"Cashing in"

[Anonymous]

Ok, I'm 46, a single mom, and have had a fantastic, successful, career in journalism, govt, NGOs and academia. Tenured prof at high-powered university; experience in SES-level political appointee jobs in defense/foreign affairs/intel, lots of by-lines in national media outlets, TV experience etc. Problem is, none of these things makes me much money, and I have three boys approaching college age. My friends keep saying, "You have a great reputation and should just cash in! Go do something that makes money for a few years! Consult part time for a fancy strategy or lobbying firm or a venture capital firm! Get on a corporate board!"

Given imminent college expenses I'd love to make some money for a while, and yes, I see lots of colleagues, particularly from the government world, who seem to move easily between high powered private sector jobs and public sector jobs. But... I guess I am naive. How do people DO this? Where do you start looking? How do you let people know you're interested? Head hunters? And can one do this kind of money-making thing part-time? As a single parent I value flexibility and would find to tough to not be able to control my hours/travel. Any advice?

[Anonymous]

Write a book and appear on Oprah.
Become a talking head on Fox news.
Network to get on the Board of some companies.

[Anonymous]

Do you personally know people (e.g. former colleagues) who have moved from any of the many fields you listed into something more lucrative? (If you are as well-traveled professionally as you say, you must.) Call them up, ask them to coffee, find out how they made the transition, whether they like it, etc. If the work sounds interesting, ask them to let you know about any similar job openings they hear about, either at their employer or elsewhere. Join Linkedin if you haven't already. Try to tweak your profile information so that the Linkedin job search function starts generating the kind of openings that you find interesting. Those listings are useful as a way to see what firms are out there and which ones are hiring, even if the particular job listed isn't of interest to you, is too junior, etc.

DC is a networking town. So network! Good luck!

[Anonymous]

Anonymous wrote:How do people DO this? Where do you start looking? How do you let people know you're interested? Head hunters? And can one do this kind of money-making thing part-time? As a single parent I value flexibility and would find to tough to not be able to control my hours/travel. Any advice?

I get the feeling you already have the contacts and networks, but these people already see you ABOVE what they could offer you and think you are doing fine and just don't need them. BTDT.

Vulnerability goes a long way in this game. If I were you, I would explore the lobbying prospect, identify what you are passionate about, and approach a contact you already know.

Reputation + Competence = $$$$$$$ in any simple lobbyist equation. It also explains why celebrities are increasingly becoming Goodwill Ambassadors for the UN.....secret is that they can pull in millions and open previously shut doors. Might not have worked for Angelina and the Syrian Ambassador to the UN recently, but it does work...

[Anonymous]

If you are a university professor with a tenure then you should have a tuition remission - you kids get to study for free. They can get loans for room and board if you're unable to contribute anything at all.

[Anonymous]

OP, I'm more than a little incredulous that you were a journalist and ses-level political appointment and don't know how this works. In essence "cashing in" involves trading your integrity for doing something distasteful that may make someone money. Usually you solicit this of your contacts by making a proposal. It's not hard. Show someone the value and the path to get to it. You'll never be looked at the same way again. It is hardly ever something that soothes the conscience. Ask yourself if the money is worth it.

[Anonymous]

Scratching my head at this post....

I would never give up tenure (I have it). That is lifetime job security, possible tuition exchange, and probable reduced tuition at your "high powered" university. If you need extra money, consult. Also, if you work at a university as a prof, you know something about how financial aid works.

[Anonymous]

OP here. As I said, I'm kind of naive about this! And relatively new to DC: came here for the aforementioned political appointee job, ended up changing universities when that ends b/c I liked there, kids were settled, marriage to ex-hubby in another city had ended, etc. So please, no snark: DC natives may know this stuff by osmosis but I was absent the day they explained how to do DC networking. I think I have friends... I'm not sure I know what it is to "network."

Unfortunately, the university where I teach does not pay for my kids to go to college. It gives some money but it will likely end up being less than a fourth of the cost. And like many people around here, I earn much too little for the cost of private colleges to be no big deal and much too much to qualify for need-based aid. Maybe my kids will get merit scholarships but not counting on it.

I dont want to sell my soul to the devil, just make some extra money. And I don't want to give up tenure, just work either part time or while taking a couple of years of unpaid leave, which is pretty easy to do.

Thanks 15:29-- your advice makes sense. But still wondering: is this something where a headhunter could help? If so suggestions of headhunting firms? And does Linked In reay help? Like everyone else in the work I have a basic profile and a million "connections" but just the free version. How do you let it be known you are interested in money-making opportunities? Do you just apply for listed jobs?

[Anonymous]

Can you consult? If you have government experience, then there are probably government contractors that work in your specific field. Many of them employ consultants in an expert capacity. That's the kind of work also where you can get hired on for a short-term project (6-18 months), once they know you are interested, and then move back to the university, if the university is amenable to that.

And how do you let people know? You tell them. Identify a couple of key contacts, and send the an email that says "I'm looking at opportunities in XYZ field and I'd love to pick your brain about what you know. Can I buy you lunch/take you for coffee?"

[Anonymous]

OP, what you're describing is not cashing in. It is called getting a second job or moonlighting.

[Anonymous]

Curious: won't their father help pay for college? And shouldn't your kids make some effort to contribute to funding their own eduction by working, taking out loans, etc? Don't most people work harder and take their education more seriously when they're footing at least part of the bill?

I don't know anything about the networking side, I just thought I'd chime in and see if maybe you could view financing their college from a different angle....

Good luck!

[Anonymous]

Isn't your ex helping? And what's wrong with state schools or with making your kids contribute to the financing of their education?

[Anonymous]

OP again. Their dad is broke, and two of the kids have some special needs. Again, maybe we will get lucky and kids will scholarships, find jobs, or go somewhere cheap. Maybe my ex will start pulling his weight. But I don't want to count on it. And, honestly, I am assuming the two with mild SN may need some extra subsidization from me for a long time to come. And someday I would like to retire! Thus the desire to make a bit more money. I mean, right now we are comfortable-- salary equivalent to an SES, good benefits, etc. But I'd like more of a cushion for the future.

I think part of my difficulty is that I am too shy (or maybe too proud, or a bit of both). I sort of hate seeming like a supplicant. It feels embarrassing to have to contact people to say I am looking. Obviously I need to get over that!

Any other thoughts re: head hunters, how to use LinkedIn, etc?

Thanks.

[Anonymous]

You should try to schedule short meetings with people you know who are doing work that interests you to explore how to get into the king of work that you are interested in. Don't force it. Meet for coffee like pp suggested. Just discuss, sound interested and be pleasant. At some point, ask them to let you know if an opportunity comes up. Don't be pushy or appear desperate. Try to be respectful of their time, situation and be willing to reciprocate. Networking is letting someone know that you are available for them and vice versa in an appropriate way.

[Anonymous]

What specifically are your skill sets and how recently were you a political appointee? Those things will help determine your market value and ability to move. I work at a firm that hires lots of former formers, and their ability to generate biz depends on their skills not necessarily their political appointments or their ability to be a talking head (which sometimes clients hate actually because there's no nuance in cable news)