I have helped hundreds of people give up a steady paycheck. It’s not easy. Transitioning from employee to self employed or retirement changes your relationship with money. A steady paycheck offers security, stability and a familiar lifestyle. Inconsistent income or no longer making money from your job takes time to get used to. It can be anxiety provoking.
Going out on your own and retiring are different and also similar. This blog focuses on the commonalities and in particular giving up a steady paycheck.
Transitioning from Employee to Self Employed or Retirement:
Commonalities:
- Both transitions involve a new lifestyle. There will be an adjustment period.
- Your relationship with money changes.
- Proper Preparation and Good Support are essential for reducing stress.
Coping Strategies:
- Plan Ahead: Have a financial plan as well as lifestyle plan. Consider working with a financial and life planner or business and life coach.
- Build Your Support System: Stay connected to your closest friends, family and professional peers, especially those who’ve made similar transitions.
- Prioritize Mental and Emotional Health: Start by setting realistic expectations, keep track of your thoughts and feelings (good and bad) to help you do more of what is fulfilling and fun!
- Stay Active: Find ways to engage socially and professionally such as volunteering, consulting, or pursuing an old or new hobby (at least one that’s “in person”)
- Be Flexible and Patient: Accept that transitions take time and involve adjustments.
A Story:
I was at a dinner party last week. Across the table was someone who started his own business a few years ago and it was growing! He had had a high level executive position. Burnout had hit and he felt like he had to leave.
When talking casually he stated that the hardest thing was giving up a steady paycheck. Sounds like it had taken him by surprise. I’m sure he knew it intellectually, but emotions don’t relate to logic. I could tell he felt financial stress although luckily not in an extreme way. He inspired me to write this blog.
Having helped many people Transition to Retirement, I know that giving up income from working was hard even if they had plenty of money. We all have a “Money Story!”
Hoping to post more often. I’ve been dealing with a back issue that’s kept me from sitting for very long. With a new chair and renewed energy I’m ready to GO!
Cheers to staying positive!
MarGO!
Margo Geller CSW, CRC
Professional Counselor
Business, Retirement and Life Coach
404-218-4559
MargoGeller@gmail.com
MargoGeller.com
