The answer to being “stuck” and confused is to break your problems down into chunks. Those chunks sit within your own big picture.
The solution: you have to start somewhere.
Do this: Brain-dump all the stuff from the top of your head onto a page.
Identify the problem
“I’m sick of working at my job, feel I’m worth more and want to do something else.”
What are the obstacles and options? The bottom line is this – you need to earn money. The real question then becomes “how are you going to earn it”.
Do you want a fulfilled life?
If you want to retire and watch TV for the rest of your life, you should already be on that track financially. The trouble with that scenario is you’ll probably feel like you’ve wasted your life unless you’re mentally ill, which some people are and they’re happy to be spoon fed for the rest of their living days.
I’m 55 and have a daughter in college. I have no savings and no retirement funds and don’t have wealthy relatives or any inheritance coming my way.
What are your Options?
Get another job or learn some new skills and do something else. They are the 2 options you have, really!
This is great because there used to be only one, now there’s 2! The 2nd option includes running your own business if you want to do that. There’s actually 3 now! In 2017 there are 3 choices.
How do you decide what to do?
You need to look deeper at the problem. If paying your daughters tuition is your most important goal then your choices shrink. You’ll want to take the most risk-free option. Any change, at your level of commitment, right now will affect not only the next 4 years but your future beyond that. The decision you make will have to fit with that picture. Think of it as a flowchart. Does the decision you make now include providing for your daughters 4-year tertiary education? There are levels. Where does the tuition fit? What are your options for paying for this tuition other than you paying it?
On the one side of your future life decision A4 pad, you have Options, the other side Commitments.
Start with some money if you want to start a business. Newbies to online business (my specialty) don’t realize the importance of downsizing when you start a new business. Don’t run out and buy new equipment and don’t get stuff you think you’ll need; don’t buy Infusionsoft and other expensive software. Don’t do it.
Start with some money, (about $10k in cash) a budget and a couple of Credit Cards (with about 30k to spend, on them). $40k will see you through the first year, give or take.
Levels of debt: Don’t focus on paying the debt off completely, that can come later. Debt has to be really low enough for you to be able to manage financially on a lower income.
Downsize. Move to a smaller apartment, buy a cheap car for cash and start paying attention to your spending. Stop shopping for fun. I shop for food every week or couple of days, a new fridge when I need one and get my non-fancy clothes from Target. I have shoes but I wear my last (the pair I didn’t lose) pair of Crocs every day, everywhere. I don’t buy stuff I don’t need and I don’t eat out. Downsize, get used to the word.
Budgeting: Get to know what this word means.
Commitments: List all the big $ outlays you face and options for solving and getting around them, in the long and short-term.
You need to identify your strengths. Play to your strengths and mitigate your weaknesses by paying someone else to fix the issues you aren’t good at. i.e. I pay a mechanic to service my car but I’m talking about in business.
Whilst you’re new to Business, read a lot. Reading the book is the cheapest way of doing an expensive online course. Some online courses are great but I’ve had more refunds from online courses than not. They’re time-consuming. Choose wisely is all I’ll say about them.
Back to the Case Study. This was a real inquiry by the way. I said, “You realize having no savings and retiring in 10 years doesn’t fit, right? We’re talking about money here.” It’s fiscally impossible.
I also said “You’re coming from a place where a lot of employees live, an employee world. I made the jump 7 years ago when I was 50! I hope that gives you hope. I rearranged my lifestyle and downsized. I work really hard. I decided I love what I do. (because sometimes you really wonder). The hard parts were a learning curve. The things that are “hard” are transient in nature; fear is an emotion that with deep breathing can be refreshing and exciting!”
I create the all-important Empathy Bridge with my clients. My philosophy is this – “you don’t know enough to tell people what to do unless you’ve done it and come out the other side.”
Get real about your life [you only have one] your commitments and really consider your options in the light of the effect your choices will have on whats going on in your life; the impact they’ll have on your future, good and bad.