February 2, 2009

Part 11: Lifetime Learning for Career Advancement

[Part 11 of 12 in a series on How to Turn Your Financial Goals into Reality.]

What is your most valuable financial asset? Unless you are very wealthy, your most valuable financial asset is your ability to earn money. That earning ability is not restricted to the job in which you may be currently employed—it’s much bigger than that. It is your ability to apply your lifetime of learning and skill under circumstances for which others will pay.

Education experts agree that knowledge is doubling about every three years in almost every vocation and profession. Today’s career can be rapidly replaced with tomorrow’s technology. Those who are not continuously exposed to new opportunities and learning new skills are losing future earning ability.

Believe for the Best; Prepare for the Worst

What would you do if the company you own or work for was forced to close without warning? Are you equipped to start again in a completely new business doing a different job? This is the reality of modern industry and personal vocation. It is a question that many workers and business owners may have to face, perhaps much sooner than expected.

I attended a conference recently where a nationally-known entrepreneur and university president told the group that this year’s graduating college students would have, on average, seven jobs and possibly three careers in their lifetime.

The more ways you have to earn an income, the better prepared you are to deal with any type of personal or systematic economic disruption. New professional skills and businesses take time to develop, so it is advisable to begin the learning process before the winds of change arrive at your place of business.

The best defense against sudden job loss is to adopt a philosophy of being a “lifetime learner” and finding ways to offer those skills to a diverse set of employer or clients.

Develop an Enterprising Mindset

Even if you are out of debt, have low expenses, high savings levels, and a multitude of earning skills, it is difficult to effectively manage the whole package without some ability to recognize business or income opportunities.
I call this ability an enterprising eye or mindset—seeing opportunities that suit your situation, though they may not always be blatantly obvious. This mindset can be developed, at least to some degree, in just about everyone. It is a key to a lifetime of prosperous living.

Think of your personal finances as a business enterprise and follow the example of lean and profitable companies. If you’ve ever taken a course on business economics, you know that successful businesses control expenses and reinvest profits in order to have even more income and profit. I believe that once people experience this aspect of enterprise, they will view reducing expenses as a personal benefit rather than process that denies them what they want.

Seek Professional Help

Lifelong learning is not something you need to face on your own. There are plenty of resources available that can assist you. Most cities have a chamber of commerce or community college that provide guidance for gaining access to affordable job training, starting a new business, or developing other skills you may need.

Find a mentor, someone who has been successful in a career similar to what interests you. Mentors are great resources for overcoming the challenges of a specific profession or gaining insight on the future of an industry.
Also, seek networking opportunities with a local or national consortium of businesses or related professionals. This will help you become established in your new endeavor and quickly develop personal relationships that may contribute to your success.

As you immerse yourself into the discipline of lifelong learning, you will begin attracting clients or jobs that will pay you for helping them solve their problems. The more you increase your earning ability, the more rapidly you will advance your career and the more freedom and opportunity you will enjoy.

Dale A. True, Registered Investment Adviser
True Financial Strategies, LLC
February 2009

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