EP17: Stop Stressing About Money: A Financial Plan for Your Purpose-led Career
Are financial fears holding you back from pursuing a regenerative career? You're not alone. Money concerns are often the biggest obstacle to transitioning out of corporate roles into purpose-filled work. But what if I told you there's a way to address these fears head-on and create a clear path forward?
I'm going to walk you through six essential questions that will help you build a robust financial transition plan. This isn't just about crunching numbers – it's about creating a roadmap that aligns with your values and empowers you to take that leap into purposeful work.
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Why a Financial Transition Plan Matters
Before we dive into the questions, let's talk about why this process is so crucial. A well-thought-out, written financial plan serves two primary purposes:
It puts your fears to rest by addressing all the "what-ifs" your mind conjures up.
It provides a concrete framework to guide your decisions and actions.
This plan isn't set in stone: It's a living document that will evolve as you progress on your journey. The key is to start somewhere and give yourself a solid foundation to build upon.
The 6 Questions to Shape Your Financial Transition Plan
Let's explore each question in detail, understanding why it matters and what we're aiming to achieve with your answers.
1. What lifestyle changes are you willing to make?
This question isn't about sacrifice – it's about alignment. Look at your current expenses and ask yourself:
Which expenses truly align with my values?
Where can I make adjustments that support my transition without feeling deprived?
Be honest with yourself about the difference between genuine needs and things you simply want or like to have. This process often reveals surprising areas where you can free up resources to support your transition.
2. What is the minimum amount you need each month?
This isn't about maintaining your current lifestyle or salary. It's about identifying the bare essentials to support yourself and your family during this transition period. Calculating this number can be incredibly empowering – you might discover it's lower than you thought, opening up more possibilities for your transition.
3. How will you fund this transition?
Now that you know your monthly minimum, it's time to identify your funding sources. Typically, this comes from:
Savings: How much of your financial cushion are you willing to invest in this career transition?
Income: This could involve reducing hours at your current job, finding a "bridging job," or leveraging your skills for freelance work.
Remember: there's no one-size-fits-all approach. Your funding strategy might involve a combination of these options.
4. What is your runway for this transition?
Your "runway" is the timeframe you have before you need to reassess your financial situation. If you're using savings, how long will they last based on your monthly needs? If you're relying on income, how long are you comfortable in your current or bridging job?
Important note: While it's crucial to have a timeframe, be cautious about putting too much pressure on yourself. This runway is your "freedom ticket" to explore, learn, and test ideas – not a strict deadline for success.
5. What are your desired financial milestones?
Setting financial milestones helps you stay focused and track your progress. These might include:
Generating your first dollar from your regenerative work
Reaching a certain percentage of income from regenerative sources
Gradually reducing hours at your current job
These milestones give you a vision of how your financial picture can evolve over time.
6. What are your key indicators of financial and personal progress?
Remember, success in regenerative work isn't solely about money. Consider both financial and personal indicators of progress, such as:
New skills developed
Meaningful connections made
Projects you've contributed to
Personal growth and fulfillment
These indicators help you see the bigger picture of your transition and provide reassurance when financial progress might feel slow.
Putting Your Plan into Action
Now that you've explored these six questions, it's time to bring your financial transition plan to life. Here are some next steps:
Write it down: Don't just keep this plan in your head. Type it up, format it, and make it a tangible document you can refer to.
Share with key people: Use this plan to communicate your transition with your partner, family, or close friends. It demonstrates that you've thought things through and can help alleviate their concerns.
Review and adjust regularly: Set a schedule to revisit your plan – perhaps monthly or quarterly. Be prepared to make adjustments as you learn and grow.
Celebrate small wins: Acknowledge every step forward, no matter how small. This keeps you motivated and builds momentum.
You're Not Alone in This Journey
Creating a financial transition plan can feel overwhelming, especially if you're not used to diving deep into your finances. If you find yourself struggling or want personalized guidance, remember that support is available.
In my two-week coaching offer, Regenerative Pathway, we can work through these questions together, tailoring the plan to your unique situation and addressing any specific challenges you face. To learn more about how I can support your transition, visit regenerativeworklife.com/discovery and book a free discovery call. Sometimes it helps to have someone by your side as you make those first steps in fulfilling and joyful work.
