“Our 401k plan is the last good benefit we have and one of the only reasons I stay.” Pat said in relation to the dwindling corporate perks at his Stamford, CT company. Pat really wanted to go out on his own. I explained that SEPs (self-employment pensions) are actually way better than any 401k. Like many institutionalized corporate types, Pat had never heard of a SEP. Regardless, the benefits of a SEP are just another reason why taking control of one’s career through an entrepreneurial venture make sense. Here’s another one: that 401k plan might be in trouble.
I’m outrageously optimistic by nature. But I don’t ever go to Foxwoods or the Mohegan Sun even though both are reasonably close to our home in Old Saybrook. I don’t bet on things I can’t control. I did bet on myself when I took the entrepreneurial route because I had more ability to control the outcome. Part of your bet in staying at a company is that the company will do well. If it doesn’t, you are out of a job. As we watch the stock market tumble, realize that macro-economic factors – such as your company’s stock – are out of your control.
Take back control of your career whether it is through an entrepreneurial path or just taking a greater chance. That will make all the difference.