What about our kids?
Build a skill set that serves winners in the global economy.
Even though my net-per-hour was capped (link explains personal pricing), my triathlon coaching business served “winners”, while generating cash flow and letting me train with interesting people.
Similarly, I’ve yet to meet a professional family where I couldn’t generate $100,000 in a half day review session. Family management is a field where you help others by telling them the truth.
Serving winners, sharing my truth and making money for, rather than from, families.
What if you don’t have 25+ years experience in a field?
Think about sectors of the economy where there is an urgent need for problem solvers => in the news this week…
- Life Sciences
- Private to Public
Build skills => find problems to solve.
How might one do that? Assuming you can’t get into med-school (yes, I am projecting) then an engineering degree, with a minor in finance/financial accounting.
The minor (outside your major) is essential, see below.
Follow a technical undergrad with something like Lambda School, rather than an MBA. You will be technically educated, with a challenging STEM background, and debt free, by your mid-20s.
15 years of hitting it and you’ll be ready to change gears by your 40th. The combination of finance, accounting, STEM and programming makes you robust in a rapidly changing world.
This assumes you can’t get into Med-School and don’t feel a calling towards a Military Academy.
No matter who you are, get formal training in finance, and financial accounting, before you are 25.
Every family I meet would have done better, at ZERO happiness cost, from starting financial education earlier. My earliest financial memories are from Grade Six. I started my kids in Kindergarten.
150 hours of formal instruction will change the trajectory of your financial life. It’s unlikely to happen unless you sign up, complete the course work and get tested.
Getting this done will shorten your working life by a decade.
In my own case, early financial education enabled me to shift to flex-time consulting after a decade of traditional work. Coming up on 52, I’ve had 20 years of self-directed time and a wide range of careers.
Tomorrow, what the Free Money Era implies for families with middle-aged Dads. 🙂
PS: following this outline is main reason I have an influence on my family. My first child was born two months before my 40th birthday and I was in a position to change gears. More on “pregnancy to middle school” once I finish this series.
PPS: the 2014 article is essential reading for grown ups. It makes the trade-off between time and money real.