Reinventing Your Career - Second Careers

Imagine you’re 50 years old, have worked for the same company for many years, and are making $150,000 plus yearly. And suddenly, your company lays you off.

Now you'll need to find another job. The economy is slow, and only a few people are hiring. And to make matters worse, the hiring companies don’t see the benefits of hiring a more senior candidate.

Believe me, I know it is not fair and makes no sense. I have tried to convince hiring managers to consider senior candidates, but some of them just are not open to the idea. It drives me crazy because they’re missing out on a great candidate with a strong work ethic and more experience than other candidates.

So, for the next five to six months, you submit your resume to countless job postings, and unfortunately, most of those companies will never return your email. I’m sorry, but it’s just that looking for a job by applying to job postings is a disappointing process.

As a recruiter, I am contacted four to five times a week by senior candidates who have recently been downsized. To prove the point further, we posted a senior-level position on LinkedIn Jobs this week and received 258 applicants in six hours.

Most people try to be optimistic and think this would never be their story, but it could happen to you just like it happens to many others.

So don’t wait until this happens to you. Be proactive and start developing a plan if it does. Be proactive and start planning for the day someone lays you off.

Take control of your career, and do not be at the mercy of a company.

Use fear to motivate you to act—project into the future and imagine a scary scenario in which you don’t have money to pay your bills!

You have some money saved but don’t want to burn through your savings by buying groceries, paying the mortgage, tuition, etc.

You want to control your destiny and be able to take care of your wife, kids, grandkids, and parents.

Wouldn’t it be nice to leave generational wealth for your loved ones or have so much money you can provide for others outside your immediate family?

Or be able to afford a medical treatment that may save one of your loved one’s life. We all know there is advanced medicine that is not available to everyone, but the wealthy certainly have access to this health care!

You must have a strong emotional attachment to any goal for it to become a reality.

I can get motivated thinking about providing for my wife and 2 sons if something happens to me. I feel responsible for them and want them to have a secure financial situation if I’m not here.

Providing for a family member is more effective leverage than wanting to buy a second home, a boat, or some other physical thing. I have used these things, such as a second home or a bigger home or X amount of money in the bank account, as leverage on myself to set goals ---I know that I will fight harder to take care of my wife and kids, than I will for something just for my pure enjoyment.

But I can also leverage myself to provide my family with incredible vacations where we are creating long-lasting memories!

Another way that I leverage myself is by thinking that I should be a role model to my children. So, I want to set an example for them—teach them how to create their destinies so they can provide for their future families. There is no better person than you to show them the way.

Many of these senior candidates spend months looking for a new position only to be rejected because of their age. Do not rely on someone else to provide you and your family income.

There is a better way to secure your future. I'm sharing what I'm sharing with you from experience. I can give you ideas, but everyone has different interests and strengths.

The main thing is that you must become emotionally motivated to leverage yourself to take action.

Once you decide this must change, you will find a way to change it.

I decided 20 years ago that I would not be at the mercy of a company that employed me. I always felt more confident in myself and taking control rather than giving that control to somebody else and trusting them to take care of me.

22 years ago (I was 44 years old and had 2 kids, 4 and 2 years old), I became a business owner and a real estate investor and never had to worry about somebody taking a job away from me. However, as a recruiter, I’ve seen it too many times as candidates start looking for another corporate job.

It’s time to stop doing the same thing repeatedly----make a change and control your destiny.

As a recruiter with over 20 years of experience, I’ve seen firsthand how common it is for Baby Boomers to seek new job opportunities later in life. Many aren’t ready to retire and still feel they have much to contribute.

This desire to work and contribute is natural. The possibilities are out there, whether you’re looking to secure a new job or find a second career.

This article will explore how you can leverage your experience and carve out a fulfilling second income stream, career, or both.

Second or Passive Income Strategies:

What happens if you lose your primary source of income? Could you support your family? Pay your mortgage? Pay college tuition for your kids? Put food on the table.

I always think of the worst-case scenario to motivate myself to act. It would be best to tie your goals to a strong emotional reason to make a change; otherwise, you will not do it.

OK, so what are some options for generating a second income? There are many different options; it just depends on your strengths and the amount of money you currently have to invest.

My wife and I invested in mobile home parks many years ago when I decided to get into recruiting since I was 100 percent commission. So, I did it out of fear! I had a wife and 2 kids, 4 and 2 years old, and my wife was not working, and I took a 100% commission job. Sounds crazy?

Fear drove me to create a second income. I was afraid I would be unable to support my family and let them down.

So, here are some ideas. Of course, you must figure out who you are and what works best for you. There are many ways to make a second income, even with a full-time job.

The objective, though, is to make an income stream that is repeatable every month, not to make one-time hits. One-time hits are okay, but a reoccurring revenue stream is what we’re looking for because you’re trying to replace your current base salary with income from a different source.

Income Strategies

Real estate:

There are many different ways to invest in real estate. You can own real estate and rent it out, or you can be a limited partner and become more of a passive investor. After we sold our mobile home parks, we bought commercial office buildings, and that’s one of the ways we generate passive income now. Not only do you get passive income, but you also receive a tax deduction due to depreciation.  (Plus, rent income is taxed lower than W2 income.)

• Multi-Family Investing     --I have done this—200 units
• Car Wash
• Residential Storage Buildings
• Commercial Office---We have 4 office buildings that we rent office suits
• Commercial Retail
• Commercial Warehouse---I am a Limited partner---conservation save investment
• Laundry mat
• University Housing

Being a Limited partner is another way to invest in all the above but with less time involved, and obviously less return.  

I have invested in apartment complexes, senior housing, mobile home parks, commercial warehouses this way and many of these investments return 15% per year, The apartment complexes provide a total of a 45% return on our money over a 3-year period.

There are so many ways to invest in real estate. These are a few.:

• Purchase yourself or with a partner
• Purchase as a limited partner through a real estate syndication.
• Invest in a real estate trust REIT

Find a broker who works with accredited investors and has limited partnership opportunities. Many times, the broker will have vetted these other investment opportunities

Oil and Gas

We do this and get  thousands per month

Franchises

Cookies, Haircuts, waste disposal, etc.

Marker your services on Upwork. Web design, graphics, artwork

Stock Market

I know some people have dividend-yielding stocks; I haven't owned any that generate significant income, so I don't have experience with them and will not elaborate. 

Banks

For most of this year, I have been earning 5% of my money in the bank, which has been very unusual. I’m sure as interest rates go down, this will disappear. Time to bank is paying 5%, so it is an easy investment to put your money there and let it generate income every month.

Making money on social media—being a solopreneur.

Many people make money via affiliate marketing. People also make money selling digital downloads on the Internet. Twitter and many other social media sites are good ways to monetize your work.

Secured credit

You’re acting like a bank by lending money to somebody who will repay you at a high interest rate because they don’t have access to the funds. I am currently doing this with an RV park, where a gentleman needed to borrow money for 18 months at a 14% interest rate, and the collateral is 20 acres.

Getting Started

I think the biggest issue for most people is just getting started. They feel overwhelmed and don’t know where to start. It’s always best to start small, learn, and then keep expanding.

That’s what we did with our mobile home parks when we first invested in real estate. One single mobile home in somebody else’s park only made $200 a month off of it. Not much that we kept adding more mobile homes in that same park.

Finally, we decided to find a mobile home park to purchase. We went to many mobile home parks and talked to the owners. The owners were elderly and looking for a retirement plan and did not trust using a broker.

We bought both of our mobile home parks this way! After we had them up and running, they were generating $120,000 a month. So, we went from $200 to $120,000 per month in five years.

You must start somewhere; otherwise, you don’t have a chance.

The number one reason people are unsuccessful is that they never start—they never take the first step.

Why Reinvent Your Career?

It’s normal to wonder what’s next at this stage in life. Retirement might seem appealing for some, but stepping away from work isn’t fulfilling for others. Unfortunately, despite all your experience, many companies hesitate to hire older candidates. While frustrating, it’s essential to understand that not all hope is lost. Some organizations still value the wealth of knowledge and skills that senior professionals bring to the table.

But here’s the key: rather than leaving your future in someone else’s hands, it’s time to take control. Reinventing your career gives you the power to design a path that aligns with your interests and passions. When you actively carve out this path, you empower yourself and create a more fulfilling professional life.

Leveraging Your Experience and Relationships

The simplest way to start a new career is by looking back at your previous one. You’ve spent decades building a wealth of experience, nurturing relationships, and honing your skills—all of which can be vital assets in your next venture. For example, many recruiters at my firm, Connexis Search Group, transitioned from life sciences and medical devices into recruiting, using their deep industry knowledge to excel in a new field.

Whatever your career was, whether in finance, sales, or technology, your expertise remains invaluable. If you have a background in finance, options trading or financial consulting might be a natural extension. If you’re technically inclined, you could explore AI or help others embrace new technology. Your previous career isn’t something to leave behind; it’s a foundation to build your next chapter.

Exploring New Career Options

The possibilities are endless. You can explore opportunities that suit your interests and goals, whether continuing to work for someone else or venturing into entrepreneurship.

• Solopreneur: an entrepreneur who starts and runs a business independently, without the support of a co-founder or full-time employees. Unlike traditional entrepreneurs who often build teams to scale their ventures, solopreneurs typically handle all aspects of their business independently, from marketing and sales to operations and finance. They usually rely on freelancers or contractors when additional help is needed, but they maintain full control and responsibility for their business. Solopreneurs are common in freelancing, consulting, coaching, and creative work industries.
• Real Estate Investor: Real estate investing could be a rewarding career if you have strong interpersonal skills and local market knowledge. Buying and flipping properties or renting them out for passive income can lead to financial freedom.
• Sales: Many industries still value experienced professionals in sales roles. This could be a lucrative path if you’re adept at building relationships and understanding customer needs.
• Recruiting: Those with deep industry knowledge can easily transition into recruiting. Leveraging your professional network and expertise will help companies find top talent—much like the recruiters at my firm.
• Options Trading/Finance: If you have a strong finance background, options trading or financial advising may be a great fit. These career paths offer flexibility and significant earning potential if you’re savvy in the markets.
• AI & Technology: Technology offers many new career opportunities, especially if you’re interested in helping others embrace AI. Learning and teaching others how to use AI to improve productivity can be fulfilling and profitable.
• Starting a Business: If entrepreneurship appeals to you, starting a small business or buying into a franchise could be your next step. The franchise model provides support, making it easier to start, while owning your business offers the fulfillment of building something meaningful.

Embracing AI for Personal Productivity

Some people shy away from technology, but AI can significantly boost productivity, especially in the later stages of your career. I’ve always been a systematic thinker, and AI brings structure to problem-solving, transforming how we operate at Connexis Search Group. AI has made us more productive and profitable.

If you’re hesitant about diving into new technology, don’t be. I’ve posted videos in my LinkedIn group demonstrating how AI can streamline workflows. Learning new tech is achievable at any age, and embracing these tools can help you stay competitive in today’s market.

Health Considerations for Senior Professionals

As you reinvent your career, don’t forget about your health. Maintaining a robust immune system and staying physically active is vital to enjoying a long, fulfilling professional life. I walk 25,000 steps a day and lift weights regularly. You don’t need to start big—a simple walk around your neighborhood is enough to get going. Consistency is more important than complexity.

With your health, this career advice does not matter. So, before diving headfirst into your new venture, please ensure your health is a top priority.

Looking Forward: Planning for a 20-Year Career Ahead

At 66, I’m not thinking about slowing down. I plan to work until I’m 85, staying productive, increasing my retirement savings, and building wealth for my family. Some may wonder why I don’t just retire—I have the financial means to do so—but for me, the joy lies in working toward something meaningful. I enjoy learning, growing, and helping others.

Retirement isn’t for everyone, and if you find fulfillment in staying active, keep going! There’s no reason to stop working if it brings you purpose.

Conclusion: It’s Never Too Late

It’s never too late to start another career. Colonel Sanders founded Kentucky Fried Chicken in his mid-60s, proving that age is no barrier to success. Whether you’re ready for traditional retirement or want to keep innovating, the choice is yours. The key is to keep learning and growing. If you do, not only will you feel more fulfilled, but you’ll also inspire and help others along the way.