money-1302828_1280.jpg

Why hello!

Don't forget to have a full snoop at my site...

 

Use this money saving system to leave your soul sucking corporate job behind

Use this money saving system to leave your soul sucking corporate job behind

You’re miserable, frustrated and can’t stop ruminating about the million pound question, "Is there more to life than my life sucking corporate job!?”

If you had it your way, you would quit today (or so you say). You’ve even plucked up the courage to pick the exact date of when you'll be popping champagne and telling your boss you are done...for good! Unfortunately, as the days go by and your bravery withers, that date gets pushed further into the future. It’s "not the right time" you tell yourself. Maybe you want to delay your departure as you want to save for that trip to Ibiza next year. Simultaneously you convince yourself that this holiday will give you some breathing space and the perspective you need. The translation? You hope the holiday is going to make you miss the job you once described as your ‘dream role’ and that you will come back with the passion, motivation and intention that once lived inside of you. Here’s the thing….you've been down this road before. You found that the motivation lasts no more than 48-72 hours after your first day back, with  the passion and intention lasting up until that point where you clear your last un-read e-mail. 

What actually happens over the next 12 months (insert your own duration), is that you work hard enough to not get fired and get paid just the right amount of money to not quit. Can you resonate with this? Does this literally feel like I have described your life in a nutshell? Fear - this is what consumes the corporate victim in times like this, with feelings of unhappiness, anxiety and emptiness following suit.

This blog post is for those who fall into the below categories:

1. Hate their life sucking corporate job

2. Have been suppressing their passion and authentic self for as long as they know it

3. Want to turn their passion into a full-time gig, however, are struggling with this one excuse...

'I don't have enough savings to pursue my dreams'

Money is a double edged sword - it not only motivates us to follow our passion as we hope it can provide us with financial freedom one day, however, we also claim we can't pursue our dreams because we don't have enough savings to actually make that leap. 

This post is designed for the person who sits within all of the above categories. This post hasn't been written to help you find your passion or provide you with hints on knowing if you should leave your steady corporate gig. If you've got this far, you've already subconsciously made the big decision, however, are using the excuse of money to prolong the leap of faith. This post will eradicate that excuse.

Why would you listen to me? Well, I’ve been there, done that and worn the t-shirt. I’ve experienced the range of emotions before and after, whilst I have seen others who have suffered from something we call ‘debt overhang’. What does this mean? Economists normally use this phrase when they talk about big companies, however, when applied to you and me, it’s when we are completely paralysed by servicing our existing debt and obligations, that we simply cannot make effective decisions in our day to day life. What I am trying to get at here is, if you leave your job and haven’t put yourself in a financially secure position and are looking to give 100% to your dream…your dream will suffer. Your mind will be running wild about things such as making mortgage payments and paying this month's energy bill, resulting in high levels of procrastination and little in the form of execution. 

So, here is a 5 step system to give you the financial cushion you need to stop making BS excuses:

STEP 1 - HOW MUCH CASH DO I NEED TO PURSUE MY DREAMS?

The hardest thing to know is how much cash you will actually need to pursue your dreams. Why? Because you can’t put a date on this stuff. It could be 3 weeks, 9 months or even 4 years until you your passion is really converted into a money making business. 

So, here's the first step….you need to setup a savings account which is clearly defined as your ‘dream fund’. It doesn’t have to be the latest inflation beating savings account, for now it just has to be one that does the job. Why? Psychologically, you will not do anything if you spend hours comparing the highest interest earning accounts for you - at the moment, it's all about setting up automated systems that are quick and easy. Just ensure you can access that money at any point without charges or fees! 

What do you put into this dream fund? This savings account is where you stash away money for 6 MONTHS OF EXPENSES. Yes, really...6 months. Why 6 months you ask? This should give you a sufficient runway to feel zero financial burden when pursuing your dreams. Remember, you are in this for the long-term! Also, don’t see this as an emergency fund, this isn’t the cash you dip into when you get an unexpected parking ticket or when you decide to go for a cheeky night out. This is purely to fund all of the 'needs' in life for when you do make the leap - I'm talking utility bills, rent and food, not new running shoes, the latest iPhone or tickets to a Taylor Swift concert. Another way to think about it is your fixed costs every month. 

For example, if you earn £2,000 a month after tax and your fixed costs are £1,000 a month, then you need to find £6,000 for your 'dream fund'. That may seem like an impossible sum to reach, however, what you’re actually trying to say is, ‘I hate my job, I just want to leave now and think about the rest later’.

Have you setup your dream fund savings account? How much do you need to hold in your dream fund? 

STEP 2 - IMPLEMENT THIS TAX TIP TO GET MONEY FAST!

How do you achieve your dream fund goal….FAST? 

It’s actually easier than you think. I’m not talking about stopping your daily intake of Starbucks or  running to work instead of taking the train - that may work for some people, however, I have a feeling that you are sick of reading such generic advice. I'm talking about something bigger....way bigger!

Enforce a 30% ‘dream tax’ on yourself. Treat it just like a student loan or income tax. It’s there, it’s annoying and you can’t do anything about it. You don’t stop paying income tax do you? So why would stop paying your personally enforced dream tax? Why 30% you ask? This is the figure I used to ensure financial stability when I left my corporate gig. In reality, you can choose a figure lower or even higher than this. This tax does something beautiful to our mindset - it creates an automated savings strategy which is 100% hands-off. 

e-commerce-2897798_1920.png

Let’s use an example - as per above, our friend needs £6,000 in cash for their dream fund and earns £2,000 a month after tax. So, what needs to be done?

Setup a standing order for your dream tax and ensure it's 2 days after your monthly payday. Why 2 days? This is simply to account for any mishaps or late payments. In this case, our friend would setup a standing order of £600 every month to hit their dream fund savings account.

Assuming this was the only money they were stashing away, it would take our friend 10 months for them to save enough money for their dream fund. I feel the anger raging inside of you, I feel like you wanted a quick fix or an instant solution. As I said, this is all about creating a system which works for the long-term. There may be many people who have quit their jobs with no savings and ended up doing just fine, albeit some hairy moments - however, that’s not what we are going for here. If you want that to be you….I suggest you stop reading now. 

STEP 3 - CONDUCT A MONEY MAKEOVER

£600 a month in this case is ALOT of money. That's why you now need to be more money savvy with your cash. One of the quickest ways to get an instant hit of cash is by giving yourself a money makeover.

woman-316825_1280.jpg

Don't have time for one? Mmmmm, you're probably lying!According to research, we spend around 35 minutes a day just on Facebook, that's not even including the likes of Snapchat, Instagram or Youtube!? So, take time away from your smartphone and give yourself a financial overhaul. I want you to go old school and print out 3 months worth of bank statements and begin the forensic analysis.  Honestly, you will notice things which shock you. 'Damn, I never knew I was signed up to Amazon Prime!?' That's just the tip of the iceberg. 

Here are some of the questions you should be asking yourself (not in any order):

1. Am I spending more than I earn every single month? 

2. When was the last time I switched energy supplier?

2. Am I in the right council tax band?

3. How can I negotiate lower interest on my credit card debt? 

4. Why am I spending more on a Friday for example, vs a Monday?

5. Are my direct debits and standing orders scattered across the whole month?

6. Am I relying on my overdraft facility?

7. When was the last time I switched my bank account? Are there better ones out there for me which provide cash bonus's, insurance packages, cashback and other goodies?

8. How much am I actually saving each month? 

10. Why did I buy that lampshade for my room last month when I don't even use it....? 

From this moment on, you need to start tracking your expenses on a daily basis. Most people don't do this simply because they can't be bothered. There are so many apps out there which track your expenses in real-time, whether it's your current bank's mobile app or players like Monzo who are sweeping up the millennial space here in the UK, take your pick! You can even keep it old school and use an excel spreadsheet. It doesn't matter as long as you ensure consistency.

EXTRA:  Here is something I notices when I began tracking my daily expenditure - my level of emotional spending. Some people eat when they feel unhappy or unfulfilled, others spend money to fill that void. Remember, that new watch or boozy night out only boosts your happiness for a short period of time. In the end, at some point, we all revert back to our base level of happiness. We all know this, however, still indulge in the same behaviour with the hope of a different result. If you track your daily spend, you not only increase your self-awareness, but you also can create daily budgets for yourself. 

STEP 4 - DO THE UNEXPECTED

Once you are ever so close to saving enough enough cash for your 'dream fund', you quit your job...right? NOPE! What I actually want you to do is begin looking for another job, not quit the corporate gig and spend 18 hours a day working on your dream. As you may recall, your dream fund is to fund your basic needs. I am now going to tell you how to fund the basic wants! 

to-reach-2697951_1920.jpg

Your business isn’t going to take off overnight, you won't land a record deal in 3 days and your artwork may not get noticed by the world for the next few years! That's not pessimistic, it's realistic. There is no such thing as an overnight success. Most people think these big shot entrepreneurs have made it rich…quick. One thing that isn't glamourised by mainstream press is the actual work these people do beneath the surface.

What type of job should you get? It doesn't have to be connected to your passion and it can be in a completely unrelated profession. It can be full-time or part-time, it can be whatever you like.

All you need to care about is this new job giving you 2 things:

1. Enough income to fund your basic wants every single month

2. The ability to 'moonlight your business' - This term means working outside of office hours on your passion/business.

Let me address the elephant in the room, why not just stay at your current job? For those who still aren't with, think about it like this. Often, our minds have already left the corporate job before our physical self has actually taken the plunge. As a result, we begin to lose focus in our day to day. The value you bring to the table diminishes daily, because you are no longer invested in a long-term career at your company. Think I’m lying? Remember how keen you were in your first 3 months at your job. Arriving to work early every day, going beyond your client’s needs, attending networking drinks…you get the gist. However, the moment you asked yourself the question, ‘Is there more to life’….you immediately became lukewarm about the value you give to your current employer. Why should I give them 100% if I am going to leave at some point anyway? This attitude actually means you lose all of your bargaining chips when it comes to promotions, pay rises and much more...why? Because you have been coasting and adding little to no value since you began ‘waiting for the right time to leave’. A new job which acts as a facilitator to your ultimate goal is an amazing thing - it's the psychological game changer! Think of yourself as the budding actor who is working at a coffee shop to pay the bills and devote their time to their dreams of making it in hollywood. In this case, you also have 6 months of expenses covered!

As I said, this is all about educated risk. It’s not about leaving your job and hoping/wishing for the best. It’s about reducing your debt overhang. This is the common mistake many corporate victims make - they believe following your dreams means cutting out everything you love. That may work for some, however, you have been institutionalised and are used to the luxuries in life. as you have been on a stable corporate salary for the past few years. Here's the beauty, in this new gig, you don’t care if Jill you gets that promotion over you, because you’re focused on your goal. You don’t care about office politics, because you’re focused on your goal.

STEP 5 - INVEST IN YOURSELF

Invest in a gym membership or something which helps you feel active and healthy. So many people get confidence from playing sport a few times a week, others get it from lifting weights and some get it from doing yoga every morning. Here's the issue, many people lose their cool when they are focusing on their dreams, as they sacrifice their own physical and mental fitness. If you believe these things are irrelevant when following your dreams, you are incorrect. I would actually say it’s one of the most crucial inputs for your future success.

yoga-2959226_1920.jpg

The benefits to exercising and the impact it can have on your state of mind is literally 10x. A journey to pursue your dreams is all about learning to be your authentic self. Remember, you have been lying to the world and keeping that passion locked inside of you for so many years...that is an amazing journey which has both it's ups and downs. Feeling mentally and physically fit is crucial. You wouldn't try and climb Mount Kilimanjaro with no tools or prior training, so why do it when changing your life path? 

When we accomplish a hard workout, we feel great, right? An even better feeling is when you lift weights that you have never lifted before, or run further or faster than ever before. It teaches you the lesson that barriers can be broken and you end up taking those lessons to other areas of your life. This tip doesn't have to break the bank, it's all about what's right for your and developing a system for YOU

Let's get ready to rumble

This is the moment you have been waiting for. It can be one of the most daunting experiences of your career, however, it's what you have been working towards. There is no system for this as everybody has different relationships with their team, bosses and superiors. My advice here is, don't burn any bridges. A good boss would support your decision and who knows, they could be a potential client for your new business venture one day!

Some food for thought...

1. Can't make the switch do a lower paid interim job with less prestige? The only thing holding you back is what other people will think of your career switch. You are concerned about the uneducated acquaintance from Instagram realising you left your corporate job to go work in an unrelated less prestigious field. You say to yourself, 'Imagine what my pals would say if I left my job as a lawyer to go and work for some random company on half the wage?" 

Don't expect to feel comfortable from the word go. When you hit the gym, you don’t look in the mirror 10 minutes later expecting a 6-pack and bulging biceps. It takes consistency to achieve that muscle. It’s the same when it comes to caring what others think about your vision, however, in this case…you are building emotional muscle. Would you rather be adored for being fake, or judged for being 100% your authentic self? 

2. You are a product of who you surround yourself by - spend more time with people who are on the same wavelength as you. We have all heard the thesis that we are a product of the 5 people we spend the most time with.

If you surround yourself by people who are not promoting or supporting your growth, you not only waste your time, but you also waste your money. Think about it, having a big night out with Amy this weekend because you both hate your jobs and want to drown your sorrows has just cost you £100. Furthermore, spending all evening going over similar ground and allowing the diffusion of more negativity in your mind isn't the journey you are now on. 

positive-2470506_1920.jpg

 

3. Account for luxuries which you may take for granted. One of the amazing things about corporate gigs that we take for granted is the benefits we never use. You forget that on your journey to becoming a platinum selling rapper you will need to get to purchase health insurance - your corporate no longer covers that. Let's not forget the free beer trolley on a Friday, along with the critical illness cover or the pension contributions you may no longer receive. We often forget the little things - it hurts if you sprain your ankle in the gym, however, it hurts even more when you have to pay for the MRI scan out of your own pocket!!

4. Don't buy things you don't need, with money you don't have, to impress people you don't even like. Will Smith talks about this quote and i love it! Think about it like this, the more money you spend on trying to impress your buddies from Uni and show them you are still doing well....the less runway you give yourself for achieving your dreams.

rolex-2171960_1920.jpg

Who cares if Jimmy has a new Rolex? Who cares if Gemma has the handbag you have been dreaming of for months? Going back to my point on the 'base level of happiness', we have already determined that your dreams are more important than the material things which you believe gives you status. 

In Summary...

Flying the nest from your corporate job and jumping straight into the process of pursuing your dreams can be tough. There are so many variables involved and it often isn't as easy as 1,2,3. There are so many assumptions in my above steps, however, I hope this article gives you the inspiration to develop and create your own system if the above doesn't suit you. The excuse we often tell ourself for not pursuing or calling is money. The reason why don't have enough cash to make the jump is because we aren't being our authentic self. The longer we play Keeping Up With The Joneses and the longer we let our careers determine our self-worth, the longer it takes for you to make that jump. Will you make that jump? Or will your future self kick you in the face for becoming the office dinosaur who has for the past 10 years said, '...next year will be the year I do it'.

 

5 money habits to pursue if you want an awful 2018

5 money habits to pursue if you want an awful 2018

2 savvy Xmas credit card strategies

2 savvy Xmas credit card strategies

0