EARLYSTAGEPROFESSIONAL.COM
  • Home
  • Getting a job
    • Must Do's - Resume
    • Must Do's - Application Letter
    • Must Do's - Internships
    • Groundwork - Informational Interviews
    • Groundwork - Your Network
    • Groundwork - GPA Issues
    • Groundwork - Recruiters
    • Dealing with Rejection - Feedback
    • Dealing with Rejection - Keeping Motivated
    • Closing the Deal - The Interview
    • Closing the Deal - Interview Q's
    • Closing the Deal - Your Questions
    • Closing the Deal - Simulations
    • Closing the Deal - Group Interviews
    • Closing the Deal - References
    • Signing On - Salary Negotiation
    • Signing On - How to Resign
    • Signing On - First Week
  • Crushing It
    • The Hours - What Time Should I Start
    • The Hours - What If I Am Running Late?
    • The Hours - Taking Vacation
    • The Hours - Sick Days
    • The Hours - Working Outside Office Hours
    • Professional Skills - One/Ones
    • Professional Skills- Making Meetings on Time
    • Professional Skills - Business Presentations
    • Professional Skills - Social Media, Personal Email
    • A Level Head - Feeling @ Home
    • A Level Head - Be YourProfessionalSelf
    • A Level Head- Staying Positive
  • Wise Words
    • Achieve - Focus on the Results
    • Achieve - Leading from the Start
    • Achieve - Showcase Your Work
    • Achieve - Small is BIG
    • Achieve - Take Action
    • Achieve - Your New Job. A Plan
    • Career Management - Annual Review
    • Career Management - Annual Review Feedback Meeting
    • Career Management - Annual Review: How to Guide
    • Career Management - Career Contentment
    • Career Management - Careers Happen
    • Career Management - Career Journey
    • Career Management - Choosing a Mentor
    • Career Management - Discomfort Is Good
    • Career Management - Freelancing and Employment Gaps
    • Career Management - Mentally Healthy Choices
    • Career Management - Mentorship Explained
    • Career Management - Post Graduate Degrees
    • Career Management - Promotion Frustration
    • Career Management - Promotions. Move out to move up
    • Career Management - Selecting Your Company
    • Career Management - Understand Yourself
    • Finances - Preparing for a Downturn
    • Finances - Retirement Saving (1)
    • Finances - Retirement Saving (2)
    • Hindsight - Balance the Short- with Long -term
    • Hindsight - Embrace Learning & Your Manager
    • Hindsight - Focus at Work
    • Hindsight - Millennial Reflections
    • Hindsight - Regrets: Time, Money & Pride
    • Hindsight - Take a Career Mulligan
    • Hindsight - Take Advice Sparingly
    • Hindsight - Transition from College
    • Hindsight - Winning Nicely
    • Hindsight - Work Hard. Be Honest. Have Fun
    • Managing Up - Manager as Partner
    • Managing Up - Manage Up to Move Up
    • Managing Up - Mastering Your Manager
    • Managing Up - New Manager
    • Managing Up - Questions For Your Manager
    • Managing Up - Secret Skills of Managing Up
    • Managing Up - Yes Power
    • People & Teamwork - Be a Giver
    • People & Teamwork - Collaboration is Power
    • People & Teamwork - First Time Manager
    • People & Teamwork - LinkedIn as Networking
    • People & Teamwork - Networking Hacks
    • People & Teamwork - Networking as Relationship
    • People & Teamwork - Networking Simplified
    • People & Teamwork - Reputations Travel
    • People & Teamwork - Teamwork as Leadership
    • Sliding Doors - Decision Paths
    • Sliding Doors - Success Requires Luck
    • Speed Bumps - Chutes & Ladders
    • Speed Bumps - Layoffs & Survivors Guilt
    • Speed Bumps - Laid Off? Take a Breath
    • Speed Bumps - Layoffs. The After Life
    • Speed Bumps - Owning Mistakes
    • Work Life - American Work Culture
    • Work Life - Ask Why
    • Work Life - Be Yourself. Be Genuine
    • Work Life - Browned Out?
    • Work Life - Business Travel Guide
    • Work Life - Calendar Management
    • Work Life - Change is Certain
    • Work Life - Difficult Situations
    • Worklife - Focus on Fiyah
    • Work Life - Ghosting
    • Work Life - Help the Early Stage Professionals
    • Work Life- International Remote Working
    • Work Life - In the Zoom
    • Work Life - Mom Skills
    • Work Life - Office As A Stage
    • Work Life - Office Ghouls
    • Work Life - Pre Vacation Checklist
    • Work Life - Returning to Work
    • Work Life - Smartphones & The Office
    • Work Life - Speak Up
    • Work Life - Stage Fright
    • Work Life - Startup Glamour
    • Work Life - Stress Management
    • Work Life - Take A Walk
    • Work Life - Tasks We Hate
    • Work Life - They Quit
    • Work Life - Unlimited Vacation
    • Worklife - Vacation Overview
    • Work Life - Welcome the Newbies
    • Work Life - "Work" From Home
  • Money
    • Money - The Basics
    • Money - Saving for Retirement
    • Money - Retirement Saving
  • Library
    • Book Reviews
    • Webinar Hub
    • USA Today Columns
    • Buy Early Stage Professional
    • Bureaucracy
  • Help Center
    • Annual Reviews
    • Career Speed Bumps
    • Managing Up
    • Promotions & Career Planning
    • Stress Management
Picture

- Wise Words -
Preparing for "Career Winter"
​A lesson from the squirrels

​by Fergus Mellon

Picture
Ok, so it may seem a little strange writing about learning from squirrels on Early Stage Professional, but as I am in a winter season in my career, I thought it appropriate. It is appropriate as squirrels plan ahead and save their acorns for winters, so saving money for a "career winter" seemed like a nice way of looking at it.

When I say “winter season” what I mean is that I am currently on the hunt for my next role having worked for a fabulous, venture-backed business that was truly changing the industry that it operates in. While it is a great business, as often happens it had to re-focus itself and some of the team, including me, had to go.
So now I am without a regular income and apart from my job search and my daily exercise have very little to do during my 9-to-5.  One of the things that I don’t have to do though is worry about money and for this, I am very grateful. Barring some very unforeseen circumstance I can exist on my current level of spending for at least the next 3 years.
​
I can do this as I have socked away pay rises, bonuses and exercised stock options. I have buried those proverbial acorns for use in the lean times. I have taken and applied a lesson from the squirrels.

Ok, from now on, no more mention of acorns or squirrels – promise!
 
Making it actionable
So, you’ve got this far which I assume that means that:
  1. You anticipate career speed bumps may be on the horizon (and if you are like the 80% of us, you will be laid off at least once in your career – for more on how employment is changing, read “How American Work, American Business, and the American Dream Became Temporary”), and
  2. You want to gain some actionable ways of financially preparing yourself.

Here is what worked for me and hope will help you get a buffer in place for any lean times:

Going Mental. First off, what has allowed me to save, is that I changed my relationship with “things”. Sure, I want a Porsche, a Rolex, large apartment in NYC and the rest of it, but instead of longing for them and stretching myself financially for them, I know what they are. They are luxury goods for the wealthy.
Why get into debt to buy “things” that generally speaking depreciate, that lose money? My friends and those around me may notice my brand-less watch and think I am not a success, but I have long asked myself “who really cares?”. How other people view my financial success does not matter me.
The final and most important mental shift is to think of the longer-term aspects of spending and saving. None of us (unless we are very lucky and land a significant financial windfall) can immediately save money or pay off our debt. It is a build.
Paying an additional $50 or $100 dollars per month into a savings account or making additional payments against debt sounds small. Because it is small, we can then think it is meaningless and that’s the trap. Instead make that $100 per month into $1,200 per year. Sound bigger and better, right?
 
Tortoise Living. Ok, so I have made the mental shift and established that “things” don’t really matter and that small saving actions are important, the other piece is to establish that tortoise lifestyle. By that I mean one that is affordable but also enjoyable. Being with friends is important to me. Being able to travel for that well-earned vacation is important. Living in a safe place is also something that I want.
So how to get all of this and meet your budget?
It becomes an exercise in right-sizing and living within constraints as we can’t have it all, unfortunately. It meant that earlier on in my career I had roommates instead of my own place. Later on, it meant having a studio instead of a one bedroom. It also meant not going to those crazy-priced, nice and fancy restaurants! Sure, some friends were dining out in style and funding it by borrowing at 20% or more on their credit cards. For me it was the “being with friends” that mattered, so I would pick bars with happy hours (amazing how the beer still tastes the same!).
 
Socking It Away. The final piece of this is once I’ve established a way for me to manage my saving and spending, when I do get those nice extras (bonus or that rare event, the opportunity to exercise stock options) I know where the extra will go. That’s right, that $5,000 bonus or $10,000 in exercised stock options goes right into that savings account and joins the $1,200 per year that I save from my monthly payments. While it all feels tortoise-like at first it can mean in a normal year that you have saved at least $6,200 and over 10 years would be at least $62,000 (ignoring investment gains).  Add to that pay rises that we hope to make from actually advancing in our careers (the really important bit) and your fund for surviving a career winter can grow even more quickly.
The other thing is that once you see the balance grow (and/or your loans diminish) after the first year or so it will build momentum for you. You may get satisfaction about gaining control of your financial life and that may in turn be reinforcing behavior and you could gain satisfaction from making smart investment decisions.
 
How the Tortoise and the Sock Align. The final piece I want to say on this whole topic is that right-sizing your life and having a savings balance end up supporting each other. When times are good, when you are having that fabulous career “summer”, you are saving and not increasing the expense of your lifestyle. This then helps when you hit the winter. In winter, the extra savings will support your life. As your life won’t have been a crazy one to support, you will not notice the change in lifestyle so much. You will still be able to go out with friends at your local bar and enjoy the time without fretting about how to support it.
 
I hope your career “spring” and “summers” are long and that in the event you enter a career winter, these tips will help you through it and who knows the balance in your account may mean you can have as merry a winter season as possible… Happy Holidays!!
 
===
Related Content
Dealing with Job Loss: "Lost Your Job? Now Breathe", "How I Bounced Back from Being Laid Off".

Finances & Saving for Retirement: "Money Management Ideas", "Start Saving for Retirement Today", 

Book on Employment Trends: “How American Work, American Business, and the American Dream Became Temporary” and accompanying Decode/Recode podcast.

Book on Managing Money: "I Will Teach You To Be Rich". 


Picture
In the first 5 years or so of your career?  Want actionable career advice?  Buy Early Stage Professional: starting off right, the no nonsense professional skills book designed so that everyone can succeed in the workplace! 

    To get the EarlyStageProfessional.com newsletter sign up here:

Subscribe to Newsletter

More Wise Words...

Achieve: Focus on Results
​
Achieve: Leading from the Start
Achieve: Small is BIG
Achieve: Take Action
Career Management: Annual Review. A "How To"
Career Management: Annual Review. As Career Plan
Career Management: Choosing a Mentor
Career Management: Careers Happen
Career Management: Career Journey
Career Management: Mentorship Explained
​
Career Management: Post Graduate Degrees
Career Management: Promotion Frustration 
Career Management: Moving up by moving out
Career Management: Selecting Your Company
Career Management: Understand Yourself
Finances: Retirement Saving (1)
Finances: Retirement Saving (2)
Hindsight: Balance the short- with the long-term
​Hindsight: Embrace learning and your manager
Hindsight: Focus at Work
Hindsight: Millennial Reflections
Hindsight: Regrets: Time, Money & Pride
​Hindsight: Take Advice Sparingly
Hindsight: Take a Career Mulligan
​
Hindsight: Transition from College
Hindsight: Winning Nicely
Hindsight: Work hard, network, be honest. Have fun too!
Managing Up: Manage Up to Move Up
Managing Up: Manager As Partner
Managing Up: New Manager
Managing Up: Questions for your manager
Managing Up: Secret Skills for Managing Up
​
People & Teamwork: Be A Giver
​
People & Teamwork: LinkedIn As Networking
People & Teamwork: Networking Hacks
People & Teamwork: Networking as a Relationship
People & Teamwork: Networking Simplified
People & Teamwork: Teamwork As Leadership
Speedbumps: Chutes & Ladders
​
Speedbumps: Laid Off? Take A Breath
Speedbumps: Layoffs. The Afterlife
Speedbumps: Owning Mistakes
Work Life: Work Culture. America vs. UK
Work Life: Ask Why
Work Life: Be Yourself. Be Genuine
​
Work Life: Browned Out?
Work Life: Business Travel Guide
Work Life: Calendar Management
Work Life: Difficult Situations
Work Life: Focus on Fiyah!
​Work Life: Ghosting
​
Work Life: Help the Early Stage Professionals
Work Life: International Remote Working
Work Life: Pre-Vacation Checklist
Work Life: Smartphones & The Office
​Work Life: Start-Up Glamor
Work Life: Stress Management
Work Life: Take a Walk
​
Work Life: They Quit
Work Life: Unlimited Vacation
Work Life: Welcome the Newbies
Work Life: "Work" from Home

Crushing It @ Work

What Time Should I Start? 
What If I am Running Late? 
Taking Vacation
Sick Days 
Working Outside Office Hours
​
How to prepare for One/Ones
Making Meetings on Time 
Business Presentations 
Social Media, Personal Email and Hanging Out on the Web
Give it Six to Nine Months to Feel @Home
Be Your-professional-self
Staying Positive

Money Talk

The Basics
Retirement Savings Guide

Job Search Must Do's

Resume
The Application Letter 
​
The Free Conundrum: Should You Take an Unpaid Internship?
Informational Interviews 
Taking a Shortcut: Using Your Network 
Dealing with a Low GPA
​Responding to Recruiters
The Job Interview
Interview Questions
Questions You Should Ask
Simulations 
Interviews with Other Applicants
Dealing with References
Negotiating Your Salary
How to Resign (if you already have a job)
​
The First Week
You Don't Get the Job: Getting Feedback
​Keeping Motivated Through the Search

USA Today Columns by Fergus Mellon

How to get started on LinkedIn: Do this, not that
Warning: Avoid smartphone shame at work.  Keep them out of sight
To succeed, be a Giver in the workplace, not a Taker
4 ghoulish personality pitfalls to steer clear of at the office
​
How to coach today's not so entitled Millennials as they join the rat race

Crushing IT

Money

Library

WISE WORDS

Bureaucracy

Copyright © 2016 - 2020
  • Home
  • Getting a job
    • Must Do's - Resume
    • Must Do's - Application Letter
    • Must Do's - Internships
    • Groundwork - Informational Interviews
    • Groundwork - Your Network
    • Groundwork - GPA Issues
    • Groundwork - Recruiters
    • Dealing with Rejection - Feedback
    • Dealing with Rejection - Keeping Motivated
    • Closing the Deal - The Interview
    • Closing the Deal - Interview Q's
    • Closing the Deal - Your Questions
    • Closing the Deal - Simulations
    • Closing the Deal - Group Interviews
    • Closing the Deal - References
    • Signing On - Salary Negotiation
    • Signing On - How to Resign
    • Signing On - First Week
  • Crushing It
    • The Hours - What Time Should I Start
    • The Hours - What If I Am Running Late?
    • The Hours - Taking Vacation
    • The Hours - Sick Days
    • The Hours - Working Outside Office Hours
    • Professional Skills - One/Ones
    • Professional Skills- Making Meetings on Time
    • Professional Skills - Business Presentations
    • Professional Skills - Social Media, Personal Email
    • A Level Head - Feeling @ Home
    • A Level Head - Be YourProfessionalSelf
    • A Level Head- Staying Positive
  • Wise Words
    • Achieve - Focus on the Results
    • Achieve - Leading from the Start
    • Achieve - Showcase Your Work
    • Achieve - Small is BIG
    • Achieve - Take Action
    • Achieve - Your New Job. A Plan
    • Career Management - Annual Review
    • Career Management - Annual Review Feedback Meeting
    • Career Management - Annual Review: How to Guide
    • Career Management - Career Contentment
    • Career Management - Careers Happen
    • Career Management - Career Journey
    • Career Management - Choosing a Mentor
    • Career Management - Discomfort Is Good
    • Career Management - Freelancing and Employment Gaps
    • Career Management - Mentally Healthy Choices
    • Career Management - Mentorship Explained
    • Career Management - Post Graduate Degrees
    • Career Management - Promotion Frustration
    • Career Management - Promotions. Move out to move up
    • Career Management - Selecting Your Company
    • Career Management - Understand Yourself
    • Finances - Preparing for a Downturn
    • Finances - Retirement Saving (1)
    • Finances - Retirement Saving (2)
    • Hindsight - Balance the Short- with Long -term
    • Hindsight - Embrace Learning & Your Manager
    • Hindsight - Focus at Work
    • Hindsight - Millennial Reflections
    • Hindsight - Regrets: Time, Money & Pride
    • Hindsight - Take a Career Mulligan
    • Hindsight - Take Advice Sparingly
    • Hindsight - Transition from College
    • Hindsight - Winning Nicely
    • Hindsight - Work Hard. Be Honest. Have Fun
    • Managing Up - Manager as Partner
    • Managing Up - Manage Up to Move Up
    • Managing Up - Mastering Your Manager
    • Managing Up - New Manager
    • Managing Up - Questions For Your Manager
    • Managing Up - Secret Skills of Managing Up
    • Managing Up - Yes Power
    • People & Teamwork - Be a Giver
    • People & Teamwork - Collaboration is Power
    • People & Teamwork - First Time Manager
    • People & Teamwork - LinkedIn as Networking
    • People & Teamwork - Networking Hacks
    • People & Teamwork - Networking as Relationship
    • People & Teamwork - Networking Simplified
    • People & Teamwork - Reputations Travel
    • People & Teamwork - Teamwork as Leadership
    • Sliding Doors - Decision Paths
    • Sliding Doors - Success Requires Luck
    • Speed Bumps - Chutes & Ladders
    • Speed Bumps - Layoffs & Survivors Guilt
    • Speed Bumps - Laid Off? Take a Breath
    • Speed Bumps - Layoffs. The After Life
    • Speed Bumps - Owning Mistakes
    • Work Life - American Work Culture
    • Work Life - Ask Why
    • Work Life - Be Yourself. Be Genuine
    • Work Life - Browned Out?
    • Work Life - Business Travel Guide
    • Work Life - Calendar Management
    • Work Life - Change is Certain
    • Work Life - Difficult Situations
    • Worklife - Focus on Fiyah
    • Work Life - Ghosting
    • Work Life - Help the Early Stage Professionals
    • Work Life- International Remote Working
    • Work Life - In the Zoom
    • Work Life - Mom Skills
    • Work Life - Office As A Stage
    • Work Life - Office Ghouls
    • Work Life - Pre Vacation Checklist
    • Work Life - Returning to Work
    • Work Life - Smartphones & The Office
    • Work Life - Speak Up
    • Work Life - Stage Fright
    • Work Life - Startup Glamour
    • Work Life - Stress Management
    • Work Life - Take A Walk
    • Work Life - Tasks We Hate
    • Work Life - They Quit
    • Work Life - Unlimited Vacation
    • Worklife - Vacation Overview
    • Work Life - Welcome the Newbies
    • Work Life - "Work" From Home
  • Money
    • Money - The Basics
    • Money - Saving for Retirement
    • Money - Retirement Saving
  • Library
    • Book Reviews
    • Webinar Hub
    • USA Today Columns
    • Buy Early Stage Professional
    • Bureaucracy
  • Help Center
    • Annual Reviews
    • Career Speed Bumps
    • Managing Up
    • Promotions & Career Planning
    • Stress Management