#109 - How to Make a Successful Career Pivot with Mike Kim

Welcome to another episode of The Retirement Answer Man, with me, Roger Whitney! My goal is that you’ll walk away inspired and ready for action. On this episode, I am your guide to financial bubbles and the preservation of your long term investments. I will also pick the brain of marketing consultant and communications strategist, Mike Kim, to identify your skill set and package your passions to pivot your career. Listen in to his calculated transition from a corporate career to an entrepreneurial endeavor. We have loads of wisdom on this episode you’ll want to tune in to!

Investment strategies in lieu of wacky elections.

We survived Super Tuesday with wild cards on all sides of the election. The lack of clarity and uncertainty can send investment markets spiraling. What are we to do with our investment strategies? Do we rush towards predictions of where the change is headed? I want to reinforce what you have already heard: put your financial airbags in place. Today, I’m talking about the return on investment of an emergency fund and the protection it offers. I want to ensure you have the flexibility to respond and not blow up your long term investments or lifestyle. Find out how to take the minimum investment risk to position yourself to achieve your goals, on this episode.

What is a financial bubble?

In our lifetime there have been financial, or economic, bubbles influencing our investments and financial stability. The difficult part is of financial bubbles is they are usually defined after the fact, because they expand beyond their norm and then blow up. Think back to the technology stocks increase from the dot-com explosion, or the real estate rise and burst, or the massive lending that crashed. These are economical cycles characterised by a rise and excess that end in a burst. Are we in the midst of one? And how do you get ahead of retrospect and capitalize on a bubble? Tune in to visualize these bubbles patterns.

Planting one foot to pivot.

Today, I talk with Mike Kim, a marketing consultant, communications strategist, and writer, about his personal pivot from a 9-5 corporate grind to an independent career of serving small business owners in strategy and marketing. Mike offers insight to a career transition that starts with self-assessment of what value you are bringing to your current corporate job. Listen to Mike’s breakdown of his corporate job description versus what experience he actually gained from his day to day actions. A pivot is picking a pillar foot to turn the rest of your body based on where you foot is planted. How did Mike do it? And how can you? Listen in to how you can design your plan to pivot and work more independently.

Strategizing your side hustle.

Mike Kim has made all the mistakes so you don’t have to. Today, I ask him for a plan that we can all learn from. Mike has a “Pivot Pathway Process” to establish perimeters you can live and thrive within. Do you have a viable business plan? Do you have accountability? Listen in to get on track in projecting your progress. Take what you have learned from your day job and apply it to your hustle. If we take actions, we will get results. I love Mike’s strategy and approach to take control of your own life and find the freedom you desire. Tune in to get a taste of what you’re truly hungry for.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:27] Roger’s introduction to this episode.

THE HAPPY SEGMENT

[2:08] Rogers’s perspective shift on annoyances from loved ones.

HOT TOPIC SEGMENT

[4:53] Top stories this week: the election
[5:07] Post Super Tuesday
[6:40] Taking appropriate financial measures in light of the elections.
[8:48] The right amount of risk.
[9:37] Slowing down spending during times of uncertainty.

WHAT DOES THAT MEAN? SEGMENT

[10:07] Financial bubbles.
[11:00] What is a financial bubble in our economy?
[11:53] Getting a bubble right.

PRACTICAL PLANNING SEGMENT

[13:00] Introduction of guest, Mike Kim.
[14:08] Conversation with Mike about pivoting.
[15:39] How do you decipher your pivot when you’re in the corporate grind?
[17:02] Assessing your value in your corporate job.
[18:43] An example of analyzing your job description and what you actually do.
[21:32] Identifying your skill set and packaging your passions to pivot.
[22:43] How to plan a pivot with a S.M.U.G. plan.
[25:34] Where to focus your side income to make a pivot.
[27:00] Comparing asking for a corporate raise to an entrepreneur’s beginning side income.
[28:40] You do not have to hate your day job to want control and freedom.
[29:13] The key is initiative.
[31:46] A change in Mike’s strategy.
[33:10] Clues, testing, and moving forward while being unsure.
[36:20] Common mistakes on the pivoting pathway.
[43:13] Connecting with Mike Kim