Why I love my job – it’s all about legacy
I was 55 last month (I know I don’t look it, though some mornings I do feel it!).
Officially that means I can draw my pension. Needless to say, I don’t see myself as old, nor ready to put away my calculator.
But some clients quite rightly wonder how long I’m going to be around for. Some even ask!
This is understandable, after all, I’m not HSBC. Thank goodness.
So, I wondered if now might be the time to explore my own plans in this blog, and my personal approach to retirement.
Should we assume that everyone wants to retire?
Traditional modes of work and retirement were created for a different time, when the majority of us worked physical jobs on the land or in factories – this is, in fact, where he original notion of needing to retire at a certain point came from.
Back in 1889, German Chancellor Otto von Bismarck established the concept saying: “Those who are disabled from work by age and invalidity have a well-grounded claim to care from the state.” The emphasis there being on physical capability – you worked until it was assumed you wouldn’t be physically able to any longer. As a bonus, perhaps you’d get to enjoy a few years or relaxation before you shuffled off your mortal coil.
But now of course we can physically keep going for a lot longer. In 1900 the average longevity was 60. Today it’s 83. I could retire now and expect to have to fill my days for the next 30 years – that a lot of cruises! And although I’m sure it would be fun at first, as I said a few months ago, we all need a purpose.
It’s not necessarily the ‘done thing’ to admit to loving what you do
The popular idea has been that we’re all slogging away until we get to sit back in our deck chairs on the pier with a bag of fish and chips. There’s absolutely a place for that, but I’d wager that more recently, many more of us are admitting to loving what we do and finding deep satisfaction from our work.
Why else would there be an entire movement known as ‘granpreneurs’ denoting those who after fulfilling one career are setting up another – whether it’s the nurse and grandmother who at age 58 retrained as a personal trainer and has set up two gyms. Or 68-year-old founder and chief executive of the global cosmetics empire Look Fabulous Forever, which is aimed specifically at women over 50. CEO Tricia says “Now I’m in my 60s, I have the financial and personal freedom to be an entrepreneur”.
It makes sense when you put it like that.
Not that I’m about to open a chain of advice practices
Having my own business means I get to write my own job description.
When I established Smarter Financial Planning, I had a firm idea about what I did and didn’t want the business to be. I wanted to be able to provide a highly personal service that I couldn’t find for myself and my family elsewhere and to make it fun, for us all, clients included.
I wanted to make sure that people knew the truth about money and didn’t make mistakes that I’d seen over the years. Above all, I wanted to work with people who know life isn’t a dress rehearsal, and who feel some urgency and who have the energy to make a difference. My model wouldn’t be to grow the business so I could sell it to a consolidator for that pot of gold at the end of the rainbow, nor to recruit a young person to train up and take over from me. Though I still think Elkins & Daughter has a ring to it (I’m the only one!).
For me it’s about working with a group of long-term clients, over the years serving fewer people better. You could say I’m paving the way for that already – I’m very careful about who I work with, and I outsource much of the work I could do myself – such as marketing, book-keeping, administration, compliance and some aspects of the investment strategy. I keep the best bits for myself – seeing clients, helping them achieve their dreams, putting (their) life in their money, and seeing them enjoy their wealth first hand. I learn from every client.
Of course, if you’ve worked with me for long enough, you’ll know I love to practice what I preach, and I believe that I need to be healthy, well-rested and invigorated to do my best work for you. No one needs a worn-out financial planner, and it’s not a good look.
It works for me. But then again, I’m lucky.
Not everyone feels this way about their job. They’re quite happy to pack it all up as soon as they can, and I totally understand that too. But that doesn’t mean they resent or dislike what they’ve done and what they’ve achieved. Sometimes they might not even realise the impact they’ve had.
Legacy can sound like a very grand thing
Even the highest in the land deny it. It was Prince Philip who said “I’d rather other people decide what legacy I left. I’m not trying to create one.”
But it’s entirely possible to leave a great mark, even without meaning to.
I was chatting to Jonathan from 7iM recently who is leaving his role for another very different one. Before he told me what he’d be doing next, I assumed he’d found another big investment house in the City to work for – but not at all. It turns out that in the past couple of years he’s spent more time in car with his dad than previously. His dad used to be a civil engineer, and would often point out bridges or buildings and say: “That’s one of mine”. Jonathan felt like he needed to create something similar - some sort of legacy.
Little did he realise he’d already contributed to one. I’ve helped people retire early and/or empowered them to change their lives and those of their nearest and dearest in different ways when they realise the truth about money. That realisation brings an enlightenment, freedom, and the ability to make choices and take decisions, it removes fear and doubt. Jonathan has of course been a part of that.
I have always envied many of my clients, retired teachers who through alumni or television will often see people they’ve taught and be able to think “I helped them with that”. Perhaps a former pupil now competing in the Six Nations, a West End star, Prime Minister, religious leader – they all had teachers!
Our goals aren’t just financial
When you think about it, deeply, our goals are often about other people. The people who we love, those closest to us.
Linda, a close friend, sadly passed away recently. Very suddenly. Very young, well, younger than me, just. She was told she had just a short time to live. A month, possibly two. For her, her perspective changed. No wishes for a world cruise, no time to write a book, no time to climb Snowdon.
With such a short time left, it came down to having their family around her, sitting in the sun with her children and watching her grandchildren play. It was about appreciating her legacy.
Linda managed five weeks.
What is your legacy going to be? It’s never too soon to consider it. It may even make you think differently about the things you think are very ordinary.
We can all look back and consider the impact we’ve had on people and realise that’s why we love what we do. It’s certainly why I say ‘no’ to retirement. Pension on hold. I’ve got plans. But as we know all too readily, those plans can change, but we can change them too.