How to prepare & handle a career transition emergency. (Think like a Pilot)

Notes Section

In the video I use real-life example of how I dealt with a career crisis. I enjoy using metaphors when teaching, and in this video, I use the example of a Pilot losing its engines and making quick decisions in order to safely land.

Transcript

:00
[Music]
0:16
right now
0:23
[Music]
0:26
hi and thanks for joining me today this
0:29
segment is titled common manage an
0:31
unexpected career transition and
0:33
planning helps to illuminate fear I like
0:36
to use metaphors in commenting on a
0:39
topic and an airplane that loses its
0:41
engines before reaching its destination
0:42
it’s a very good metaphor for a baby
0:45
boomer living a long-held career before
0:47
being ready to retire comfortably I can
0:50
honestly say I resemble that scenario
0:52
you see for a number of years I had a
0:54
very successful business that kicked off
0:56
a lot of cash flow and I could imagine
0:58
the day I would retire and just collect
1:00
checks and take him to the back in the
1:02
mean time I was so bored out of my mind
1:04
and I remember thinking the best thing
1:06
that could happen to me is to lose my
1:08
automatic base because it would force me
1:10
to take action and that actually would
1:12
be in a different direction well the
1:14
phrase be careful what you wish for
1:16
because it just might happen is exactly
1:19
what happened within a very short span
1:20
of time my business crashed and like a
1:23
pilot experiencing engine trouble I went
1:25
into automatic mode staying with the
1:27
metaphor of handling of flying emergency
1:30
let’s relate that process to managing a
1:32
career event there are four main steps
1:34
to take let’s look at each in both
1:36
scenarios number one as soon as the
1:39
emergency is identified trim the plan to
1:41
maximize the glide so it can travel the
1:43
farthest distance without power
1:45
translation cut all unnecessary expenses
1:48
and limit the cash burn to as little as
1:51
possible many people make the mistake of
1:53
trying to maintain the current lifestyle
1:55
and assume that the emergency is going
1:57
to be temporary that can be catastrophic
1:59
number two look for the closest safe
2:02
landing spot translation look for the
2:04
next thing you’d like to do and point
2:06
yourself in that direction you can use
2:08
boomerang Cal ideas calm as a great
2:10
resource to help identify that direction
2:21
like what’s going on with you dad that
2:24
makes you think that you wanted to
2:26
something different EHR me that well
2:28
actually I’ve already done I’ve already
2:30
started that I’ve made that transition
2:31
into doing exactly this what I’m doing
2:34
now for years I was in a sales industry
2:38
and my last business that I was actively
2:42
involved in was a advertising type of
2:46
business we did a lot of lead generation
2:47
and things like that
2:49
it was very financially rewarding for
2:52
quite a while
2:53
I never really liked it I was actually
2:55
kind of hated it tell me can you show me
2:58
the pieces of it they do light and the
3:00
pieces that you didn’t like sure I loved
3:03
the presentations I loved actually
3:06
getting on whether it was onstage in
3:08
front of one person or it was onstage in
3:10
front of a group so if you couldn’t talk
3:14
about it in sales Jones what was it
3:16
about making the presentation doing on
3:18
stage and getting that outcome what
3:21
might you in what other area of your
3:24
life might you get those rewards or
3:26
those feelings or that sense of
3:28
accomplishment that has been nothing to
3:30
do selves in any aspect of your life
3:32
being a teacher number three
3:34
break out the emergency equipment and
3:36
rations to survive on translation
3:38
liquefy equities and turn them into cash
3:40
with the plan of how long that cash to
3:42
last again you can use boomer income
3:45
ideas calm as a resource to identify
3:47
method to liquefy that cash we did a
3:59
food truck was a hamburger truck and we
4:03
financed the truck and it came back a
4:05
little over a year later to finance a
4:07
second truck and in this case he was
4:09
making revenues of about twenty five
4:12
thousand dollars a month his costs were
4:17
coming in at about $8,000 a month and so
4:21
he’s taking home $16,000 a month profit
4:25
that he and his wife were living on
4:28
running just basically a mom-and-pop
4:30
hamburger truck number for once down on
4:33
the ground immediately
4:34
get busy working on the Survival Plan
4:36
translation don’t hesitate move forward
4:39
with the plan immediately and stay on
4:41
target and on budget
4:42
procrastination cost time and time is
4:45
money in my case my planning may declare
4:48
that I would need about two years
4:49
without an income
4:50
additionally the project would require
4:53
an investment of capital fortunately I
4:55
had plenty of equity in my real estate
4:57
including my California home that I
4:58
could liberate which would provide the
5:00
means to achieve my goals and that’s
5:02
exactly what I did
5:03
selling my home in California moving to
5:06
Florida reducing my California living
5:08
expenses to Florida living expenses and
5:11
redeploying my equity into redirecting
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my life has been the best thing that
5:15
I’ve done for me the answer was selling
5:18
my house in California if I had been
5:20
over 62 the answer might have been a
5:22
reverse mortgage
5:23
either way the repite unlocking the door
5:25
to my opportunity was the liberation of
5:27
my equities now what’s your plan I hope
5:30
this was helpful we’ll see you next week
5:59
[Music]
6:12
you
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[Music]

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