A Second Career in Midlife

The Unexpected Shift

Magnus always knew he never wanted to retire in the traditional sense – to him, retirement was an outdated concept. His planning revolved around extending his work life to keep contributing to meaningful outcomes, engaging with people, and continuing to learn and grow. But, when Magnus’s planned retirement date was unexpectedly brought forward, the transition from a full-time executive role to ‘retirement’ was more challenging than he had ever anticipated.

From Theory to Reality

Although Magnus had ideas for his post-corporate life, they weren’t formulated into specific goals and objectives. The sudden shift from a structured, deadline-driven life to one of freedom and flexibility was disorienting, and he felt lost without the familiar rhythm of meetings and objectives.

Starting a New Career and finding Renewed Purpose

It wasn’t until Magnus began implementing his ideas for a second career, that things started to improve. He’d become interested in financial planning and saw firsthand how valuable it is to get the proper financial guidance at different stages in life. This also aligned well with his goal of helping people improve their lives, and he really enjoyed the process of understanding a new field and finding ways to simplify it so that it was easier for people to understand.

Magnus enrolled and completed his postgraduate diploma in financial planning at Stellenbosch University. He now combines this qualification with his experience creating digital solutions in financial services. Magnus’s been involved in some interesting new projects and feels positive about future opportunities.

Magnus’s Life and Money Lessons

Question:
In Hindsight, what would you have done differently?

Answer:
If I had to do this again, I would have started trying out aspects of my second chapter before leaving corporate life, experimenting with different work-related projects, new interests, and hobbies. I should have taken that sabbatical!

Life brings many demands and opportunities. It’s important to be goal-oriented and forward-looking, but don’t inadvertently ‘live in the future’. Constantly thinking about where you’d like to be can make your happiness dependent on future events or circumstances. Cultivate the ability to be content and happy in the moment, just as it is.

Question:
What money habits have served you well?

Answer:

• Manage your cash flow and pay your future self, first – automated contributions to retirement funds work well.
• Consistently invest a portion of any bonus or windfall.
• Spend time in the market (rather than timing the market)
• Diversify your investments – offshore is a good option.

Question:
What has been your biggest money mistakes?

Answer:
A short-lived, painful belief in my ability to outwit the market. Luckily, this happened quite early on, and I could recover and follow a more sensible path.

Question:
What Money Advice do you have for others?

Answer:
Pay attention to your money – it brings your values to life! Money enables us to engage in memorable activities that bring us joy, live in a home we love, spend time with our kids, family, and friends, help our kids establish a sound financial footing, and the ability to help people in need.

Question:
How have you found purpose in your second chapter?

Answer:
This phase is about letting go of the ego and embracing the joy and energy of meaningful projects. I prioritise being fully present, valuing peace of mind and delighting in curiosity, humour, kindness, and beauty. Relationships with close friends and family are important to me, and I treat everyday encounters as chances to connect. I’m also more conscious of my health, focusing on physical well-being and investing in personal growth and mental health.

Always remember, when it comes to your money and your life, be inspired, be brave, and be on purpose.

Kim

Click here to read Kim’s advice to Magnus
Click here to read the Midlife Money Reflection – Navigating Financial Security as Part of the Sandwich Generation