How To Become Financially Stable and Keep The Job You Love

How To Become Financially Stable and Keep The Job You LoveOne phrase I often hear is “Michelle, you’re just lucky. Your story doesn’t really apply to anyone else.”

Someone even tweeted me yesterday and told me that while they liked my story, that it’s just not realistic.

I even had a friend tell me the other day that she hated her job and she felt like she was having a quarter life crisis. She didn’t know what to do next – leave her stable, but stressful job, or finally pursue something she wanted to do?

One of my top tips for anyone who wants to pursue a job they want is to work towards being more financially stable.

It makes the whole process easier because you won’t have to stress about money (as much) and you can focus on other things in life. Being financially stable can make getting or keeping your dream job more possible for many people.

 

First, lets not confuse what I’m talking about.

The job you want to pursue doesn’t necessarily have to be your “passion” or dream job. The job you are wanting can just be something that allows you to lead a less stressful life and do what YOU want to do outside of work. That could be spending more time with family, traveling, and so on.

Not everyone wants to combine their passion and their careers, and that is completely fine.

However, I don’t think anyone should ever completely hate their lives and their jobs. There are ways around that, and if you are spending a fourth of your life at your job then I think you should at least somewhat enjoy it.

 

It won’t always be easy.

I say this all the time, but great things in life don’t come easy.

A goal wouldn’t be much of a goal if you could reach it with no real effort.

Before I was able to leave my day job, I was working like crazy. I worked full-time jobs while also having a full course load in high school, undergraduate school, and graduate school. It was tough, but well worth it in the end.

You might have to work long hours in the beginning, take on side jobs (more on that below), sacrifice your social life, and more. However, it’s all about that end goal!

Related article: How I’m a Work-Life Balancing Master.

 

Cut your budget.

If you don’t have a budget, then you need to start one now.

If you don’t feel comfortable leaving the job you hate to pursue one you want, then you might want to see if there is anything in your budget you can cut. You can even go a little crazy and create a “bare-bones” budget where you cut everything you can so that you can reach your dream life a little more quickly.

Related article: 6 Ways To Be More Frugal and Save Thousands.

 

Pay off your debt.

Many people say that they don’t feel comfortable leaving their “stable” job because they have debt. Well, pay it off then!

I know that’s easier said then done, but you can always start paying it off now. Create an action plan, pay off that debt, and live a debt free life sooner rather than later.

 

You need an emergency fund.

I am a big believer in a well-funded emergency fund. We have a large emergency fund and we always have. The peace of mind it gives is well worth it.

An emergency fund helps me feel more confident in my business because I know that if one large expense pops up, or if I have a bad business month, then I can fall back on my emergency fund without feeling like I need to give up on my dream life.

If an expense pops up, you don’t want to stress about how you are going to pay for it. You also don’t want to put a large unexpected expense on your credit card that you can’t pay for because that will just lead to debt and interest charges you can’t afford either.

 

Pursue income on the side.

In some cases, you may need to pursue additional income in order to live the life you want to live. This might mean starting a part-time job, creating a side hustle, or adding passive income to your income stream.

I pursued side income for many years, and it helped me pay off my debt quickly so that I could leave the job I did not like and pursue my business full-time. It was hard in the beginning, but it all paid off and I would say that it’s one of the best things I have ever done.

Related page: Extra Income.

 

Have insurance.

Okay, this might sound like an advertisement, but I promise it is not. Having insurance (such as for your car or home), can help you lead a more stable life.

Too many people enter rougher times and eliminate their insurance policies. This can be a disaster because when you finally need to use that insurance, you may no longer have it.

I remember hearing about families who skipped out on paying their annual fire department bill (in some cities you have to pay this separately), and when their homes caught on fire, the fire department saved the people in their homes, but let the animals and the home burn down. Whether or not you agree with that, it has happened in the past, and it can happen again. It’s best to be insured.

 

What are you doing to become financially stable?

Do you have the job you want? Why or why not?

 

How I’m a Work-Life Balancing Master

How I'm a Work-Life Balancing MasterI’ve always had a lot of things going on in my life.

In high school, I took a full course load, took college credits, volunteered, and worked full-time.

In college (both undergraduate and graduate school), I took a full course load (read about how I graduated in 2.5 years with two undergraduate degrees), volunteered, lived on my own (I moved out a few days after I turned 18 and later bought a house at the age of 20), and worked full-time.

In graduate school I did all of the above plus I started my current business.

Because of my past, I often receive questions about how I’m able to do it all. Some like to tell me that I must have no social life, I’m all about working, or ridiculous reasons for why my life must suck.

However, I am able to do it all because I have improved my life balancing skills and I know how to manage tasks efficiently and effectively.

 

There might be some pain in the beginning.

Okay, I won’t lie. In the beginning stages, there was definitely a lot of pain.

Managing everything all at the same time was tough, but it takes time to improve your work-life balancing skills.

There were countless days where I only received three or four hours of sleep. Actually, that happened for a few years. In the beginning stages, I was absolutely horrible at managing my life and work. I would procrastinate, forget what I was even supposed to do, engage in time sucks, and more.

However, I am much better at managing everything now, and all of my hard work paid off. If you have a major goal you want to reach, then balancing many areas of your life all at once may be needed.

Below is what I did and currently still do to make everything work and flow smoothly:

 

I have a schedule and to-do list.

I don’t know where I would be without my schedule and to-do list. I have a fairly bad memory, and I forget things almost immediately. Without my to-do list, I would be completely lost and I would spend way too much time trying to remember what I’m supposed to do.

My to-do list and schedule keeps me on track, and it also keeps me motivated. I also enjoy crossing items off my to-do list because I am a huge nerd.

 

I make sure the timing for everything works out perfectly.

When I was in college, I always made sure that the timing for all of my classes worked perfectly with my work schedule. This required some research and planning, but it was well worth it in the end.

I made sure all the classes I took ran together well. This meant no wasted time in-between classes, and just enough time for me to work my normal 8-5 job so that I could start my 5:30 p.m. classes without any wasted time after work as well.

You would be surprised if you stopped to think about how much time people waste. I know people who sign up for college classes and just take whatever they think they need without thinking about their schedule. This might mean having hour or longer breaks each day between each of their classes. I also know people who take a class, go to work, and then come back for another class (wasted driving time), and more.

I’m not in college anymore, but I do still make sure everything is timed perfectly. I guess it’s a habit of mine that will never die.

 

Don’t try to multi-task everything.

Some people are good at multi-tasking, whereas most are not. There is proof out there that multi-tasking can actually result in you wasting time. This is because it takes time to get yourself ready every time you stop and start a task.

I recently read something that said whenever you start and stop a task, you are wasting at least 25 minutes. That adds up over time!

Instead, choose a task and stick to it for a certain amount of time. Don’t try to do work, while talking on the phone, while watching TV, while doing dishes, while also Facebook stalking in the background all at the same exact time.

 

I outsource certain tasks.

Even though there are several tasks I COULD do, I outsource them. I have multiple websites, and I have staff writers and virtual assistants for a few of them.

This could also apply to household tasks. This may sound silly, but I am guilty of procrastinating by cleaning occasionally. I hate cleaning, so that really says something. If you don’t have the time to do certain household tasks, such as mowing the lawn, raking leaves, cleaning your home, etc., then you may want to see if there is any value in hiring out some of these tasks.

You need to place a value on tasks and see if your time is better spent elsewhere.

 

I have a specific order for completing tasks.

For me, I like to order the tasks I have to do. I like to do more complicated or urgent tasks first so that I can clear my schedule and the rest of my day or week can be a little bit more carefree.

Others like to do the easier or quicker tasks first so their to-do list isn’t as long. Some days I do that as well. There is no right or wrong way of arranging your tasks.

 

Eliminate time sucks.

There are so many time sucks out there. I am guilty of wasting time, but I am improving.

Some time sucks you may want to eliminate or cut back in include:

  • Social media. Pretty much everyone is guilty of spending too much time on Facebook, Pinterest, and/or Twitter.
  • TV. Now that I work from home, I definitely watch a little too much TV. If you are guilty of this, you might want to eliminate some  channels (maybe completely get rid of cable and switch to Netflix?), or completely get rid of your TV.

 

Are you a work-life balancing master? Why or why not?

 

 

$14,156 in August Business Income

$14,937 in July - My Highest Income Month

Hello everyone! Welcome to August’s business income (and a little bit of extra income) report. It’s time to look at my monthly income report and track my progress over the past month.

Background information:

This all started out as my “extra income” report because before October of 2013, I still had my day job. In those extra income reports, I included all the income I made except for my day job.

In September of 2013, I turned in my notice at my day job as a financial analyst, and my last official day at that job was in October of 2013. Now, my income reports consist of the main way I make an income each month, which is through my freelancing business.

Some think I’m crazy for publishing my income report each month and being so public about the whole thing. I even received some flack recently from someone who sent me an email telling me I’m crazy! However, I don’t think I’m crazy (well, I hope I’m not). I publish my income reports each month for many reasons.

The main reason why I started side hustling is because I was reading other bloggers’ monthly income reports and they had me interested and motivated in making extra money. Now, it seems like there are several bloggers out there who publish their income reports, and I love reading all of them. I read income reports from Smart Passive Income, Retire By 40, Matthew Woodward, and more.

Before I started blogging, I knew nothing about side hustling and making money online. I didn’t think side hustles were worth the time, and I thought the main way to increase your income was through your day job. I believed the only way I could make money money was through raises and promotions.

Oh, was I wrong!

If it weren’t for others publishing their monthly online income reports each month, I don’t know if I would have even ever attempted side hustling.

Also, I like to publish my income reports each month because it’s a way for me to look back, learn from my mistakes and see what I need to change or improve the following month. Just sitting here and typing up this month’s income report is a great way to keep track of my business goals. It also gives me motivation because if I can see that nothing has changed in a few months I know what I need to start working on.

I know I say this every month, but it is the truth. Life is just so great now that I am doing what I want to do. I look forward to each and every day and it is a wonderful thing.

 

How was August?

August was another great income month, and it was my second best month after expenses. I did think August would be slightly better, only because I feel like I’ve been working a lot of 16 hour days lately. It was still a great month, and I hope it pays off in future months.

I have a lot of plans and I feel like I’ve been all over the place lately.

One area I need to work on is better time management and finding more time to enjoy myself. Instead, I usually feel like whenever I spend time doing something else, that I actually should have been working.

UGH! But that’s the life of someone who works from home. It’s hard to stop working.

That’s really the only downside of working form home though. Everything else is very positive and I wouldn’t trade it for the world.

 

In August of 2014, I made $15,051 in business income, before expenses.

 

August Business Report

This is for the month of August and before fees and expenses (fees and expenses that lower the amount above total around $895, which includes VAs/staff writers for my other websites, technical assistance on my websites, PayPal fees, etc.) being taken out.

After expenses and fees, I made approximately $14,156. In the amount above, I do not include the amount I bring in to the websites I provide services to. I only include the amounts that are my actual earnings from my services. So, if a website I manage makes an income of $3,000, I only include my payment for my services- not the full $3,000.

[Read more...]