Thirty-five years ago, my career journey began as a runner at the Chicago Mercantile Exchange. Today, I find myself in a picturesque Floridian town, assisting clients with their retirement goals and enjoying considerable financial security. The path that led me from the Mercantile Exchange to my current position embodies life in America, intertwining family, career, faith, heartaches, failures, and moments of pure exhilaration.
Throughout this journey, I had the privilege to receive guidance from some extraordinary individuals, including a dear friend who I met in my early 30s. Despite being 25 years my senior, we found we had a lot in common and relished our engaging discussions about financial success and solving world issues. Of the wisdom he imparted, one particular piece of advice profoundly resonated with me and became the bedrock of all my financial and career decisions.
He advised me to work long hours, strive for excellence, and either become the President of the company or brace myself for potential job loss by the time I reached 55.
At first glance, this advice might seem startling. But upon reflection, its truth shines through. It's not uncommon for individuals in their mid-fifties to fall victim to downsizing, corporate restructuring, or an unsympathetic boss. While these challenges are typically manageable in one's 30s or 40s, they can be financially catastrophic in the 50s. However, as a company president, one typically orchestrates these changes rather than being subject to them, hence the wisdom of preparing for one of these two outcomes.
Once I internalized this strategy, it gave me a clear goal, with only one of two likely outcomes. But either would be manageable. This led me to be very focused on my career while saving a significant portion of my peak earnings, as the age of 55 always loomed on the horizon. While some of my peers were buying nice homes, vacation properties, and high-end cars, all justified by their significant earnings, I remained focused on the "President or Jobless at 55" mantra, planning for both scenarios by diligently working hard to be President, while at the same time building my assets in case the latter occurred.
In the end, like many others, I did face job loss. But it turned out to be a blessing in disguise. With the cushion of my carefully built-up assets, I started an investment business. Today, I have the privilege of guiding 50 households in their investment decisions — a deeply fulfilling endeavor. And I am living in an awesome part of the country!
DISCLOSURE - All written content on this article is for information purposes only. We utilized ChatGPT and other sources for this article. Opinions expressed herein are solely those of Core Wealth Consultants. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. Core Wealth Consultants, LLC a Registered Investment Advisor in the States of Florida, Indiana and Michigan. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Diversification and asset allocation does not assure or guarantee better performance and cannot eliminate the risk of investment loss.