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Kim Potgieter
Keep building your skills
The world is changing fast, and so are the skills needed to stay relevant. We often think we’ll keep doing the same work, but that’s not always the case. Upskilling or building parallel skills is crucial – it gives you options to explore a new career path. Keep asking yourself, “How can I add value in different ways?”
Partner with a financial planner
When retrenchment happens, emotions can run high. Fear, anxiety, and uncertainty may cloud your thinking, and making financial decisions in that state isn’t easy. A financial planner can help you stay objective and avoid making impulsive decisions, like using all your retirement savings to buy or start a business without proper planning.
Safeguard your capital
Your pension or capital is now more important than ever – keep it protected for as long as possible. Ideally, start earning as soon as you can, even if it’s just enough to cover your living expenses, while keeping your retirement savings intact and invested. Transitioning from a steady salary to marketing yourself—and potentially facing multiple rejections—is challenging, and the sooner you can generate some form of income, no matter how small, the more secure you’ll feel.
Know your Why
Finding your ‘Why’ is so important, especially when times get tough. Your ‘Why’ is the sweet spot—what you’re good at, what you love, and what the world will pay for (what the Japanese call ikigai). Keep reminding yourself of the bigger picture and why you’re pursuing this path when faced with rejection or obstacles.
Involve a mentor or coach
Find someone who can guide you through this process. A mentor or coach can provide objective, unemotional advice and help you see things clearly. They’ll give you honest feedback and help you shape your ideas into something realistic and achievable.
Explore multiple income streams
You have to be open to the idea of not relying on a single job for all your income. Explore different ways to generate revenue—what we call a ‘portfolio career.’ This might involve combining freelance work, consulting, and part-time opportunities, so you’re never dependent on just one source.
I wholeheartedly agree with Brandon that starting over after retrenchment requires a high level of motivation. But pursuing a new dream aligned with your passion makes the journey just that little bit easier.
Always remember, when it comes to your money, be inspired, be brave and be on purpose,
Kim
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