THE CAREER CHANGE FINANCIAL PLANNER

This story of making Pink Slip Lemonade from layoff lemons comes from guest blogger Sue West of Space4U professional organizing services.

What’s your next chapter in your life? Seems to me that’s what creating pink slip lemonade is all about. Take the best from your past, include what you love from the present, and move forward to create your new future.

It’s all in the attitude, just like the economy of late. Those who wait for the economy to turn around are crossing their fingers, hoping for the best, hoping to survive the year … but not doing much to make their own pink slip lemonade.

So in roughly 18 months, 9 big changes—most affecting my financial life, the biggest being the career change I didn’t volunteer for!
1. I went through a separation in my marriage;
2. I went through a divorce;
3. Moved in with mom and dad for a few months;
4. Found a new place to live;
5. Moved states (kept same job);
6. Changed jobs in the same company/new management;
7. and then was “asked to finish up” my fulfilling, successful corporate career;
8. Changed religions;
9. and eventually started my own business—something I never thought I’d do.

So my pink slip lemonade recipe includes:

Ingredient #1: Rely on friends and colleagues to help you, not just emotionally, but practically.

Ingredient #2: Know what you’re good at and stick with your strengths. If you don’t know what they are, go on a retreat, read a book, see a career person. You’ll be in the driver’s seat of your life, and it’ll be a confidence booster.

What you don’t like or are not as good at – rely on friends, colleagues, or hire people – yes, hire them. They will get you from point A to point B FAR faster than you could do it on your own.

1. Taxes: I hired a CPA . Divorce, different state regulations, living in one state and working in another state, and then through to the times when I had no job? No, I wasn’t going to try that myself! And opening a new business, he was there for me. I found him through my local banker.
2. Investments: I changed to a local financial planner, relying on friends for recommendations.
3. Cooking: Didn’t really know how to. A dear friend offered to teach me some of her recipes. She’d been my senior manager in corporate, so knew my skills well. While we cooked, she gave me valuable advice and perspectives. I needed this confidence booster to get me thinking ahead and not stay mired in the past.
4. Creating my next chapter (which would become my business). I’m a practical sort, great at getting things done, but asking me to dream and create a new chapter? My brain isn’t wired that way (yet!). A friend, about to go through the empty next phase, suggested “What’s Next?” Another friend suggested Sarah Ban Breathnach’s journal and book.

Ingredient #3: Think differently about your expenses. It’s not “how” can I buy something anymore. It’s “Do I need that at all? Or “Do I need it now or later?” Happily, my thrifty instincts from childhood took over. These were key changes I made.

1. Pay attention. Consolidated all household expenses on one credit card. Easier to see what I spend in total. And this way, my travel, clothing and gift points save me more. Paid off monthly.
2. What am I spending right now? I print out the “recent activity” on the card 1+ times a week, and leave it where I can see it, so I curb expenses if needed.
3. Downgraded my car: The sticker price was 1/3 less than my “luxury” car.
4. Biggest discretionary expense was clothes. So I decided I’d stick with the clothes I already had. Shop online only (less of a temptation) and for something very specific.
5. Phone packages: Review minutes monthly as I pay the bill. Can I save by changing plans? Do I really “need” the extra cost features over the next few months or not? Can I combine with one vendor for less money.
6. Took the budget plan for heat and for insurances, to free up more “right now” cash.
7. Stopped buying daily coffees – gradually!
8. A small weekly amount goes into a vacation savings account, so I would not feel deprived and discouraged. Feels like part of vacation is “free” when I go.
9. Coupons, weekly meal plans, lists for the grocery needs instead of wandering – all reduced food bills. (That and not eating out 4 or 5 times a week!)

Stir, sip slowly and enjoy. Kick back and relax. You are on your way to your next chapter!

Tags: Career change stories, Involuntary career change, Job loss, Pink Slip Lemonade, Self-employment, Start a business // 4 Comments »