Strong Considerations During Career Transition

No matter how hard we try, we all inevitably face career transition. Having had experience with my fair share of career transition, I thought I’d share some of the things that successful career-changers have implemented…

Podcast Details

Podcast Title:  Strong Considerations During Career Transition

Podcast Series: Financial Literacy Boot Camp

Link to Show Episode

No matter how hard we try we all will be inevitably faced with a career transition–whether that be within the same company but a new position, a new company altogether or a complete career change and the ever so famous “starting your own business”. Having had my fair share of career transition I thought I’d share some of the things that successful career-changers have implemented.

Here’s a list for your “consideration”…

They consist of the following:

Consider Cash Flow
This is what will kill a new business quick if you are an entrepreneur. And it is not necessarily your business expenses, but your personal living expenses [that don’t stop] when you are trying to get a new venture off the ground.  Or perhaps you are going to a high base salary to a more commission based job.  Whatever the scenario, you’d do well to have good cash flow management strategies in place prior to your transition. A good rule of thumb for your bank account is to have 3-6 months in living expenses. This can be more but not less.

Consider Your Company Benefits
If you split this into 2 categories–current considerations and future considerations–you might think of things like company benefits such as medical care as something to consider in your career transition. How similar is the coverage between Company A and Company B?  If this is misunderstood, you can be leaving benefits on the table.   In the future consideration camp, consider “deferred compensation” and 401(k) accounts as things to try and maximize without leaving much behind.  A lot of people leave the money in the plan because they don’t know what to do with it but this is not the best choice in most cases. Another thing could be vested shares of stock or options or other types of incentive pay. These all should be carefully reviewed for the ramifications of you leaving or transitioning from the company.

Consider Your Biggest Asset–Your Home
Buy/Sell/Rent my home?
Check out another version of this explanation from my Facebook post.
One of the best financial decisions I made before starting my company was to refinance my home mortgage from a 30 yr loan to a 15 yr loan. This freed up some monthly cash flow and ultimately was the best decision for me and my family based on our long-term plans. I’d highly recommend reviewing your long-term housing plans prior to career transition to see if it makes sense to find a way to reduce interest, make improvements, etc before you take a pay cut.  I often get clients caught in whether they should rent, buy or sell when they are forced to move to a new city. Well, there is some math to this. If you decide to rent out [a previously purchased home], consider if the all-in cost of renting will be less in what you could charge. And if so, is that difference big enough for you to become a full-time landlord or pay someone to manage the property. If not, save the land lording for a game of Monopoly and look to sell your home.

What if you are upside down?
When you are underwater on the mortgage, it may be best to just rent our previously purchased home because you have no other choice.  But if you’re in a career that has you moving frequently and you haven’t purchased a home, you may consider renting until you get more stationary. Believe me, I know the hassle more than most being a military brat, but at some point, you have to be smart about your finances. And buying and selling homes without making any money is not a smart financial transaction and it will negatively impact your net worth.

Consider Your Mate
Hopefully, it goes without saying that if you are in a marriage relationship, you need to get your spouse’s support on any move.  If you want to add unnecessary stress to your relationship, just ignore my advice here.  Having been married for over 20 years, there hasn’t been any major move I’ve made in my career without the support of my wife.  When things are not looking rosy, you’ll need the support of your significant other in those times especially.

#financialplanning #careertransition #newjob #finance #financialadvisor #financialtips #financialadvice #episode55

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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Tools for Your Personal Development

These are things I’ve learned over years of working with individuals that have had great success both in business and personally. These are 4 anecdotes for personal development…

Podcast Details:

Podcast Title:  Tools for Your Personal Development
Podcast Series: Financial Literacy Boot Camp

 

So on today’s show, I wanted to wind-up this series on “Solutions to the Career Transition” by talking about some things I have come across that will be helpful in your personal development.

Understand the difference between the necessary and the important…

  • Very successful people say “no” a lot more than they say “yes”
  • Very successful people prioritize things that are necessary (essential to life or their purpose) and focus on those things.  Important things (relevant, but not essential) receive less attention.  This is key in avoiding distractions and maintaining your focus.

To get a “return” on yourself, you have to “invest” in yourself…

  • Very successful people have invested and continue to invest large amounts of time into their personal development.  This is done consistently and intentionally.
  • Personal development is in direct correlation to your personal wealth. If you aren’t as wealthy as you want to be, then spend more time developing yourself.

Always be accountable to a higher standard…

  • Very successful people don’t allow their character to limit their opportunities.  Opportunity won’t take you where your character can’t sustain you…  You can’t be “two-faced” while rising to the top…not for long.
  • Very successful people have people around them that they trust and respect that call out their “blind spots”.  Not being aware of blind spots causes some of the worst traffic fatalities.  This is also true for career or personal failures.

Your energy for anything will be tied to how passionate you are about it, so FIND YOUR PURPOSE!

  • Very successful people have found their reason for being on this earth and this affords them the highest level of fulfillment/contentment you can find in life.  If you chase money, your level of contentment (if attained) will be fleeting, but if you chase a passion that is tied to helping others, you will always be fulfilled.
  • Very successful people realize that we as humans are designed to be in community with other people because a natural energy transfer comes from those interactions.

#financialliteracy #personaldevelopment #careertransition #success #episode52

Helpful Links:

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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Solutions to the Career Transition Problem: “Developing a Millionaire Mindset” with Brandon M. Williams

This week on the show I bring on another former NFL athlete that has made a wonderful transition from the gridiron to the business world. Here’s my conversation with Brandon M. Williams.

radPodcast Details:

Podcast Title:  Solutions to the Career Transition Problem: “Developing a Millionaire Mindset” with Brandon M. Williams
Podcast Series: Financial Literacy Boot Camp
(Video and illustrations available on our YouTube channel here.)

Link to Show Episode

  • (3:07)–Brandon’s background and journey in college and professional football
  • (6:50)–Brandon’s transition from football to broadcasting; his mindset when leaving NFL and not reaching all his goals while playing in the NFL
  • (11:45) –Brandon’s perspective on wealth management and what drove his decision
  • (16:40)–Brandon takes us inside the NFL locker room;
  • (23:10) –Brandon and his passion for financial literacy and his partnership with Wisconsin’s new financial literacy legislation
  • (31:25) –Brandon’s life advice: “Lead with your life”.  HAVE VISION, BE INTENTIONAL WITH YOUR TIME, LIVE WITH STANDARDS
  • (40:20) –Brandon’s key to “developing a millionaire mindset”

#financialliteracy #athletetransition #athleteeducation #realtalk #careertransition #millionairemindset #moneylessons #NFL #BrandonWilliams #WisconsinFinancialLiteracyBill #episode51

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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Solutions to the Career Transition Problem: Discovering Passion from Adversity with Ernest Owusu

This week I spend some time with former NFL defensive end, Ernest Owusu, to talk about life during and after professional sports.

Podcast Details:

Podcast Title:  Solutions to the Career Transition Problem: Discovering Passion from Adversity with Ernest Owusu
Podcast Series: Financial Literacy Boot Camp
(Video and illustrations available on our YouTube channel here.)

 

  • (1:25)–Ernest’s journey into football, his perspective as an undrafted free agent competing in the NFL and what it felt like when he started to realize the “business” part of being a player in the NFL;
  • (8:58)–the transition process he went through when an injury related to his sickle cell trait caused his premature exit from the league and what some of the crucial decisions he made during that time;
  • (11:05)–we also talked about his money habits (and where they came from) and the discipline he employed while being in the spotlight of the National Football League; and
  • (15:15) –we talk about what Ernest did when coming out the NFL and what he feels are important traits to develop around networking
  • (19:55)–how he used a tragedy in his life to find a real passion around becoming an advocate for persons dealing with the sickle trait disease and all he’s doing now to build awareness around that subject within the athletic community;
  • (25:25) –Finally, we talk about some of the most important life lessons has gleaned from playing in the NFL and his advice to younger athletes

 

#athletetransition #athleteeducation #careertransition #finlit #moneylessons #NFL #CFL #ArenaFootball #NCAA #sicklecell #ErnestOwusu

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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Solutions to the Career Transition Problem: “Starting New Things”

In this podcast, I share the mic once again with Marques Ogden and we chat about his upcoming speaking academy, his newest endeavor, and a lightning round of topics that will be sure to intrigue you.

Podcast Details:

Podcast Title:  Solutions to the Career Transition Problem:  “Starting New Things”
Podcast Series: Financial Literacy Boot Camp

Video and illustrations available on our YouTube channel here.

Questions/Issues We’ll Address on this Episode:

 

-We talk about Marques’ upcoming speaking academy and how attendance has tripled (2:10)
-Marques’ advice on “fearing to fail” (3:48)
-Marques’ newest endeavor….SURPRISE!!!  (7:40)
-Another life lesson “unpacked” (14:40)
-The lightning round:  what is Marques think about….(16:40)

Solutions to the Career Transition Problem Series:  1st Interview, 2nd Interview, 3rd Interview, 4th Interview
Marques’ website
Marques’ FB/LinkedIn/Twitter

#financialliteracy #finlit #careertransition #branding #marketing #entrepreneur #motivationalspeaker #money #finances #cfl #canadianfootballleague

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Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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#FinancialLiteracyBootCamp

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The Challenges Facing Financial Advisors in the 21st Century with Special Guest Tywanna Smith

I discuss the challenges facing financial advisors in the 21st century with special guest Tywanna Smith of Athlete’s Nexus

Podcast Details:

Podcast Title:  The Challenges Facing Financial Advisors in the 21st Century with Special Guest Tywanna Smith
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:

I discuss the challenges facing financial advisors in the 21st century with special guest Tywanna Smith of Athlete’s Nexus (on Twitter @AthletesNeXus)

  • Who is Tywanna Smith (2:25)
  • Tywanna talks about her idea behind writing  “Surviving the Lights: A Professional Athlete’s Playbook to Avoiding the Curse”.  (4:50)
  • Tywanna and I dive into her book -“…
    • we don’t exploit athletes for revenue; we prepare them for life” (6:40)
    • How many athletes really understand how to leverage their brand to set up “life after the sport” (10:10)
    • For generations, the African-American culture has instilled a “loyalty” complex in its offspring to make decisions based on emotion rather than logic. (12:45)
    • Athletes operate best with good coaching, guidance, and teaching, and they are most receptive when someone connects with a level of understanding… (16:40)
    • As an athlete, how do you build a great team around you (20:04)
    • How athletes can use their current influence (29:30)
  • How to increase the level of financial literacy among athletes (31:25)

#financialliteracy #financialplanning #financialeducation #financialadvice #athletetransition #financialadvisor

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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#FinancialLiteracyBootCamp

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The Art of Personal Branding with Marques Ogden

Marques and I discuss the “art of personal branding”.

Podcast Details:

Podcast Title:  The Art of Personal Branding with Marques Ogden
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:

-Branding
-Social Media
-Marketing

-What to Include in your Digital Content Image (2:15)
-Marques top social media sites for personal branding (5:04)
-Differences in the use of social media across the age groups (7:30)
-Most important aspect of your personal brand (10:50)
-Is Twitter is optional? (13:45)
-Marques’ tricks of the trades for building followers (15:05)
-The obstacles that keep us from developing good personal brands (20:45)
-Preview for segment on personal branding for Marques’ upcoming academy (26:35)

#financialliteracy #personalbranding #marketing #socialmedia #entrepreneurship #smallbusinessowner

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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#FinancialLiteracyBootCamp

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Solutions to the Career Transition Problem with special guest Marques Ogden

Marques Ogden and I discuss the tools needed by young athletes to effectively transition from the gridiron to the boardroom!

Podcast Details:

Podcast Title:  Solutions to the Career Transition Problem with special guest Marques Ogden
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:
A discussion of “Solutions to the Career Transition Problem”and the tools needed by young athletes to effectively transition from the gridiron to the boardroom!

Marques Ogden and I continue our conversation on “Solutions to the Career Transition Problem” by having a very candid discussion on the tools he used after leaving the NFL to begin his transition into the business world.  We discuss the development of his thought process, a strategic plan, and a business network to launch his next phase in life.  We also cover in the discussion practical examples on what business owners can do to boost their networks during the start-up phase of their business.  We also discuss ways that young professional athletes should be leveraging their brand with non-monetary “human capital” while still playing.  Last, we cover some statistics provided by the CFP Board on financial literacy and savings rates among Americans.  Don’t miss this exciting episode of “Solutions to the Career Transition Problem” brought you DJH Capital Management.

  • Develop a Strategic Plan (3:15)
  • Develop a Network and Talk to People (4:50)
  • Join your Chamber of Commerce (6:30)
  • Leverage Your Brand (20:30)
  • 80% of Americans concerned about not saving enough…what about athletes? (25:35)
  • How to get out of your “comfort zone”? (28:55)

Helpful Links:

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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#FinancialLiteracyBootCamp

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FLBC 031: Solutions to the Career Transition Problem

Marques Ogden and I continue our conversation about: “The Career Transition Problem” and how to re-brand and financially empower yourself!

Podcast Details:

Podcast Title:  Solutions to the Career Transition Problem
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:
Marques Ogden and I continue our conversation about:  “The Career Transition Problem” and how to re-brand and financially empower yourself!

Helpful Links:

Submit a “Boot Camp Listener” question

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Subscribe to the podcast!

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

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FLBC 027: Solutions to the Athlete Transition Problem

Podcast Details:

Podcast Title:  Solutions to the Athlete Transition Problem
Podcast Series: Financial Literacy Boot Camp

Video and illustrations available on our YouTube channel here.

Questions/Issues We’ll Address on this Episode:

My conversation with Marques Ogden about rebranding yourself, career transition, strategic partnerships and more!

Helpful Links:

1st Interview with Marques Ogden
Ogden Speaking Academy Website
Click here to book Marques for speaking

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

#FinancialLiteracyBootCamp

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