New Series: Staying Relevant over 50

It is official – my company will be converting our client-server business software to a new cloud based system later this year. The contract was signed this week. My boss and I knew our company’s owners would decide to make the conversion someday, but we thought (were hoping) it wouldn’t be quite so soon.

After the announcement was made, one of our company owners told me both my boss and I spend too much time entering and manipulating data.  There are more important things we should be working on. He also mentioned that 50% of our employees would not embrace this change and was hoping some of the curmudgeon’s would retire. (I wrote more about this in my post Do software conversions force older employees into retirement?)

My immediate reaction was skepticism and a fear of the unknown.  How will my job change?  Will I have enough work to do if the reports I spend hours creating are automatically produced?

Fortunately, I was comforted by Peter Thiel’s book Zero to One: Notes on Startups, or How to Build the Future. He writes:

Americans fear technology in the near future because they see it as a replay of the globalization of the near past.  But the situations are very different: people compete for jobs and for resources; computers compete for neither. (pg. 141)

And

Computers are far more different from people than any two people are different from each other: men and machines are good at fundamentally different things.  People have intentionality – we form plans and make decisions in complicated situations.  We’re less good at making sense of enormous amounts of data.  Computers are exactly the opposite they excel at efficient data processing, but they struggle to make basic judgments that would be simple for any human. (pg. 143)

I wish my company’s owners would read this quote:

The most valuable businesses of coming decades will be built by entrepreneurs who seek to empower people rather than try to make them obsolete. (pg. 141)

It appears my job’s focus in the future will be on interpreting data which I do enjoy, rather than creating spreadsheets which I must admit at times can be mind-numbingly boring. I need to remember

Worry and regret never solves tomorrow’s problems and only drains away energy from today. James Altucher

This post is the first in a new series I am implementing called, “Staying relevant over 50.” A few years ago, I read a statement claiming advertisers don’t market to the over 54 age group because this group is no longer relevant.  My ultimate goal of this series, other than providing relevancy suggestions and tips, is to prove these advertisers are wrong.

How do you recommend staying relevant over 50?

Please note I am an Amazon Affiliate

How to Pay off Your Parent’s Mortgage?

 

My Parents divorced when my Mom was 55. One of the first things she did after securing full-time employment was to purchase a condo. Despite refinancing her mortgage for a more favorable interest rate (than the outrageous balloon she originally incurred) and a shorter mortgage term she still owed $60,000 of principle when she was forced to retire at age 75. She quickly discovered with almost no accumulated savings, making ends meet on a fixed income with a mortgage was difficult.

My siblings and I began discussing how we could assist her in paying off her mortgage, then recoup our investment when she eventually sold it.

My mom met with an elder care lawyer to discuss deeding her condo to her children. I knew it had become more difficult to transfer property since President Bush had signed the Deficit Reduction Act of 2005 (this Act increased Medicaid’s look back period from three years to five), but was surprised when the lawyer flat out refused to help us. She said with my mom having virtually no savings she would be ineligible for Medicaid for the next five years until every penny of equity transferred to us had been paid to her nursing home. What if her children couldn’t come up with this money? She refused to put my mom in that situation. 

We asked, “What if my mom doesn’t need nursing home care in the next five years?”
The lawyer didn’t care, she felt my mom’s condo equity should remain with my mom to cover her long term care or other expenses whenever they may occur. The discussion was over.

$60,000 split four ways was too great of an expense for my siblings and I to handle. There were spouses and grand-children to consider, child-care expenses and our own mortgages; $15,000 was a lot of money to hand over to your mother-in-law with no guarantee of ever getting it back. We explored other options such as selling the condo and having my mom rent or live with one of us, but she wasn’t ready for that. Plus, monthly rental payments cost almost as much as her mortgage expense. Instead, my brother reviewed all of her bills and cut every unnecessary expense. It literally made us sick to see how she had been taken advantage of over the years by cable companies, insurance agents, car repairmen, investment advisors, etc. When he finished her monthly expenses were manageable.
Her condo will be paid off next February and I’m confident she’ll make it.

I was reminded of my mom’s mortgage when my husband and I met with a Wisconsin title employee last week. As the representative was going over our mortgage paperwork she said something about it not being a good idea for our children to make our loan payments. Instead, she recommended they refinance the mortgage in their own names if they wanted to make payments.

After the closing was over, I asked her to explain what she meant about children refinancing the mortgage in their own names and if this was the preferred method for a child to pay off their parent’s mortgage.

She actually recommended children not pay off their parent’s mortgage and if needed do so only if:
- A written agreement was drafted by a lawyer and signed by the parent and the child prior to the child making any payments.

- All siblings were aware of the agreement and a written repayment plan was discussed and agreed upon by all siblings.

- Every mortgage payment was made with a paper trail. Never give a parent cash to make a payment.

She knows of several children (including herself) who paid mortgages and other expenses on behalf of their parents assuming they would be reimbursed from their parent’s estate only to have these repayments disputed by siblings. Lawyers were involved, the child was never reimbursed and the siblings no longer speak to each other.

Her bottom line advice on how to pay off your parent’s mortgage:

Don’t do it.

Have you or your siblings paid expenses on behalf of your parents? Has it been a favorable experience?

Stop Using the Fax Machine if You Want to Appear Relevant

This morning I read a great post from Bob Lowry of A Satisfying Retirement. Bob recently read Graeme Thomson’s book George Harrison: Behind the Locked Door a biography of George Harrison. In his post, Lowry writes about the similarities he shares with Harrison. Here is the parallel Lowry makes between his career and Harrisons:

My tie to this story and his life? For the last 6-8 years of my radio consulting business did not evolve. I stayed with the same message, the same ideas, and the same approach that had proved so successful for me through the 1980's into the mid 90's. Even though my industry had changed dramatically, I stopped learning and listening. I didn't change my message or my methods. As a result, my business slowly slipped away until, in the same year that George Harrison died, I found myself faced with retirement, several years before I would have felt financially more secure. I had been passed by. I had stopped changing and found my approach irrelevant.

This post got me thinking about how to stay relevant in the workplace. My company has lost several employees this year to early retirement. When asked why they were leaving, they all responded the same way; their jobs were too stressful and they felt they couldn’t keep up with the changing technology. They weren't forced to retire, but I did hear grumblings about them and their failure to embrace change in meetings. Some managers had recommended phasing these employees out. Fortunately, other managers knew their value and protected them.

How do you know you are becoming irrelevant?

You still use the fax machine:
Last week during a meeting with our bank’s relationship manager, she recommended we stop receiving wire confirmations via fax. This service was costing our company $15 per fax while an email confirmation was free. This led to a conversation about how the fax machine was obsolete, expensive, inefficient etc. Our bank account manager has even contemplated removing his fax number from his business card. He only gets a couple of faxes a month and they are credit confirmations. I immediately knew why this was happening. His clients hadn’t updated their credit reference sheet which still listed fax numbers. (I may be one of them).

My former employee who despised and fought change with a passion was the only employee in our department to still use the fax machine on a regular basis. Every time I walked past the fax machine I’d pick up her faxes then drop them off at her desk. Her replacement refuses to use the fax machine. She also dislikes voice mail and instructs almost everyone who calls her to email her in the future.

You can’t find files after you save them:
Recently my company transferred our computer's data to a new server. During the process our IT manager complained about one of our employees, “She never takes classes to improve her skills or learn better ways to do her job.” His gripe: she didn’t know how to use windows and hadn’t been saving her Microsoft files to the server. I knew right away what she was doing wrong, since I used to do the same thing. When saving files that had been emailed to her she just hit save rather than moving the files to her documents folder and then saving them. My former employee from above used to do the same thing and I and my co-workers were constantly helping her find her files.

After this conversation I suggested our outside computer consultant conduct a class on windows for our administrative staff. He wasn’t keen on the idea saying everyone younger than 45 would be bored. Since most of the employees that struggled with windows have now left the company, this class is now on hold.

If you struggle with windows I suggest you take a class. They offer them at most tech schools, also some libraries and employment agencies offer them at minimal cost or for free.

You are still using the original version of your company’s software; new employees are no longer trained on this software and it doesn’t have the latest software enhancements.
All of the employees who retired early were using the old, outdated version of our company’s software.

You don’t know how to use pivot tables in excel:
A few weeks ago one of my gym buddies, who works in health care, approached me at the gym to tell me she had started using pivot tables and that she loves them. “Hmm… pivot tables doesn’t that have something to do with graphing.” She told me this knowing I’m an accountant and assuming I used them. I said something like great! Then went back to my workout. Afterwards I found an 8-hour class offered by my professional organization on pivot tables and considered signing up, but it is offered the same day as my scheduled doctor’s appointment. You know what a hassle it is to reschedule doctor's appointments, so I didn't sign-up. Someday my department will be filled with 25-year olds whispering behind my back, “She doesn’t know how to use pivot tables.”

Speaking of irrelevant, I still have blogspot in my blog’s URL:
How long have I been blogging? Too long to not have my own domain name. I have an excuse though – I want a domain I can continue to grow and work with throughout the remainder of my blogging career. This year I’m trying out different topics other than work and careers to see what I am comfortable with. With this post – on relevancy – I feel I’m one step closer.

How do you stay relevant?

Career Reinvention at 52

Today is my Birthday, I am 52 years old.  When I graduated from high school my mother was 42, at that time I couldn't contemplate ever being 42 much less 52.  My goals at 18 were to get as far away from my family farm in western Wisconsin as possible and to live a life as unlike my mother's as I could.  I envisioned my life to be much like my high school French teacher's. She lived, what seemed to me, a cultured life in Madison, Wisconsin and traveled to Europe each summer. Unfortunately my life didn't turn out quite like that.

Instead all I do is work.  When I'm not working I'm thinking about work or not sleeping because I'm stressed about work.  As you may recall last year I didn't use nine of my earned vacation days and this year I'm heading in the same direction.  It is always something - a deadline I am required to meet, an audit that needs my attention or a meeting I am required to attend. This week I went in while sick to calculate commissions that were too difficult to explain over the phone. Part of the problem is my company's A-type work culture and part is my ingrained dairy farmer work ethic. A small dairy farmer never takes a vacation day and has to milk the cows even when sick.

My only plan of escape is to retire early.  If all goes well that will be six years from today.  One of my former co-workers retired early last November.  He too had an over-developed work ethic. As a stress reliever he began counting down his work days until retirement.  Instead of answering the phone with hello he would say "232 days."  The other day while commiserating with another co-worker about our heavy workloads I said, "6 years and 3 days."   He replied, "Don't start that."  He thought our retired co-worker's count down was super annoying.

I don't want to become the annoying co-worker with the bad attitude and besides 6 years is a long time to be miserable.  It is also a long time to never take a vacation day and to work while sick. Plus, I don't think I'm the type of person who could lounge in retirement bliss. I will want to do something. Instead I need to figure this out and somehow reinvent my career. Ever since I started blogging I've had visions of living where ever I want and making a living in some fashion from my laptop. Doing what is the question.

My favorite career reinvention post is James Altucher's The Ultimate Cheat Sheet For Reinventing Yourself. He says it takes five years to reinvent yourself.  Here is his recommended five-year plan:

• Year One: you’re flailing and reading everything and just starting to DO.
• Year Two: you know who you need to talk to and network with. You’re Doing every day. You finally know what the monopoly board looks like in your new endeavors.
• Year Three: you’re good enough to start making money. It might not be a living yet.
• Year Four: you’re making a good living
• Year Five: you’re making wealth

So in my 52nd year I plan to read everything and start to Do.  Altucher claims reading 200-500 books are equal to one good mentor. I'm not going to write about how difficult it is to find time to read.  I love reading, so I'm just going to get busy and read.  I will keep you informed about what I learn.

I also plan to continue my career interview series.  My interviewees have been informative, passionate and helpful. If you would like to be part of this series please email me at savvyworkinggal@gmail.com. 

Have you reinvented your career?  If so, what helped you the most?