63. Achieving financial and career goals - with Paul Burrows.Jan 04, 2021
Here we are, starting 2021 with a new sense of hope that our lives and careers will get back on track.
As my team and I take a break from working non-stop since the launch of this podcast back in October 2019, I have selected for you a very special episode from our catalog, which I feel is a perfect listen for this time of the year. You may not have heard this episode yet, or it may be worth re-listening if you have. I have picked it to match the times we live right now, and I feel it will be a great companion as you walk your dog, prepare a meal, or get ready to take action on your New Year's resolution.
About this episode
For Paul Burrows, our guest today, the goal was to become financially independent and have the ability to make choices about where and when we wanted to retire or how much he and his wife wanted to work. Paul is now financially independent, and a few years ago, he decided it was time to retire. He has been a great mentor to other professionals. He takes a keen interest in career development, so I believe he is an excellent fit for this podcast, both with his career experience and knowledge and the right mindset to give back and help others achieve their best.
Here are some key take-ways from the interview with Paul:
1 - Redundancy experience:
- Outplacement services only work to a certain point, but you need to be proactive and do the work yourself.
- Be informed about what is going on in the corporate world: Paul reads the Australian Financial Review every day. Doing so during redundancy made him strategically choose his next steps.
- Paul's goal was not to waste his redundancy: I believe he meant both the financial package and the opportunity to Reset His Career!
2 - Career Transition
- If investing in education, do so for certifications and studies that are an absolute requirement for your career transition: Paul studied to become a Financial Planner. In his case, the training was a requirement.
- Understand the difference in status you will experience by shifting careers and sectors and being ok with it: It's a humbling experience.
- Leverage your previous career's strengths, your original DNA, to help you springboard and move faster in your new career. Once he gained initial experience as a Financial Planner, in Paul's case, his business background got him higher-paying jobs.
3 - Retirement:
- Test the waters before exiting the job market by doing contract roles and consulting.
- Understand your personal needs: If you are like Paul's wife and the social interaction and work still bring you joy, financial independence gives you a choice to also continue working if you wish to!
4 - Financial independence**:
- Financial independence gives you a choice.
- Reward yourself by saving, not spending.
- It's never too late to start planning.
- Set financial goals.
- Understand that there will be sacrifices and that it can be tedious.
- Wealth is not income – wealth is assets.
- Paul's heroes have been professionals that, with average incomes, were able to achieve financial independence.