Your retirement plan, the old one probably sounded like this: Go to college then go to grad school. Get a great job and work hard. Do this and you retire with ample money after your kids have finished college.
You Assumed Wrong
This is the plan most of us grew up believing. This was the safe and predictable path to upper middle class retirement.
In Taylor Pearson’s “The End of Jobs” he describes this plan as a fallacy. In essence it requires a long term stability of employment. Nothing can go wrong in your health, your career choice, or the economy.
Basically, these are all out of your control AND they must go right.
The Usual Retirement Plan Advice
- Start saving in your 20’s (check!)
- Max out your 401K contribution (check!)
- Stay the course (check!)
Do this and you’ll be in great shape in 40 years.
That’s the problem. It literally requires 4 decades of steady earning if you’re living the life you were raised to expect.
I never expected to work this long. I expected to have a big score. I expected ever increasing bonuses.
This won’t happen. I now know that.
When I learned this it was 2011. It took me a year to come to grips with this reality.
I had bet on a never ending ascension in the corporate world. My earnings and my self esteem were tied to my job and sole source of income.
I was depressed and angry. I was paralyzed with fear. I was physically sick and taking anti-anxiety medicine. I also had no one to talk to.
I had taken the “responsible” path and I had failed.
Pearson’s book doesn’t describe the fear involved in living this reality. I was broke and worried about my job. I was scared.
My retirement plan was replaced by sheer panic. Panic affected my ability to be strategic. I become unable to think beyond the moment.
Get a Mentor and Make a New Retirement Plan
At the time when I most needed a plan I was unable to make one.
The old adage goes that “failing to plan is planning to fail”.
When you are totally invested in something—a career, a marriage, a business relationship— you can become paralyzed if it unwinds.
How do you get unstuck? How do you move forward?
I have had both a marriage and a career unwind. In both cases I had to dig very deep and focus on my physical and mental health.
I had to do this at the exclusion of anything else. I had to get healthy before I could fix other problems that were also threatening.
Bad marital problems come with some very high priced, but very helpful support groups. At one time I saw 2 different counselors 4 times a week during my marriage break up.
But at least you have someone to talk to.
However, when my job imploded I was in worse shape. My job was my life and I had no one to talk to.
Fortunately, I’ve been through this experience and I have survived and flourished. Anyone can be stuck and rebound if I did.
So, it turns out the key to getting unstuck is simple:
- Get physically and mentally healthy
- Make a plan that attacks the issues you face
- Find alternative passions to pursue to make money
There is Reason for Hope
This process took me about 3 years to figure out. I spent thousands of dollars on courses and material. I had no one to talk about this with.
The technology available today allows individuals to create businesses online with virtually no barriers. These businesses offer anyone the chance to find a niche to market their unique perspective or skills. You can also purchase these businesses with excellent economics.
I have spent a considerable amount of time learning about this world. I own and operate profitable websites. And yes I have a full head of (mostly) gray hair.
Pearson’s title “The End of Jobs” sounds ominous but it’s not. The book talks about the new opportunities available to entrepreneurs today. The message is uplifting and encouraging.
I have spent thousands of hours and thousands of dollars researching the plan I have described.
I’m delighted to help others lose their fears and get excited again. I want others to prosper like I have and I’d love to share what worked for me.
It’s really that easy to make a change in your life.
My most valuable advice has come from my mentors as they speak from true experience. I’m happy to share our collective wisdom with you. Join our community here for the valuable information you need to have a successful retirement.
Ian Bond is a private banking senior executive with over three decades of experience in wealth and asset management with Goldman Sachs, Credit Suisse, and Citigroup. He has built major businesses on four continents.
Despite his professional responsibility for assets over $100B and revenues over $1B, after the 2008 crash Ian was personally going broke. Within five years he destroyed his debt, became an expat in 2014, and built multiple streams of income to fund his imminent retirement. Ian is also the founder of MyRetirementRehab.me created to help other executives and professionals rehabilitate their finances and make a prosperous, enduring retirement a reality.