and the sustained uncertainty triggered by COVID-19, the Ha model of multiple sources of income is no longer news. It's an option all employees better take seriously. For the aging, it's a must-do. 

No, you are not too busy to think of earning money beyond your day job. Recently, the law firm Bryan Cave laid off about 118 lawyers and staff. 

As the gallows humor goes: A crisis like the pandemic is a terrible ting to waste. I will be exploited by employers, across all sectors, to not only conduct RIFs. Also they will restructure to eliminate those positions forever.

The "barrier to entry" when it comes to establishing multiple sources of income is this: The brands have to managed so as not to put at risk your primary source of income. Sure, Ha could do offbeat hustles. But most professionals would lose credibility and damage their resume by too far a stretch from their core personal branding. 

In addition, in this unforgiving work environment lawyers and staff have to all-there for their jobs. Therefore, the how they earn funds on the side can't drain them. 

Here are the 5 fundamental rules of the multiple income game:

• Look for easy fits. That strategy will require less energy and time. For example, the lawyer can tutor LSAT test preparation part-time. On October 8th, there was a help-wanted on Craigslist for such service in Manhattan and online. The compensation is $180 an hour. Unless you excel in logistics, no, you don't want to loop into a manufacturing project with a global supply chain.

 

• Just as with introducing foods to a baby, take on new opportunities slowly. Monitor how much those take away from your day job. If it isn't a strain, then add on more of those kinds. For example, through Airbnb, you lease out a room in your primary residence. You seem to be skillful in screening potential renters. No trouble. So, you add on doing Airbnb for your cabin in the woods. Soon enough you purchase residential property to extend this tactic.

 

• Be circumspect. Given that so much of the work world sector tends to a tradition-bound industry, incoming-producing side pursuits could be used against you. A middle manager in a conservative  industry, whom I coached, learned that the hard way. He had been too open about operating a franchise. His objective in coaching was to restore his personal brand Download ReimaginingYourPersonalBrandwithJaneGenova

 

• Overall, keep the brands separate. The exception is when there is a natural fit. For example, the public relations executive can teach communications courses in an MBA program. That added credential could also be a plus. When there's not an easy fit, create different resumes, cover letters and personas for each line of work you do. Here is my article on what I call "mutt branding."

 

• Approach all this as playing in a variety of spaces, one or more of which might turn out to be your day job or self-employment. When doing a side hustle, some discover their passion. They seek a full-time position in that or launch a business. During The Great Recession, when I was operating this blog (since it's syndicated it brings in income), there were requests for career coaching. First that was a side business. Now it's a core competence. Simultaneously, I also continue in content-creation, especially for businesses aligned with the career industry.

Takeaway: "They" can take away your job. But not your ability to make a very good living, through multiple sources. A free read is my book on parachuting out of your comfort zones. Behavior-change organization Dale Carnegie Systems had posted it on its website.

The work world has become unforgiving. You may be among those who have to reimagine your career. Affordable coaching.  Make an appointment for complimentary consultation (janegenova374@gmail.com)