Yesterday I met with a finacial advisor. It was just an initial discussion so he could explain to me what he and his team and company are all about. He described their philosophy for investing and the different options available for utilizing their services. We also took a peek at what I have in my portfolio already which is great because in my history of working and saving, I’ve not had a lot of advice or input from an expert. Despite that, I’ve done ok.
The main questions or concerns for retirement revolve around what your goals are and if you will have enough to live how you want to live when you are no longer getting an annual salary. After not working for 3+ months and seeing how great it is, the retirement thing is really appealing. Planning for it is great, but what about today? What about RIGHT NOW??!
Each month I have been out of work I have done a deeper analysis of my spending and my budget than I have ever done before in my entire life. I’ve been so fortunate to have had a good job for 20 years and not had to worry about money. I’ve always had enough. I’ve never really been on a budget where I had to limit myself on ‘x’ so I could afford ‘y’. I don’t think many people can say that.
I’ve also always pushed the envelope when it comes to salary. I’ve asked for raises and recognized when the market demand for my job was at a premium and took advantage of those times.
When I started working in a professional capacity in 1995 my annual salary was 28K. I advanced quickly at that employer and moved onto the business/dev team in 1997. In those days we were called programmers and I did work in COBOL and CICS on a DB2 database. I capitalized on the jump in pay ranges during the Y2K “crisis” and when I found what increases other people were getting, I always asked for more.
In 2000 I moved over to supporting clinical applications and in 2001 made the leap to HL7 interfaces. This very specialized field meant that the skills I was learning would be shared by only a few people in the industry. People with experience in this area are sort of rare. This meant that when I switched employers, I could basically ask for what I wanted and get it. I did exactly that.
After seventeen years in my field and I was earning six figures. and that was without constant employer jumps for increases. I’ve only worked at two places. All of that is the reason I’ve never really been on a budget and also had no problem maxing out my 401K. So my retirement portfolio looks pretty good. But, again… what about RIGHT NOW?
Whether it’s retirement or tomorrow the questions are the same. What do you need to live comfortably and what are your goals?
The answers for me become more and more clear every month that goes by, I need about 4K a month to cover my bills and spending. I know I have the capacity to reduce this by about 1000 a month but that would be sacrificing money I spend on experiences and vacations which starts to cut into my preferred lifestyle. I recognize I can live more conservatively and make better choices and I’ve started making changes in that direction, but traveling is one of my joys in life and I’m not wanting to compromise on that one.
When I crunch the numbers, it is easy to figure out how much I need to make. I’ve only just started to look for a new job but am already acutely aware that money is typically the #1 thing people focus on. Knowing what my requirements are makes it easier to narrow the field and consider on the other things that could quite possibly give money a run for it’s .. ah.. money in priority order. Those things are flexibility and culture.
I ranted a couple of days ago about employers and the common practice of taking advantage of employees and over-working them and not paying enough attention to engagement, growth, and satisfaction so I won’t repeat myself on that. Bottom line is that in my book, this is more important than salary. At this point, I would rather take a job with less pay where the employees are really satisfied. I’m becoming less and less afraid to go on record with that statement.
This blog is very anonymous but I’ve already stated as much to two recruiters I’ve talked to. I’ve decided that once I really start to look and apply, part of that process will have to include talking to other staff members and not just management. If that can’t be arranged it’s probably a red flag.
These factors for any type of job I decide to do also fall into the category of “right now”. Life is too short to do something you don’t want to do or are unhappy doing for the sake of tomorrow. But a person shouldn’t sacrifice tomorrow for today either. I guess like everything, it had to be a balance. Plan for tomorrow but live for right now.
On that note, it’s time for me to go live for today! 😊