Tim Tebow is out of retirement and back on the football field for the Philadelphia Eagles. This is a bit unusual. However, it's not unusual for athletes to pursue a second career after their sports careers end. Francois Giguere, the former General Manager of Colorado Avalanche, joined our team as a Wealth Manager last year. He recently published a white paper about how athletes can approach their second careers. Click here to read more about it.
Many boomers are also pursuing second careers in retirement. In fact, many choose to start businesses. According to a recent study, baby boomers are two times more likely than millennials to launch a new business in 2015. Read the full article here.
Here are my top 5 tips for Tim Tebow and the boomers:
1. Choose a partner and team of experts who can guide you through the different phases of your careers.
2. Find the benefits. In addition to being financially rewarding, second careers can be focused on the areas in your life you are most passionate about.
3. Commit fully to the new endeavor. It might be even more rewarding than your first career!
4. Start with the end in mind. Plan your exit at the start based on the goals you want to accomplish.
5. Create a financial plan that guides you forward--your financial plan is your new business plan!