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Billy C Sichone
In life, the inevitable must be faced head on at one point or the other. It may
be difficult, hard and painful to face but it will come any way, hence the need to be well prepared long before the crunch arrives. This preparation will mitigate or reduce the pain that you will face. In as much as some situations and events can be averted or avoided, others cannot be no matter how we try. In this category of the inevitable may be included death, sickness or the passing of a loved one. We have an appointment with these regardless of how smart we hurtle along in this life. However, what will differ is how well prepared we shall be to meet these and our resilience once these strike. We could helplessly succumb to these tyrants or reduce their impact on our well being unless we prepare long term. He is most prepared who thoroughly trains for a long marathon. Similarly, she most likely excels in an exam depending on how much adequate prior quality preparations she put in prior to the exams. The same holds in the game of life. You could either end your life as a hopeless loser or a triumphant well prepared and prosperous individual in matters to do with your physical well being. They say that the highest flying bird at some time lands somewhere before it glides away to the next point. In life, things do not come easy; some level of sacrifice is needed. Depending on when or at what point you sacrifice, you will be building a strong foundation for future prosperity or setting yourself up for a disastrous ending when you are forced to sacrifice at the end of your life. It is therefore a prudent idea to sacrifice early and at the right time so that you reap the benefits not only for you but yours as well. What we are here talking about is what we should do first in life so that we in a great measure safeguard our latter end of life, having left the corporate world, settling on our private ranch, house or indeed business. Much of where we end depends on the prior decisions and actions we make along lifes journey. We have met countless people claiming an illustrious career in their younger days who have been reduced to abject poverty. Their bright glittering past is only a faint distant dream beyond grasp. We have equally met people who in one day were from very broken, poor back grounds but today are shining stars and hopefully will end well. Not all that shines today will forever be so and as they say, not all that glitters is gold.
These were safe underground tunnels curved below the city of Rome where the persecuted Christians lived and met in the first century- Refer to SM Houghtons Sketches from Church History published by the Banner of Truth Trust.
The best wish of any rational and right thinking person is to have a healthy, fulfilling high quality life style where everything is readily available without much ado. While self exertion is a spice of life, people generally want to have a trouble free life having tangible required results after a given effort. Often times, this is not the case because what results at times is not exactly what one intended or wished for. Chances are that they will get far much more than their wildest dreams or not at all. This can be frustrating.
In an ideal world, people should reap directly proportional to what they sow. By ideal we mean what would be in a perfect world where everything works out and is up to expected, desired or imagined standard, yea, an impeccable benchmark. If they make good decisions, all things being equal, what they get in return should make sense both to them and others. Further, it may be said that in an ideal world, everything is in the perfect sense, exactly as one would have loved it. Idealists often use the ideal as the bench mark or standard by which they judge everything else. In our consideration in this book we largely revert to the ideal state though we are cognizant that the actual may not exactly much up. That said, the ideal is a good gauge and reflection of what we aspire after and should therefore be used to help us size up to what we dream about. What is the ideal life style? What exactly is the best case scenario of a person that has retired properly? What do we expect to see now that they have cut away from that which once hosted them, the system we mean? What is the profile of the well prepared retiree? In this chapter we briefly describe the ideal life style and state. The ideal life style is one that is relatively free from hurdles and troubles common to people. Although it may not be entirely free from challenges and sudden adverse occurrences, or indeed pleasant surprises, it is none the less a joyous, comfortable normal life that evokes much comfort, satisfaction and well being. A good quality life is one that has the following in place readily available without much ado: 1. Good health as far as it depends on your genetic makeup.
The best time to quit is not easy to tell. Largely it depends on ones personal
objectives and motives for quitting. That said, it is best to have a structured, preplanned and rational reason for taking the leap into retirement or quitting from one job to the next. This means that each individual should have a personal career plan and time frame for which they are to work for another all the while raising capital and the necessary invisible benefits such as experience, ethic, discipline and networks. After a given time frame has been exhausted, the person should evaluate whether they have reached their targets and in the event they have not, an alternative strategy must be crafted which should ensure success to the next level in as short a time as possible. Remember that organic strategies, time frames etc can and do change though the goal may not necessarily. Below, we offer what we think could be rational pointers that would point to the right time to quit. Hang in there and follow us through, reflecting on each point as we go along. Here goes! 1. When your personal objectives differ or are at variance with the organisational goals. Many of us have sentimental attachments to the organisation that bred and built us up to the extent that we feel reluctant to consider leaving. We feel indebted and somewhat regard it is a comfort zone which secures us from all possible harm. And yet, ironically, we feel stranded or frustrated in some sense! Further, we seem to have lost the fire and zeal to progress further
When the crunch comes or indeed you want to voluntarily take the leap into the
life abyss, it is very important to be very clear from the start. Many years and months of prior mental preparation should now go into live application mode. The mind roaming to life in a potentially different context can be debilitating at times but like we have already hinted earlier, prior preparation will mitigate, if not enhance ones chances of success. In this short chapter, we highlight what we consider important points to meticulously look at. 1. Before quitting though, know exactly why you desire to quit and what you will do next. It is pointless to abruptly quit what you have been doing all the while
Before calling it quits 201 2 Quitting is not an easy task or undertaking as we have briefly highlighted in
the previous chapter. We stated that right strategy and acting are key to ones success and happy landing when they parachute from a formal job into retirement or some other meaningful undertaking. If one messes up in the final phases of their separation from what has hitherto sustained them, they may be plunging into the furnace where they instantly get torched, scorched and toasted! No one wishes that happens to them but how often do we witness this in every age. A person gets his pension or wins a lottery jack pot and instantly loses their head! Next, they turn up far poorer than they initially were, many times with permanent physical or mental scars they live to regret till they kiss the grave. On the other hand, if one is well prepared mentally, they will know how to transition and manage their spirits come what may gliding to further success for many more years hence. Before quitting, a number of things of necessity must be carefully looked at and considered which we have termed the basic minimums. We have tried our best to highlight these in point form thought this may not be exhaustive. Basic minimums As you decide to quit, take careful stock of what you have in hand not the potential prospects per se unless that prospect is 100% guaranteed. Many people quit because of different reasons including frustration or a great desire to be independent, the latter which is good in itself but if not properly calculated may land in a terrible financial quagmire. Others hope that the severance package or some expected cash reward at the end of a contract will somehow pave the way into a brighter future. Indeed, this does happen at times if one has their entire act well and neatly put together but in many cases than one, it often back fires. Murphys Law certainly has a powerful insidious impact on many a plan. This author therefore strongly supports the idea that any person considering going it alone must have the following basic minimums BEFORE taking the leap of faith into the entrepreneurial abyss: 1. The person must have sound and consistent financial cash flow or a source of that guaranteed cash inflow which can last a minimum of six months or longer2. This cash could come from properties or current assets that can easily be liquidated and not threaten that persons estate into the future. 2. All the bills must be guaranteed to be paid in the period when you are independent. This includes immediate school fees, water, phone and electricity bills, medical, insurance, rental, transport or any other expenses that contribute to life stressors especially in the city. In fact the ideal would be to first have your first debt free personal house in place so that you eliminate this major life stressor.
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Chapter 6 What to look out for before you leave-tale tell signs
When its time to leave, the writing will generally be on the wall, although at
times prove elusive and much mental anguish. This uncertainly is often the result of our sentimental attachments or fear of the unknown especially having witnessed and seen close allies or associates end up as vagabonds. The normal average person therefore is risk averse as a result and will do any and everything to keep within the safe and comfort zones. Well that may be good and right for a season but a time comes when it becomes inevitable to take a bold step into the dark life alley. The best way to leave an organisation is when one voluntarily elects to do rather than being vomited by the system, no matter in what form. We have heard of individuals who started great companies from scratch, sacrificing hugely only to be cast away by new a new board. The founders syndrome cannot help them at that point. Think of Steve Jobs (Apple) or Bob Pierce (World Vision) who had to make the painful decision to leave the organizations they founded because they were ejected by others, the former bounced back. Pierce went away to form the Samaritans purse and died years later. Similarly, we too must be always on the lookout for internal and external indicators that hint to us to take the right steps, in that way, we shall avoid grave disappointments that many have made. In as much as it is a great virtue to stick around and exercise some staying power, it is generally not safe to focus on lifelong employment because the stakes are just too high. In fact, we dare assert that those clinging to the hope of life-long employment in one organisation are the greatest risk takers because they do not develop sufficient survival skills outside their respective
No matter at what age one retires, it has its good and bad sides. Let us be
clear here that the responses we are to give in this chapter are merely suggestive not a one size fits all kind of scenario. People retire for various reasons, much more the reasons for retiring at the time they do. Taking the leap is a serious undertaking and must be taken with due care and meticulous consideration. That said, in this chapter, we suggest that retiring early has great advantages over retiring much later. By retiring we do not for a moment mean that you become idle, reclusive or even indifferent what goes on around you but that you stop working for another and in a sense become your own boss. Very well then, what are the advantages of retiring early?
In many senses, this chapter is closely connected to the previous in that the
ground we cover is similar and springs from the other. Earlier retirement has its advantages but far fewer people opt for that despite the leverages it affords. There are several reasons why many opt to wait until the maximum retirement catches up or they are ejected by the system they are in. The first reason why many are reluctant to consider early retirement is the fear of the unknown. As they scan around, they probably have a countless people on their catalogue that have made serious mistakes or made ship wreck of their wealth by some unknown terrible fate. They thus dread becoming a statistic themselves. Secondly, some are purely not prepared for financial independence. Many years of a guaranteed pay cheque has made them dependent and will do about everything to remain in a guaranteed gainful formal employment system. Any suggestions outside that domain is instantly rejected and discarded, a senseless suggestion! The many years they have worked have drained about every coin they have earned, so how can they possibly think about retiring? How can they surely develop a strategic thinking mindset? Who will pay the bills for the immediate house hold, childrens school or even the extended family? These and many concerns keep many submerged in their worries so that they scarcely have any time to think otherwise. Thirdly, some enjoy the safe secure life of the predictable life style as much and as long as they possibly can. The guaranteed pay cheque has created a very subtle dependence and comfort zone which inhibits some from venturing to eke out an independent existence. Quitting is unthinkable and in a sense an insane idea! But fourthly, some enjoy the prestige and derive immense pleasure or esteem from being associated with some sort of stable organisation. Even if they may not get the cheque on time, they still feel great to be connected to a given entity. These and many fine sounding reasons seem to hold true for many a person. The question still lingers, what are the compelling reasons why a person should retire early? Here are some of them: 1. Contrary to what many believe and hold, financial independence is the best though risky at first. A year or two would be encountered of erratic cash flow as you transition but after that, you will get over to better things. 2. Another thing is that when you do things for yourself, you derive immense pleasure and delight as you see things unfold.
While early retirement may sound a very plausible option, it must not be taken without meticulous prior thought and planning lest one lands in a lifelong quagmire. The life experience is strewn with many a casualty whose debris many of us can see today and perhaps take a lesson or two. However, in the same breathe, life is full of great potential which many of us have seen, noticed and even admired. Many times, we have wondered how some people went to higher orbs and just how exactly the got to that admirable position. We in a sense have envied them or even attributed their success to chance, fate or luck. We rationalise that they were at the right place at the right time, hence their apparent success. But is that really the case, at all times? It may be but it also depends on how prepared they were when opportunity knocked on their door, which they grabbed with both their hands. Today, they are the tycoons, far beyond recognition of what they once were. What are some of these hazards so that we may avoid them or mitigate their impact? How may we detect danger from afar and thus avoid it? A hazard by definition is not bad in itself nor can we say one has landed into a serious quandary already. It is simply something that has a potential to trigger a catastrophe, disaster or calamity. Used in the sense of the context we are discussing here, we may say that a hazard is a warning sign of sorts which if not well handled or avoided may cause untold trouble on the subject. Here are some of the hazards of early or late retirement: Early retirement Early retirement appears plausible (and our preference) but calls for careful handling. Here are some of the potential hazards:
The best time to quit is when you feel the time has arrived contingent on the
following: 1. You have achieved your aspirations or are certain to with or without a formal job. 2. You are tired, bored but have done your home work well. 3. Have the necessary networks, linkages and contacts around your potential area of business or retirement. 4. You have at least two houses free of any debt or external claim. These will serve as your primary sources of income for some time while you wiggle your way around. 5. When your personal values fundamentally differ from your employer or borders on conflict of interest. Further, it may not even be conflict as such but your drive differs from the corporate goal, it may be time to leave.
Chapter 11 What about life long employment or late retirement? As earlier highlighted in the chapter on the merits of early/late retirement, we can safely say that lifelong employment or late retirement is not desirable. While tenable in some countries today, lifelong employment is fast giving way to the contract and rightly so because we are all professionals offering a service of sorts. What we earn or get paid is what we probably are worth for the services we render. It therefore means that we must rightly price ourselves in keeping with our personal objectives. On the other hand, retiring late limits ones abilities and potential to rise to the higher orbs of entrepreneurship. While some are serious and successful entrepreneurs, others are better at entrepreneurship where they thrive on their own independent of the organisation, forming their own empire. In a nutshell, lifelong employment is obsolete and out of step with the times. It has given way to contract employment meaning that a person can and will most likely
The cases here briefly given are of live individuals that took the leap at some
point in their lives and in many senses have moved on. CK
Very well educated and exposed individual. He rose through the corporate ladder at lightning speed and was tipped to be the next Managing director of a huge prosperous organisation but then he was not politically correct with the powers that be, they did not like very honest and principled people. He left a broken man but now has thrown away all the corporate talk and is a serious and successful farmer with multiple real estate investments dotted around the capital of the country. At scarcely 50, he had reached his peak and has been on his own since growing from strength to strength. CM2
Hailed from a remote part of the country and rose to that of Managing Director of many high profile organisations before quitting to go into private practice and later took an international job for several years before returning home to take on other neglected business opportunities. He and his wife are certainly a classic case of a successful joint venture team work and right positioning. They have a multiplicity of houses in Porsche areas of the capital. Hunger and poverty are certainly far from them for many years to come! ST&KC
The idea came as a joke when this set of friends one day hung their gloves from very promising careers to go into private practice. In those years, delving into consultancy was viewed a suicide step but they stepped in none the less, despite not having any houses of their own. Today, their consultancy is global in nature and can scarcely keep up with the never ending requests from all over the world. Their bold step has paid off several times over and has many private villas and homes between them. GM-North
Started off as a very poor lad with no promise at all and little education. The hard years of street vending and selling flour paid off many years later. He is now the foremost business person in his district with many branches in other districts. E has highly diversified and boasts an unequalled corporate social responsibility
This gentleman has no formal paper at all but drives some of the best cars around town. He has businesses and houses all over the country and has proved a very honest and reliable business associate to man a corporation and individuals. The interesting thing is that he is very open about his inadequacy but never allows that to stand in his way of riding higher in the business world. The hardware shops, houses and other businesses have secured his financial future for a long time to come. These brief case studies have added flavour and show that it is possible to excel. We could have put in failure cases but suffice it to say that these demonstrate that an individual can and will succeed if they plan well as well as commit themselves to a worthy cause. The secret is that you start planning and implementing early while it is still sunshine. This helps you avoid the mid life crisis, wrong or rushed decisions and many a heart ache. Many are in trouble today not so much that they are not intelligent but started out late investing into the future. Remember, the righteous man leaves an inheritance for his childrens children-the grand children! A final word
This short book is concluded. It is hoped that you go away with many valuable
lessons that will help you on lifes path. We hope that you will be wise and elect to retire as early as possible of course bearing in mind your mental wiring and preferences. Catch you later!
Appendices 1. A suggested personal self evaluation questionnaire or check list. This is short set of questions to be answered BEFORE you leap. Depending on your answers, you may or may not be eligible to assume financial independence at that particular time a. Do I seek self actualisation or merely follow others lead as I seek independence? b. Do I have sufficient resources to sustain the same or better quality of life for at least the next six months? c. Will ALL my bills be serviced in the given period without much ado? d. Are ALL my current liabilities settled or there is ready cash to liquidate them? e. Do I have at least one house which is 100% our property? f. Do I have the necessary linkages and networks in the intended business line? g. Do I have sufficient liquid cash just meant for business? Are my other personal expenses independent of this liquid cash? Here is a suggested gauge interpreter: If your answer to all the above was a strong affirmative, then you are good to go immediately! If your answer to most of these (say 90%), then you may need to build a little more capacity. Give it at least a year or two while you work towards 95% or more. If you score less than 60% then you are certainly not ready to take the leap unless you are a serious risk taker. You may need to work, save and invest for at least another 5 years.
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Billy Sichone trained as Accountant and has worked in various management portfolios. With over 15 years professional experience under his belt, his insight is loaded with great experience, insight and discernment. His near two decade program management experience makes him well placed to advise, mentor or offer leadership. Billy has authored several books (available on the internet in e-book form) on various key areas that include the following: International marketing, International Business, Strategy, Leadership, Project Management, and Astronomy among many. Among his interests are: Botany, Farming, Astronomy, research, reading and travelling. He has collaborated and founded several business ventures in real estate, ecommerce and tourism. Billy holds several academic credentials accumulated over the years. These include an MBA, a Master of Divinity, several doctorates (i.e. PhD, Litt D, ThD, Dr Apol [cand], DBS [cand] etc) and other professional qualifications. The author is married to Jane and they have two lovely daughters together.