Tuesday 24 June 2014

WHAT’S NEXT?

Have you ever reflected on your past and wish you can go back in time to reverse some decisions or make better choices, avoid/change some others or take actions, etc.? I was reflecting on my life after almost 2 decades in the banking sector and realized that with the good pay and all the drama, employees can be likened to a programmed robot deployed to carry out instructions and make the owners richer.


You have no time for the family and you are not allowed to think of your tomorrow when saddled with the pressure of performance, meeting targets, growing the CABAL/Balance sheet, etc. A lot of employees failed to ask themselves early enough what our lives would be like after leaving paid employment, what next?

This fact did not hit most of us early enough and we paid dearly for it. You close normally for the day and on resuming the next day, you discover that you have been locked out of the system and advised to report to the Head, Human Resources and …….. the end! You are out of job, income stops, expenses are still the same, loans and other advances have swallowed up your gratuity/severance pay, pressure for the payment of schools fees and rent, etc. Some might say it can’t happen to me. Yes it can! Even after 35 years in service, you will be asked to retire eventually.

It then dawns on you that you have nothing to fall back on. Irrespective of the sector, be it banking, manufacturing or the civil service, you will need to leave, be it voluntary or otherwise. Do you have a plan for life after active service? Proverb 30:25 highlights the attribute of the ant: though not strong but possess the wisdom to store food and prepare for the rainy days.

Some even refused to accept the hard reality that the income source have dried up but still maintained the same high standard of living, expensive schools, etc. and in no time, the little savings are completely wiped out. Most organizations will only teach us how to be good employees and not employers/ entrepreneurs. Getting a new job is like looking for a pin in a haystack and your jumbo pay/income you were earning is not helping either as employers will doubt your loyalty and motivation if they cannot match it. It is true that not everyone can be an employer or entrepreneur; you however need to insure and ensure a good future.

Therefore right now, before you leave or are asked to leave, start making arrangements for “PLAN B” and groom it gradually before the inevitable. It will provide some cushion at that point. The following, in no particular order, should serve as a guide:

·        Draw up an exit plan for yourself to constantly serve as a reminder and prompt you.
·        Reduce dependence on loans/advance and work within your means
·        Reduce your expenses and overheads to enable you save regularly
·        Have an investment plans with easy convertibility such as bonds, money market instruments, assets, etc. Ensure multiple income streams
·        Sack your landlord and get your own property which should be able to generate rent income
·        Start your own business, groom and stabilize it.
·        Set up insurance plan either as an investment to collect the bulk sum at a later date (maturity) or annuity to collect specified sum till death like pension.

Whatever your decision, it is never too late to start planning for life after active service. Seek advice on what to do and steps to take. Most importantly, put yours plans before God, the author and finisher of our faith for direction.

What do you think? What is your PLAN-B? What is your experience like?



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