Turning 50…at 45..

This post is inspired by the feature special in the Straits Times on Saturday 12 May 12, 2012 on Turning 50 and why as well as how many left their senior corporate jobs to seek out less financially rewarding but more enriching work.  I took that left turn at 45 in 2007 – hence, the title.   

 I took my first trip to Los Angeles and San Francisco in 2006.  It was a spur of the moment decision.  There was no itinerary and not pre-planned.  The idea was to fly over and catch up with a friend and take a road trip between the two cities.

I was also at a crossroad – I was 44 and had been reflecting on what the future held for me at my job.  I was a Chief Operating Officer/Director of Sales & Marketing in a local media company.  By all accounts, it was a good job – I had a marina bay view office, a secretary with a team of almost 40 staff.  There was no ‘push’ factor in corporate speak – reasons to leave.  I had the trappings of the senior management job – invitations to social events, reasonably good pay and a highly motivated team of colleagues who made my work sufficiently challenging.  There was nevertheless still a longing – and a terrible fear that I might actually ‘retire’ in this job.

Of course, there was no ‘pull factor either – the options for new careers at my age were very limited too.

The trip to the States was a ‘time-out’ in that sense. 

I made plans to visit with members of Soka Gakkai in the USA and to see the centers of activities too.  Events overtook my plans – the road trip with the friend did not take place as he had jet lag and some family matters to resolve.  I then decided to go for a train ride on my own from LA to SF instead.  While the trip was quite eventful, I shall leave that to another post J. 

During the 6-hour train ride, I had much time in my hands to really reflect on my job situation and life in general.  I worked out a personal SWOT (Strength-Weakness-Opportunity-Threat) analysis.  I was very candid with myself on what I was good and bad at.  I also thought about what options were available if I decided that I do not wish to continue working at my job.

The exercise was cathartic – I came out of it with a renewed sense of self-confidence regarding my options. 

I then developed a 1-year timeline to realize my plans. 

The biggest hurdle was getting out of my comfort (and frankly very cozy too) zone.  I had to engage in visualizations of how life would be without the job, the designation, and of course the financial means.  In the words of a good friend I consulted who also left his high paying job – Peter Chow (father of Jason Chow, an ex colleague from my radio station days) – when you go to the ATM and punched in your pin number on your ‘payday’ and see that there is no new cash balance – that is the wake up call.  It might sound animated now – but that experience was quite scary. 

There are some concrete steps to take preceding the plunge.  I have organized them below so it is easier for readers.  I am single and therefore the dynamics involved might be simpler.  However, those with family might find the process equally helpful in bonding with loved ones J

(a)            Do a critical review of your budget – what you owe and own.  Decide if what you owe is important – can they be disposed so you really cut down on your financial commitments – an obvious example would be a car. 

(b)            Identify the ‘must-haves’ – do you have the means to maintain – for example, the house – what options what do you have in respect of that – a re-mortgage? 

(c)              Make sure all the insurance needs – particularly medical/healthcare as well as protection cover are paid and in force – this is a ‘must-have’ and is important to maintain.  It provides a much needed sense of assurance to not only yourself but your loved ones too.

(d)             Keep the lines of finance alive – credit cards with the credit line or financing options – but, and this is a BIG BUT – only if you have the discipline to not activate them at the slightest impulse.  :p  This is an advice from another friend, Howard who himself left his corporate job. 

(e)             Once the SWOT has been done, you would have a sense of what work options are there.  For me, it was teaching, mentoring, coaching or consultancy work.  I did not yet have specific job in mind but it provided a direction.  Though I had much corporate experience, I felt I needed a competency – skills or technical knowledge that would frame the wealth of corporate experience – so that they can be brought to the new work.

            I found the 6-Seconds Emotional Intelligence certification as an Associate Trainer and Executive Coach and enrolled.  I did not want to go for the ‘commercially’ popular courses – I chose the EQ courses because I agreed with the values that they promoted and could see the practical aspects of the various skills that I was taught.

In 2007, I tendered my resignation.  My parents were very concerned and so were family members.  I assured them that my financials were stable.  I had bought much protection insurance over the years – and some had matured with positive values.  I also had a private property, which was leased out. 

Since then, I had conducted EQ courses for corporations in cities such as Hanoi, Jakarta and locally.  I also found part-time teaching assignments with NUS and UniSim. 

As I will literally turn 50 this year, I am happy with how my decision to leave full-time corporate work has worked out.  I assure you that there were many moments of anxiety and even fear about what the future holds - but I agree fully with the comment made by one of those featured in the article -"we can live with less money but not less time"

 I find much time to do the things I enjoy – and most of all spend time with family members particularly with my parents and siblings as well as good friends too.  Contrary to what many people think - I do have things to look forward to - everyday.  :-)

(Note - I will be happy to help anyone who is at this similar crossroad - a chat, or even an actual coaching session - gratis :p)