That’s right, I took the leap and submitted my resignation letter a few weeks ago and I finish my last day in the office today. It still hasn’t sunk in yet, but I’m sure it will after a little time passes. It is hard to put into words exactly what I’m feeling right now, but my emotions are a mixed up soup of: excited, scared, anxious, nervous, hopeful, and joyous.
In a way this is something we’ve been saving for and dreaming about for almost 20 years. It’s the first step on our journey to financial independence and also a great opportunity for me to focus on some personal business ventures that I’ve been thinking and dreaming of for a while now. I hope to do this, all while reclaiming some flexibility of schedule, to be able to be more available for my family. My wife will still be working at a traditional salaried job, so we won’t be without income, but our income will drop significantly, at least for the time being. I’m OK with that (I have to keep repeating that sometimes). Many amazing families live perfectly wonderful lives on one income, so we’re not doing anything too far outside the norm there.
For a guy like me who’s a planner in every sense of the word and likes to have everything lined up before I jump into something new, this is a big step and far outside of character. I guess the planner inside me still got some satisfaction though because I didn’t want to consider this type of a move without having ample savings, especially considering I’m 43 and in my peak earning years. Those of you who are entrepreneurial or adventurous are probably thinking, “What’s the big deal?”
I’m definitely one of the people who has enjoyed the relative security of having a steady paycheck. I was well compensated in the job I just quit and had opportunity for advancement in the very near future. To some people that sounds like a great opportunity to just work a few more years, keep stashing money like we were (40-50% of income), and then retire for good in a few years. That is certainly something we could have pursued and my wife and I discussed it, but in the end, it really wasn’t what either of us wanted. She wants to continue working in her chosen career path and is on a great trajectory in her vocation. And I’m wanting to start to develop the business(es) and passive income now that I’m passionate about and that I want to continue to do into “retirement”. Those of you who have read my previous post about “retirement” know what I mean when I use that word, which is different than our current cultural norm. This is really my/our opportunity to do many of the things I’ve been talking about in this blog. Insert cliché’s here: “Time to practice what I preach”; “Time to put my money where my mouth is”.
As I talked about in my Marriage and Money post, I wouldn’t dream of making a decision like this without many discussions with my wife (and even our son). My wife is amazing beyond description and she was quickly on board with this decision. Truth be told, she wanted me to quit sooner! She is ecstatic that I’ll be able to be involved in all of our son’s school activities, ditch my daily commute, and focus on some of my passions.
So what exactly will I be doing? Well, the plan is to be working on several things, some active income and some passive income. I’m going to continue to pursue growth and development of this blog and also complete my licensing and state registration to become a flat-fee financial planner. I’m also going to be developing a lifestyle website that we’re hopeful can develop a passive income as well (more to come later on this). Those are the thoughts and ideas for now, but I’m also open to see what else comes along. We have prayed a long time about this decision and feel a peace that it is right for our family. I’m open and willing to go and do what God has for me, which in the end, rather than in monetary savings, is where my real peace comes from.
So stay tuned and keep visiting. My hope is that you too find peace in your work, family and finances. If I can share some insights and tips that help you find that peace, I know I’ve made the right decision.