National Post (National Edition)

Planning an encore career?

- JONATHAN CHEVREAU AND MIKE DRAK Victory Lap Retirement is now available in major bookstores or can be ordered online. Published by Milner & Associates Inc. it’s also available in Kindle, Kobo and other e-book formats.

PLANS EVOLVE, SO BE OPEN TO TWEAKING THINGS.

The biggest adventure you can ever take is to live the life of your dreams. — Oprah Winfrey

No one could accuse Oprah Winfrey of failing to think big and live the life of her dreams. Despite the odds against her when she started out, Oprah became a one-woman media empire. She has passed age 60 and, even though her net worth is in the billions, she shows little sign of wishing to retire because she loves what she does. Why would any of us want to retire if we found something that we can be passionate about, even if we have somewhat less wealth than the famous Ms. Winfrey? The challenge is to find out what your innermost dreams are, then create a life from which you may never want to retire, as long as you are physically and mentally able to keep up the pace (even if at a slightly more leisurely pace than your primary career).

The most common term used to describe late-life career change is an encore career and there are many great resources for boomers interested in finding or creating an encore career. One book we highly recommend is Marc Freedman’s Encore: Finding Work that Matters in the Second Half of Life. Also check out the companion website that Freedman founded at Encore.org and, for a Canadian perspectiv­e, take a look challengef­actory.ca.

Once you have done the homework and identified what route you want to take in your Victory Lap, you’ll need to create a plan based on prudent, well-researched moves prior to jumping into it. Your Victory Lap is limited only by your imaginatio­n. The lifestyle you create is unique to you: all that matters is that it’s meaningful and that it works for you. Here are some things to think about as you get started:

Monetize a hobby. If you’re still in your primary career it’s a good idea to consider starting a side business or perhaps monetizing a hobby. (Some call this turning an avocation into a vocation.) You know that eventually you will end up here anyway, so why not give yourself a head start? Also, if by chance something happens to your primary career, you could lean on the cash flow from your side business until you find another gig.

Start your own business. If you accept the thesis that, in general, people will continue to live longer than was once anticipate­d, it hardly seems unreasonab­le for financiall­y independen­t baby boomers who have left giant corporatio­ns to embrace a brand new work life. If you believe your health is robust enough to put you in the extended life expectancy camp, it’s definitely not too late to try something new if you’ve only just reached your 50s or 60s. Try thinking of yourself as being merely at the halfway mark of life, with decades of healthy living — and working — ahead of you.

Our term for late-bloomer baby boomer entreprene­urs is “boomerpren­eur.” Boomerpren­eurs are free to follow their dreams. They are like starving artists who care more about their art than the pursuit of material wealth, except they aren’t starving because they have achieved findepende­nce. Knowing that your basic needs are met — the funds for food, utilities, property taxes and the like — frees you up to take on longerterm projects.

In Victory Lap, boomerpren­eurs know exactly where they want to go, what is important to them, what they want and what will make them happy. They gain strength from knowing that after so many years they are finally in control of their own destiny. Now they’re the ones who make the big decisions.

How about an Internetba­sed business? Back in the 1960s or ‘70s when the boomers were starting their careers, a huge amount of capital was required to start a business, often hundreds of thousands of dollars to cover equipment, staff salaries, renting workspace, inventory and other major costs. Today, anyone with a computer and access to the Web can start their own Internet-based business, and the cost is almost negligible — potentiall­y as little as $20 or $30 a month to get started.

Transition­s can take longer than you think. There’s a good chance your original plan or business model will not be the one you finally end up with; plans evolve, so be open to tweaking things. Always listen to and go with your inner voice. If it’s telling you that you need to change things, then go ahead and make the required changes. At some point your inner voice will whisper that you are attracted to something. You feel excitement, a sense of alignment, happiness, clarity, a knowing that this is the thing, the right thing for you to do. Don’t be afraid. Just do it!

 ?? CHLOE CUSHMAN ??
CHLOE CUSHMAN

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