What to Do?
by Name Withheld by RequestLink to article
59 year old senior executive trying to figure out what to do with the rest of his life. Major questions: 1. Go back to Fortune 500 and all that entails. 2. Buy a small business and grow it. 3. Retire. On any given day I want to do all three.
April 26th, 2007 at 8:04 am
The real question is can you do any of the three? Are you tired of corporate upmanship? Do you have the resources, energy AND contacts to start your own business? Will retirement open the door to opportunities out of reach
while working?
You need to identify the realities and see which fits with your goals at this stage in your life.
April 26th, 2007 at 11:21 am
After being “rightsized,” and being told by those who stayed on that I was one of the lucky ones, I decided never to go back to a large corporation. Wall Street has dehumanized them irrecoverably.
I tried starting my own business, but learned that I had neither the temperment nor the financial resources to really get the business rolling much past the grand opening. My advice: avoid this option unless you are a consumate salesperson and have the money to shore up negative cash flow for at least five years. Do not borrow money and do not use your retirement money. I lost most of my savings, my retirement, my house and my family.
With what I have left, I am living in a friend’s house rent-free and attending a year-long trade school in the hopes of earning an income again. And it is nothing more than a hope, my being over 50 years of age. After school, I will be flat broke. If a job does not materialize, things will get extremely ugly.
If I had known when I was laid off what would happen, I would have dramatically downsized my living expenses and retired early. I would be living much more modestly than I was; but then, I would not have been facing homelessness.
If you don’t have that option, maybe you could lean heavily on friends, compensating them in any way you have available, and holding out until you can collect Social Security.
I have gone through hell, emotionally. School has got me back into a productive routine and helps me to cope better. Find something to do on a frequent and regular basis, even if you don’t get paid for it.
May 8th, 2007 at 3:41 pm
My grandparents lived through the depression. After the last five years, I feel like I totally understand them. I have scrimped, saved and cut out so many things in my life since my last two downsizings.
You’re right - routine certainly help with emotionally stability.
May 13th, 2007 at 10:56 am
I understand how you feel - I have certainly felt the same way. Do you have the skills - but mostly the perseverence - to start a business? From your post, it sounds like options 1 & 3 are not where your heart is - not sure about option 2. If option 2 (start a business & grow it) has some appeal for you, have you read any of Robert Kiyosaki’s books? (Rich Dad, Poor Dad; Cash Flow Quadrant; The Business School; etc.). It might be a place to start. You might want to think about what kind of business you might be interested in.
1.) Franchises are proven business systems & cost from a few hundred thousand dollars to a million+ to start. The advantage is that you own a proven business system, with built-in training. The downside is that you have a lot of expenses, taxes, employees. It may not pay you much for several years, and you can’t deviate from the given business system.
2.) Starting from scratch is for people who want to invent their own wheel. Advantage is that if you have a great idea, and can implement it, you own it. Downside: Small business owners or self-employed people usually work 60+ hrs/wk. and have a big tax liability. Intellectual property liability as well as employee issues like hiring & firing come with it.
3.) Starting a network marketing business. Advantages are, the up-front cost is usually under $500 which includes training, you own a business system, you have very low overhead & no employees, there is no cap on your income, and the average work-wk. is about 15 hrs. Downside is, you have to be self-motivated; you have to sift through the crazies who tell you you can earn a million dollars overnight without doing anything, and find a solid, ethical company that’s been in business over the long haul.
May 22nd, 2007 at 11:53 pm
i would look for a telecommuting position that you could do for a while why you thought about things.
whatever you do take action. i am completely frozen right now. don’t become a deer in headlights.
June 4th, 2007 at 12:38 pm
I am interested to hear how it is going for you now, over a month since you posted your situation. Do you still feel ’stuck’ or have you been able to move on to something that feels right for you?