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Baby Boomers and Young Professionals Financial Tips for navigating the next ‘X’ years

 

NB: I am not a financial adviser nor do I play one on the internet.

First, lets begin with what retirement will not be– nor even what any of us should aspire to:

1. Park bench playing checkers, chess and chomping Werthers Originals (candy for those across the pond)

2. A final salary dream of the McMansion in the Luanda, Port-Gentil, (insert ‘desirable’ oilfield location here).

3. Shuffling around the Retirement Home (Aka the smokers TV room offshore)

Thanks to the steady march of science we are living longer, running park runs and marathons well into our 70 and 80’s. During a recent cycling trip to Sicily I was amazed at the Seventy, yes SEVENTY year old Canadian Victoria Pendleton overtaking me on the way to the summit.

Chapeau !

This is something that should be celebrated (not the fanny pack!). In many cultures (away from the west) the elderly are revered for their wisdom and insight beyond our YP years. Closer to home we seem and more troubling many people want to consign themselves to endless re-runs of Deal or No deal. Sorry Noel..

The human body is amazing as my good friend and Munro Bagger Extraordinaire Owain Bristow is fond of saying ‘ FFS we lived through ice ages’. Admittedly, it doesn’t feel like that when I see him casually munching on porridge after already bashing out 4 miles in the Scottish hills before leading a group of 20 for another days adventure/torture.

Owain Bristow. Every child deserves a teacher like this. https://www.linkedin.com/in/owain-bristow-15647543/

Fast forward to 2019 and many people in their mid-years even if they had the desire are realising that their muscles have atrophied to such an extent. Jim Rohn had a great quote ‘How much is that 400 USD TV set really costing you…’

If you factor in the countless hours ‘watching The Waking Dead’ that figure might be closer to 11k which could have been spent building a profitable sidehustle. That is not to say everyone needs to be the next Nick Loper or Richard Branson but surely a little more intentionality with money and fitness is good?

That brings me the fault with ‘the system’ over the last 50 years a big fat carrot of a juicy final salary pension was dangled and like Highland cows chewing the cud many of us obediently took the money and ran…. Only to find that the mirage of a meaningful retirement did not appear. It must be built day by day hour ‘excellence is not an act but a habit’ lord knows we filed past that enough times at Parrs Wood High School.

If any Young Professionals have ready this far…. then I either worry for your sanity, social life or I want to buy you coffee (mine is a re-used tea bag, hold the Cinnamon latte Frappuccino 5 USD gut buster).

The margins on coffee are insane a Barista friend of mine (nb not yet out of his Petroleum Geology Masters). Each corona mass ejection caffeine hit costs the company 3p to make that’s a 9900% mark-up). Martin Lewis Himself would be proud of that return. No wonder the chaps offshore were up in arms at said beans being replaced with instant!

Anyone else on the Forties partial to UHT Milk?

The days of getting a Desmond Tutu from a redbrick school and playing the guitar in Gabon on $2,000 a day are over (sorry Kev L) and the reality of NOC staffing requirements has hit home. In fact some of the most innovative explorers like Belize Natural Energy employ 99% Belizean staff. It is a testament to the Founder Susan Morrice that she knows not just the name of every employee but she acts as an active investor in their futures caring and nurturing.

Susan.png

Persuaded you that the binary light switch retirement on retirement off does not exist yet or maybe you have a Mortgage (AKA nuts in a bankers jar), Chelsea tractor, School fees to pay. All gravy as long as you are willing to put in the work shovelling coal into the Digital Oilfield at Christmas.

And if you are Mazeltov! We should be proud of keeping Coronation Street humming- is Leanne Battersby still around?

My suggestion for the next 5-10 years and that’s how long it does take to build a profitable side-hustle. Ehm (money pit). Even if there are no missed steps and Amazon doesn’t shut down your account – Thanks Jeffery! 😉

The fact that you are reading this is amazing! Our parents and grandparents would genuinely fall over in their mobility scooters to see that you have more power than President in your pocket. (How are you getting on with Tinder these days Bill?)

That sidehustle- mending flags, darning socks, repairing iPhone screens could put some dead presidents in your pockets and more importantly give meaning and purpose in your twilight years.

All I suggest is that you start listening, watching and acting 5% of the content which comes your way down the digital superhighway fire-hose called The Internet. Taking action always feels good.

Enjoy the ride!

 

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