To recap......You are in your 50's, suddenly unemployed and really have no ambition to get back up on the same corporate horse that brought you to this position in the first place.
Smile, take a deep breath and THINK……..what would I like to do to make a living and yet be satisfied and make a difference in my life and the lives of those around me?
Today, I will touch on a few more suggestions.
Again, it's your decision on how your future game plan is set but I highly recommend, again, that you start it today.
Get off your butt now and start doing what you enjoy.
This option is simple: Find ways to adapt what you did working as a former employee into a home based business. In many cases, folks just aren't ready to shed the comfort of their past employment so use your creativity to find a way to transform what you already know how to do into your own business. This way you don't have to go down a completely new career path. You don't have to spend money on expensive equipment or office space, or even hire employees (just yet). You do what you know, refresh your skills as needed, and use your past contacts and sphere of influence as the base of generating income.
Think to yourself…wasn't there something you would have changed about how your last job worked to make things simpler or more efficient? Was there something lacking in the process and programs used by your past employer that you wished would have been implemented? Was there a better way to service your customers, order inventory, train your employees or expedite change? If so, use these holes in the corporate fiber to create your niche business and do something that you have some passion about.
Hey, at the very least you are now your own boss right?
I had the honor to meet a fine gentleman named Jim (I will call him that because that is his name) who was a regional vice president of sales for our Fortune 200 company. I don't know the entire back story here but what I do know is that Jim had an exceptional talent and ambition when it came to training folks how to sell.
Jim decided to leave his secure 6 figure job (Yes, I know Jim didn't lose his job or unceremoniously get kicked to the curb like us but this example really makes my point) to start his own sales consulting business targeted toward the paint industry selling model.
He started his business by offering his services first to the company he just left and then expanded into the rest of the paint industry and beyond. Jim quickly became the number 1 sales training authority in the paint industry. Jim helps his customers achieve remarkable sales results and I bet Jim loves what he is doing and dreams about how to make his business bigger and better every night.
Wouldn't you like to find yourself in that position?
Maybe sales or training isn't your "bag" but what if redefining a new operating system for product delivery or streamlining how customers order their goods and services is. Then use your talents to start a business that makes sense to you and stay in your corporate comfort zone for a while.
OK, here's an option I bet you haven't thought about.
I told you we were going to think out of the box right?
What are my thoughts behind this suggestion?
First, let's go where the money is and second let's go where your money is worth more.
If you are like me, you live in an urban area reeling heavily from our "Great Depression". Jobs, if available, are sparse and pay levels have dropped significantly. 500 people are applying for every job you are and they are just as educated and talented with powerhouse resumes supporting them.
Why stay in this market if you don't have to?
The housing market is actually recovering a little so you might even break even or make some money if you move. Why not move to where jobs are plentiful and/or incomes are the highest?
An excellent example exists up in the great white north, Eh! Thanks to oil recovery technology, North and South Dakota have been transformed from a region known mostly for Mt. Rushmore into the U.S. capitol of deep earth oil drilling. Future pipeline projects and close proximity to Canada have already made both states great places to live in terms of earnings and affordable cost of living trends. A healthy job market exists for engineers, construction and drilling professionals plus industries supporting the worldwide energy movement. Fortune 500 companies are looking (actually looking) for people like you. In 2011, North Dakota's unemployment rate was a low 3.7 percent.
OK, maybe The "Fargo" lifestyle isn't for you. There are other options. North and South Dakota are not the only Midwest places offering big salaries. The great state of Illinois pays teachers some of the highest wages in the U.S. and professional bankers, particularly in Chicago, earn top dollar. As Money Rate.com's number one pick, Illinois boasts the best-adjusted average income in the U.S.
Why not make a bold move and head to a foreign country that has an economy where you can live like a king (or maybe a baron) on what you have in your retirement savings.
Today, many Americans are moving much farther afield to enjoy a new life at a lower cost. Thousands are migrating to Asia, South America, Europe and beyond to stretch their retirement dollars.
And foreign countries, eager for the boost to their economies, have taken notice.
With so many nations interested in attracting retirees from abroad, Americans are spoiled for choice. I have uncovered several up-and-coming destinations where retirees can easily live on an income of $2,000 a month. In some cases, retirees are already living there for far less. Read on my friends to discover the affordability of housing, food and medical care at these retirement destinations.
Guam is an often-overlooked alternative for American retirees, despite its many benefits. Because it's a U.S. territory, English is spoken everywhere on the island, and its currency is the U.S. dollar and at least on the surface, much of the country's culture and politics will seem familiar to many Americans.
The sub-prime mortgage crisis caused property values to plummet everywhere in Europe especially Spain, making the Mediterranean nation suddenly affordable for a number of retirees. The euro crisis notwithstanding, the southeastern coastal city of Valencia offers hundreds of villas, apartments and houses for less than $200,000.
Although Buenos Aires is pricier than most parts of South America, it is still a bargain compared to most American cities. A one-bedroom apartment in a good neighborhood can be rented for less than $400 per month or bought for less than $70,000. Health care in Argentina is a bargain, thanks to the country's public health care system and surplus of doctors. The quality and affordability of Argentina's medical services has led to a booming medical tourism industry. In 2011, more than 100,000 visitors came to Argentina to receive medical care, according to Argentina's National Institute of Tourism Promotion.
How about Central America? Lake Atitlan is about 75 miles away from Guatemala City and is surrounded by volcanoes and villages where Mayan traditions still thrive. The area has perennial spring-like temperatures ranging from the 60s to 80s Fahrenheit. I would look for waterfront houses to buy on the lake or a three-bedroom house costs around $300 per month to rent.
My favorite retirement choice has to be on a beach and no place is better than Puerto Vallarta, Mexico.
Yes, your budget will need to be a bit bigger, but if you've dreamt your whole life of retiring to the Pacific coast, then my perennial pick for luxury coastal retirement remains Puerto Vallarta.
This stretch of Pacific coast offers the best of the Southern California lifestyle, supported by marinas, golf courses, international shopping and dining, a charming old town center, and a growing expatriate base.
Puerto Vallarta isn't a super-cheap choice but a best-lifestyle-for-the-cost choice. A couple could retire here and enjoy all the amenities and diversions on a budget of US$2,500 to US$3,000 per month, depending on your rental expense.
But let's not rule out any of the Caribbean havens like Ambergris Caye in Belize, the quintessential Caribbean postcard shot. Belize has an established and growing expat community, and an affordable cost of living and real estate, certainly compared with more developed Caribbean options.
Puerto Penasco (Rocky Point) is only a couple of hours south of the Arizona/California borders. It has a history and reputation (see Al Capone) all its own. This is one of Mexico's fastest growing cities and the influx of foreign expats and retirees has been unprecedented.
The reasons are clear: Puerto Penasco has an authentic old city feel to it and a wonderful seat on Mexico's Gulf of California. The climate is idyllic (August and September can be hot…so what), the amenities are getting better every year, it's now readily accessible with good road and air connections and it soon will be a wonderful place to live. Besides, it's very close to the US if you are afraid to cut that cord altogether.
Not long ago, San Felipe was a sleepy fishing town. Today, it's host to one of Mexico's fastest-growing expatriate retirement communities. This jewel is located just across the gulf from Rocky Point
In key spots around the world, not only can you maintain the standard of living you enjoyed during your hard-working years...you can improve it.
Tomorrow we will continue to stay out of the box.
Stay tuned and thanks for joining me !!!