So there you are in your office or cubicle, the phone is ringing and it’s that butthead VP from
Sales. You cringe but know that you have to answer it. And just before you pick up your mind screams, “Let me outta this cage! There’s gotta be more to life than this!”
And your mind would be right. So what are you going to do about it? After you hang up the phone with said butthead, you promise yourself to start really thinking about how you can escape this place and do what your meant to do – whatever that is. (Don’t worry, I’ll show you how to figure that out I another post).
In this series of blog posts I’m going to hopefully help you by showing what I did wrong and a few things I did right, many years ago when I made my corporate escape. My personal bust out was from the world of advertising. And the goal was to become a professional actor. Mission accomplished.
For any type of escape you have to have a plan right? Makes sense, and yet as badly as I wanted out of advertising, I didn’t make a concrete plan. Duh! Looking back at myself more than ten years ago, I was totally focused on how much I hated my job, on how burnt out and depressed I was, and yet, I spent no time looking at ‘how’ I would get out of there.
If I were talking to my old self today, I’d tell him to shut his pie hole, stop whining and put pen to paper on a plan. You might feel like you’ve got a plan in your head but I’ve gotta tell you, it’s not real until you put it in writing. And if like me you unexpectedly get laid off, you’ll wish you’d done it. It’s a big step, but once you write a plan, it gives you a new energy to make it happen. I know that now.
Okay, so we know a written plan is needed but what the hell do you put in that plan? Well, regardless of what you want to do once you’re free – whether it be to start your own business, become an artist or find your dream job counting polar bears in the Yukon – it’s paramount to address the financials of your plan. Planning the money part will give you true freedom to move on.
Knowing how much you’ll need to survive in your new situation should drive your savings plan while you’re still stuck in the corporate zoo. Here are some key questions to answer for yourself:
- What, if any, is your estimated income in the first year of your freedom? Be very realistic here and err on the conservative side. For many it will be $0, and that’s okay, that’s why you’re planning for it.
- What will you need to save per month now in order to have enough to live on for 6 months (or a year) once you’ve left your current job?
- How can you change your current spending habits so that they don’t cause you to go into debt if you’re in a place where you’re not making your current salary? Can you lower your rent? Is your car paid off? Do you have current credit card debt that you need to pay off?
- Do you have another way or opportunity in mind that could bring in some money in case you find yourself earning nothing while you work hard to get your new gig going? Do you have a client you can take with you? Is there something part-time that you can do at the same time such as consulting?
- Do you have a source of funding to start your new gig? Estimate how long it will last. Will it cover your living expenses and business expenses?
Questions like these can be hard to address, but don’t be like me and wing it – you’ll save yourself a lot of stress in the long run by planning the financial side of your escape. In my situation, I went from making six figures in advertising to making $12/hour roasting coffee while I studied acting and acted in plays and indie films. Did I mention that plays and indie films pay next to nothing when you’re just starting?
Of course, starting your new gig on the side while still working the corporate plan may be the best route there is. If you can get up and running with your new income stream while still be paid by your current job, you’ll be way ahead of the curve.
Either way my friend, take the time to plan out the financials involved in making your move. You want to do it, you can do it and you will do it! Hope this helps in your journey.
Leave me your comments and questions below, I’d love to hear how you’re plan is going. Cheers.
