Crafting Your Flexible Career to Match Your Lifestyle

Crafting Your Flexible Career to Match Your Lifestyle

This is an exciting time for working women!  We are exploring flexible career options this month with two brilliant authors, Flex Career Expert, Kathryn Sollmann and Encore Career Expert, Nancy Collamer.

I’ve been fortunate to have designed a flexible career both when my daughters were young, and later when my step-father and mother needed me to step in as the Designated Caregiver®. I actually built an office onto my home and saw clients there. I later moved back to the corporate office while my daughters were in school, but ten years later when I was  47, I retired from my financial planning career to work virtually from home again to launch Smart Women’s Empowerment and Smart Women’s Coaching so I could write, speak, and teach women how to create prosperity and while living their purpose.

If you want to spend more time with your children or be available for aging parents or an ailing spouse and feel that your only option is to take a hiatus from your career, think again!  Kathryn Sollmann says, “Any time out of the workforce comes at a big price:  a woman loses up to four times her salary each year she’s out of the workforce.”  As a financial advisor, I can attest to this. Kathryn will be sharing how time out of workforce it affects not only your Social Security, pensions, and retirement savings, but also your confidence and ability to get back into the workforce later. Kathryn will discuss many new options, so don’t miss her show!

If you’re planning for retirement or already at ‘retirement age’ but want to continue working—whether to supplement your income or to stay mentally and physically active—veteran career coach Nancy Collamer shows how to identify your favorite interests and expertise and repackage them into more than fifty ways to earn income.

I’ve always advocated that you want to retire to something rather than from something, by working at something you love during retirement — something where you can again make a difference, perhaps your legacy.  Plus, earning just $10,000 a year in your encore career is equivalent to having an extra $250,000 in your retirement account.  You may be thinking, “How can that be?”  It’s because you really shouldn’t be taking more than 4% from your portfolio if you want it to last for 30 years or more.  So you would need $250,000 earning 4% to provide you with an additional $10,000 in retirement income. Now ask yourself, which is easier:  Earning $10,000 doing something you love or trying to save another $250,000 so you can retire?

This is your chance to explore your options. It’s your opportunity to learn from two very smart women!  Get ready for some exciting shows.  Please help us share Smart Women with other women in your life.  Invite them to visit www.joinsmartwomen.com so they can receive this ezine and get free access to the Smart Women’s Academy!

Katana Abbott, CFP® practitioner, is a Wealth Coach™, host of the Smart Women Talk Radio™, founder of the Smart Women Companies with over 1 million subscribers globally, inspirational speaker and author of several books. She began her financial planning career in 1987 and became a Certified Financial Planner™ practitioner. In 2003, Katana created Smart Women’s Coaching® to offer financial coaching and educational workshops for women in transition who are dealing with caregiving, death of a loved one, divorce, retirement or looking to create or grow a business.  She founded Smart Women’s Empowerment in 2008 to bring free financial empowerment resources and programs to women around the world through her team of Contributing Experts. To learn more about Katana Abbott visit www.katanaabbott.com.

Five Steps to a Sensational Second-Act Career

Five Steps to a Sensational Second-Act Career

Thinking about a second-act career? When you are freed up from having to work a traditional nine-to-five job, the options for how, when, and where you might choose to work expand exponentially. But choosing from that world of possibilities can feel downright overwhelming. How do you begin to make sense of it all? In my book, Second-Act Careers: 50+ Ways to Profit From Your Passions During Semi-Retirement I outline a five-step process that I use to help my own clients. Here is a summary of the steps:

Step 1: Envision the Life You Want. When you think back to the last time you planned your career (junior year in college?), it’s likely that your decisions were based more on practical concerns, like paying the rent and putting food on the table, than on your personal hopes and dreams. But now it is time to switch things up. Instead of allowing your career to dominate your life, it’s time for your life to take center stage. Think about the role you want work to play in your life: How many hours do you want to work? Do you want to run your own business? What type of balance do you want to strike between work, family, community, play, and self? Once you’ve defined the type of life you want to lead, it will be far easier to focus in on the types of businesses and part-time careers that will best support your lifestyle goals.

Step 2: Look to the Past for Clues to Your Future. Your past experiences – from childhood to the present – hold important clues to your future direction. Of course, remembering fifty-plus years of information is no easy task. So before delving into the assessment piece of this process, I think you’ll find it invaluable to dust off the mental cobwebs by reviewing old photo albums, reading through performance evaluations, and making time for quiet reflection. I know it sounds like a lot of work. But you know what?  I think you’re going to discover that this trip down memory lane is actually a lot of fun–you’ll find yourself thinking about people, accomplishments, and events that you haven’t thought about in years.

Step 3: Ask, Analyze and Assess. As you reflect on and analyze your past accomplishments and experiences, you’ll start to see very clear patterns emerge about what you love, what you do best, and what you find most meaningful in your life and work. Those unique patterns hold important clues to what you’ll be happiest doing in the future and will allow you to make decisions based on a lifetime of data, as opposed to decisions that are made in reaction to your most recent life experiences.

Step 4: Research the World of Possibilities. The world of work has changed dramatically since we all started our careers (back in the prehistoric twentieth century). People are now earning income in ways that we never could have even imagined just a few short years ago: selling on the Internet, self-publishing books on demand, and teaching webinars online. Jobs we aspired to when we were younger have become obsolete, and new careers–like virtual assistants, app designers, social media consultants, and bloggers–have filled the void. Take the time to browse, consider and compare the full range of options. After all, if you’re going to make the effort to start something new, don’t you owe it to yourself to familiarize yourself with the full range of possibilities?

Step 5: Try It Out! No matter how intriguing a career idea sounds, you’ll never know if it is truly a good match until you’ve had a chance to try it out. Fortunately, there are a variety of ways to test-drive potential new directions, including volunteering, interning or taking on freelance work. Going “back to school”, even if it is just a short workshop or seminar, will provide you with an opportunity to meet new people who can stimulate your thinking about your future career plans. Adult education is a big business these days, and there are more opportunities than ever for people over fifty to indulge in lifelong learning.

Finally, even if you can only do one thing each week, do start planning your second act sooner rather than later. Career reinvention is a process that can take months, or even years, to fully evolve. The earlier you start, the better off you’ll be.

 

Nancy Collamer is a semi-retirement expert and the author of Second-Act Careers: 50+ Ways to Profit From Your Passions During Semi-Retirement. She writes a monthly blog on work and purpose for NextAvenue.org (PBS site for people 50+) and Forbes.com. and publishes a free bi-monthy newsletter about second-act careers.  In private practice since 1996, Nancy holds a MS in career development from the College of New Rochelle and a BA in psychology from the University of North Carolina at Chapel Hill.

To learn more about Nancy Collamer, go to MyLifestyleCareer.com

 

 

 

 

Ask Natalie: Drowning in Debt.

Ask Natalie: Drowning in Debt.

Ask Natalie: Drowning in Debt.

I’ve gotten myself into a huge mess of credit card debt. It’s time to do a clean up job, and change poor habits. This isn’t who I am or want to be. I have so much emotion around money failure. The spreadsheets are easy. The emotions. Damn.

Signed,
Drowning in Debt

 

​Dear Swimming in a Sea of Possibilities,

Remember that negative emotions only inhibit your ability to see and execute a better plan. So, yes, acknowledge the emotions, but don’t sit in a mud puddle of debt, counting the bills and complaining or crying. It’s time to stand up, shower off, and replace the debt collector’s plan with one of your own. (more…)

The Awakening

The Awakening

Happy Spring!  I just love this time of year, especially living in Michigan because our winters are so long!  Looking out at the lake as I write this, I still see ice covering part of it.  The gardens will soon be bursting with life and in full bloom. Such a happy time. 

I’m interviewing experts about credit, debt, and bankruptcy this month because anyone who has ever experienced being in major debt knows how it can suck the joy and the life right out of you.

I’ve been there too, and it was frightening.

There was a time when my husband and I were first married that we experienced this. I was a new financial advisor, and I was pregnant with my first baby.  My husband was unemployed due to a labor strike, and his only skill since age 18 was playing a French horn for the Detroit Symphony Orchestra. To bring home some income, he took a job bartending at a Greek restaurant where he would come home with a few bucks each night. It was so depressing! We got to the point where we were paying our credit cards with the checks you get from the credit card company! The strike finally ended, and he went back to work with a plan.

It was at that point, that we decided that this would never happen to us again.  We made it our goal to do two things:

  • We paid our credit cards off. It took time, but we did it, and we never carry a balance. In fact, most months, my husband has our credit cards paid off before the statements arrive.
  • The second thing we did was to begin building an emergency cash reserve. We started with one month’s expenses, then three, then six, and finally we reached one year’s worth of expenses that we kept in a safe money market account. Now we only get 2% on this money, but it helps us sleep at night, and I love the ability to make home improvements like a new roof, for example, right from our account.

Building up that savings account took time, and besides investing in our retirement plans regularly, it’s one of the smartest thing we ever did. The next time my husband was unemployed due to a labor strike back in 2011, the strike lasted six months. Thank God we had that cash reserve!

I hope you enjoy the interviews this month with our financial experts. We will address the inner and outer workings of debt. Lynnette Khalfani-Cox offers four really smart debt tips in her featured article. I address the deep-seeded causes of debt in my article. You probably know others who can use this information. Please share it with them and invite them to join our Smart Women Community at www.JoinSmartWomen.com

Also, I’d love to hear how you like the shows and what topics you like to hear more of.  You can email me at katana@katanaabbott.com.  I love hearing from you!

Katana Abbott, CFP® practitioner, is a Wealth Coach™, host of the Smart Women Talk Radio™, founder of the Smart Women Companies with over 1 million subscribers globally, inspirational speaker and author of several books. She began her financial planning career in 1987 and became a Certified Financial Planner™ practitioner. In 2003, Katana created Smart Women’s Coaching® to offer financial coaching and educational workshops for women in transition who are dealing with caregiving, death of a loved one, divorce, retirement or looking to create or grow a business.  She founded Smart Women’s Empowerment in 2008 to bring free financial empowerment resources and programs to women around the world through her team of Contributing Experts. To learn more about Katana Abbott visit www.katanaabbott.com.

Looking for the Deep-Seeded Debt Cause

Looking for the Deep-Seeded Debt Cause

As a Wealth Coach and a Certified Financial Planner, I’ve been helping women discover their deep-seeded debt cause and showing them how to take charge of their money for over 30 years. For the last 11 years, I’ve been focused on mindset or what I call our money personality. There are five different money personalities we might possess: Love, Security, Value, Recognition, and Status. 

Each of us has a money personality that was formed very early in our childhood.  It was formed from what we observed and what we were told as children. Those experiences truly had a profound effect on us and they still do to this day.

Think back to when you were growing up. What were you told about money?  What did you observe?

Did you hear things like money doesn’t grow on trees? Or that you have to work hard for money? Maybe you heard that rich people are selfish and that it’s better to give than receive? Did you feel or observe things like scarcity, fear, abuse, neglect, or loneliness?  Dig deep and think about what ideas about money were formed as you grew up.

I’ve heard so many different stories from women on how and why they have ended up in debt. Here are some examples of the five money personalities:

The Love personality may be trying to fill a hole in her heart and find herself over spending, buying multiple items or spending in order to belong. She doesn’t feel emotionally connected to it, almost like it is monopoly money.

A Value personality may feel like she is not good enough, and find herself over-giving, rescuing others, giving to the point of resentment and creating debt as a result of things just happening to her.

The Recognition personality may feel that she needs to prove herself, so she goes for the big win. If it doesn’t work out and she ends up in debt, she might find herself doing it again trying to prove she can fix it. She may be slow in responding to difficult money situations, so a small loss becomes a bigger one.

Someone with a Status personality may feel that no matter what she has it’s never enough, so she too runs up debt, often from compulsive spending, picking up the tab, buying expensive items regardless of current bank account. She may feel she needs to have the best and doing everything to the extreme.

Since a Security Personality desires to be safe and independent, she doesn’t usually have debt. If she does, it may have been caused by something out of her control. This type of experience would only confirm her fear that no matter how much she has, she may lose it all. So she will work to get rid of it as fast as possible and do anything to not let it happen again.

I’m a Recognition personality, and my challenge is big thinking, risk taking, and never giving up. Early in my career, I found myself in debt, and my solution was trying to fix it with one more big idea.

My husband is a Security personality, so he was horrified by my big ideas and risk taking. It caused many arguments and unnecessary stress during the early part of our marriage. It wasn’t until we sat down together to talk about this very topic that we realized that we were the perfect team!

The result? Instead of feeling challenged or judged by his “micromanaging,” I began to cherish the fact that he cares so much about taking care of all the little details around money management.  It’s worked amazingly well. We have now been married over 30 years!

He now sees my big ideas as a positive area to discuss and explore. He would never have taken the risk to buy our house on the lake or make some of our higher risk investments without me. Today, we work together on everything. We still get triggered by each other’s money personality characteristics, but we are able to calm down, breathe, and listen before we react.

If you are having a hard time controlling your spending, asking for what you are worth, or feeling like no matter how much you have, it’s never enough or that you never know when it may all just disappear, relax, it’s not your fault.

The great news is that you can heal your relationship with money and the fact that you are reading this today is perfect, because the first step is awareness.

Learning WHY you feel the way you do about money or WHY you spend it even when you know you shouldn’t is part of the healing process. When we are triggered, our little girl pops up and begins to run the show. Yes, a little 3, 5 or 7 year old ends up trying to protect us from getting hurt again.

What is the solution? Do the work to find out what experience triggered those disempowering feelings and behaviors that are happening today. You can then begin to release, forgive, and ultimately shift into a whole new awareness with new behaviors and coping skills. I do this type of work with women. You can learn more HERE.

Don’t forget that you can take our free course, Unlock Your Financial Power, where there are exercises like the Money Quiz and Release and Receive in the Key #2 – Discovery section to help you begin this process!  If you would like a more personal approach, click HERE learn about coaching.

Katana Abbott, CFP® practitioner, is a Wealth Coach™, host of the Smart Women Talk Radio™, founder of the Smart Women Companies with over 1 million subscribers globally, inspirational speaker and author of several books. She began her financial planning career in 1987 and became a Certified Financial Planner™ practitioner. In 2003, Katana created Smart Women’s Coaching® to offer financial coaching and educational workshops for women in transition who are dealing with caregiving, death of a loved one, divorce, retirement or looking to create or grow a business.  She founded Smart Women’s Empowerment in 2008 to bring free financial empowerment resources and programs to women around the world through her team of Contributing Experts. To learn more about Katana Abbott visit www.katanaabbott.com.

 

Cannabis Doubles. Did You Miss the Party?

Cannabis Doubles. Did You Miss the Party?

Since I added cannabis as a Hot slice of my nest egg pie chart at the end of September 2018, companies like Cronos and Aurora have doubled off of their lows earlier this year. Is this the beginning of a rocket ship to the moon, or is the party over for cannabis?

Not since the end of Prohibition has something that the majority of citizens do anyway leaped the red tape fence to become legal faster. Now that the War on Drugs is over (and stoners won), cannabis is hitting the main stream in dozens of ways. Fitness buffs tout it at as a panacea for most dis-ease. Suffers of pain swear by CBD Oil. And you don’t have to get high to enjoy a relaxing cannabinoid bubble bath these days. Check out MedMen’s film The New Normal, by Spike Jonze, to see a history of cannabis and hemp pre and post prohibition. (more…)

Don't forget to download your FREE ebook ,The Five Biggest Money Mistakes Women Make and How to Fix Them!

 

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