Go Forward Fearlessly! by cornelia ward

Author:cornelia ward
Language: eng
Format: epub
Published: 2018-08-10T16:00:00+00:00

GO FOR YOUR LIFE PURPOSE!

The recommendations here are based on my own experience as I made career changes in my life. I include my financial decision-making process; it was the right path for my unique circumstances. If you are considering making a career transition that affects your personal finances, please seek the advice of a financial professional who can take your specific situation into account and provide appropriate recommendations. The information in this chapter is not intended or implied to be a substitute for professional financial advice. All content is for general information purposes only.

In 2009, I had been working in the financial services field for four years. I loved helping people become more financially stable and reach their goals. But I was completely burned out! My boss’ directives clashed with my personal values and, as a sensitive person, I easily absorbed the emotions of those around me. I frequently felt overwhelmed. Things came to a head when I found it impossible to meet the requirements of my job as well as my personal needs. The harder I tried to make it work, the more exhausted I became!

For ten years I had dipped in and out of depression. As a very independent person I constantly ran up against the constraints of working for others. I was an entrepreneur at heart. My deteriorating health reflected my inner turmoil. Eventually, I could only work part-time because the stress had really taken its toll on my health. By 2009, it was clear that I needed to leave my job. I realized that self-employment was the key to my happiness, mental health, and overall well-being.

My first step was to figure out how I was going to pay the bills once I left my position since I was the only breadwinner in my household. I mapped out three financial options. First, I would rely on the savings that were safely tucked away in an emergency savings account at my local bank. (This is the purpose of emergency funds, to provide a safety net when the unexpected happens.) These funds were in a basic savings account and had no exposure to the volatile stock market. (Remember the stock market crash of 2008? This was nine months later!)

I had two financial back-up plans in case the emergency funds ran out faster than I anticipated. The first was a line of credit loan using my home as collateral. I applied for this loan before leaving my job. As part of the loan application process, the bank verifies employment and salary. That needed to happen before I left my job. The second back-up plan was arranging for loans from family. I knew that I would be starting a new business but I didn’t know how long it would be before business revenue would replace my current income. Plus, I needed to take some time to regain my health. The two back-up plans were especially important to me because they gave me peace of mind. With these in place, my bills would be covered for at least two years.

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