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Work Life Balance [You’re Not An ATM]

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I recently had “one of those weeks” at work, you know the kind.

I was in the office past 7pm on Wednesday and Thursday, did not get home until after 5pm on Friday, and was required to work in the office on Saturday and Sunday. I had two major projects that required me to condense a great deal of work into a very short period of time.

I know my situation is no different than what many face, but it’s still difficult to put in these hours while my wife and sons are missing Dad. On Thursday night, my three-year-old son looked at me and said, “Daddy, you come home late again?” That hurt.

His words hurt worse since I believe in wrapping work around the rest of my life, not vice versa. Though I know what I should do I have always struggled to balance my work and family life, but hearing a toddler tell me what I already knew was a strong reminder of why I am pursuing my dreams of self-employment.

You’re not an ATM

While I know we all must provide for our families’ financial future, we are not ATMs. An ATM exists for one primary purpose – to generate cash. They are inanimate and cold; giving us money when we ask and that’s it. We’re more than that!

It’s not a pleasant thought, but when we let work dictate life, we’re treating ourselves like ATMs. Stop putting work on the top of your priority list and start considering what’s truly important to you… otherwise you’ll never feel fulfilled.

Wheel of life balance

In his book No More Mondays, author Dan Miller outlines seven key areas of personal fulfillment. Let’s take a look at the seven areas and how each helps contributes to a rich and balalced life.

Work Life Balance

I use this “wheel of life” to ensure I am not too far out of balance. I know there will be times when one area takes precedence over others, but I work hard to intentionally address all seven areas.

Financial – Am I sticking to my personal and business spending plans? I hate using the word “budget” because it conjures images of rigid spending limits with no flexibility. A spending plan gives you the ability to move and change as circumstances warrant throughout the month.

Physical – I’m currently struggling here. I need to focus on getting 30-45 minutes of exercise five to six times a week. I’m working full time while building Whiteboard Business Partners, so time to exercise comes at a premium. I also must ensure I sleep for at least six and a half hours each night. My wife correctly says I should sleep at least seven hours, but I know I need the time to work on my self-employment passion in the evening.

Intellectual (Personal Development) – How am I expanding my knowledge and skills for future opportunities? I do a much better job with my personal development than with physical exercise. I recently attended Kent Julian’s Speak it Forward Boot Camp as a way to develop my professional speaking and business skills. I constantly reading books, magazine articles, and blogs on business and marketing. I also take time to read and study topics related to family and fatherhood. For balance I need to take time away from this an toward areas I’m lacking.

Family – How can I be a more positive influence in my family’s life? I have a wonderful wife and two little boys who love having dad around. For me, 5-8pm is sacred family time. How do we best spend that time so our oldest son completes his homework, both boys get some exercise, and we spend quality time together? These are great questions to ask… how could your family time be better spent?

Spiritual – Regardless of your religious background, we all believe in something bigger than ourselves. How are you connecting with that spiritual side of your being? Are you doing things to help you see the bigger world around you? Purpose to take even 15 minutes each day to get in touch with your spiritual side… I promise you have one.

Social (Relationships) – Unfortunately, I have neglected this area as I’ve built my business. Friends and family are a great support network we need to tap into. Over the past few months, I have made a significant effort to reach out to old and new friends to take a sincere interest in their lives. I am gaining a lot of new ideas by listening.

Career – I placed this last in this list for a reason. As I have learned over the last few weeks, “living to work” is not a productive way to go through life. We all have times where we have to put more time in the office than we’d like, but it’s hard on ourselves and our families. This is why working in your passion is so important. If you are passionate about what you are doing, those (hopefully rare) times you have to work very long hours will not be so hard.

Life is too short and meaningful to act like we exist simply to make money. Money is important, but it’s just a tool. Building a great life takes much more than a big bank account.

To remain balanced, make sure to give all areas of your life adequate time and attention.

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How to Be A Smart Quitter

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Any aspiring entrepreneur has had the dream of walking into the boss’ office and giving two weeks notice. The conventional idea of breaking free from the corporate hierarchy and starting something on your own terms is a worthy and noble goal. Unfortunately, that goal can cloud your judgment and make your path to your calling even more difficult.

I just finished the excellent book Quitter by Jon Acuff. Acuff is a self-described “serial quitter” who has worked a variety of jobs before landing at the Lampo Group, Dave Ramsey’s organization. Acuff admits he has significant experience at quitting jobs, and he illustrates his examples in this well-written and practical book. One of the best parts of “Quitter” is that he doesn’t advocate quitting without a solid plan of attack. While we may have dreams of giving two weeks notice and moving right into a new position, that carries great risk that may lead to heartbreak and more stress.

My professional background is in finance, and I am very aware of managing risk in any business situation. When you make the move from employment to an entrepreneurial goal, you cannot eliminate the risk in this move. However, you can manage your risk to give yourself every opportunity to succeed when you make the jump. Any aspiring entrepreneur can manage the risk of the self-employment transition with three items.

A six-month emergency fund

Everyone should have an emergency fund for unexpected expenses. An emergency fund provides a cushion for major car or home repairs. It is even more important if you’re planning to move into self-employment. The time will come where you cannot grow your business quickly until you devote full-time effort to it. Working nights and weekends is a great way to start a business, but you will face the moment when you must break free and focus primarily on your new venture. Unfortunately, there will probably be time after starting your business full-time where your income is less than your previous employment income. An emergency fund will allow you to fund your lifestyle without worrying about your next sale as you build your business.

A part-time job

Last month I attended a speaking “boot camp” in Atlanta. The conference organizer and I spent a considerable amount of time discussing my personal self-employment goals. I was pleasantly surprised to learn that he launched his own business with the help of a long-term part-time job. My friend started his business and worked part-time as a youth director until he could launch his business full-time.

I like the approach of a part-time job for several reasons. First, you have some steady income on which to live. Even several hundred dollars a month goes a long way toward having the financial freedom to pursue your goals. Second, part-time jobs often have more flexibility than full-time jobs. If you are working 15-20 hours a week, you may have the ability to structure your hours to fit with your entrepreneurial venture. Third, part-time work is generally assumed to be short-term in nature. If you experience rapid growth in your business, quickly transitioning out of the part-time job will be easier than quitting a full-time job.

As I build my 2012 goals, I am examining part-time job options should my business grow more rapidly than I expect to grow. Part-time work can serve as a very effective bridge to full-time self-employment.

A clear plan to make your escape

When you develop a plan before something happens, you take emotion out of the decision process. You can execute your plan when chaos reigns all around you. You must sit down with an accountability partner to define the milestones to achieve before making the jump to self-employment. My wife and I are doing this as I create my 2012 goals. We have already determined that I will not launch Whiteboard as a full-time venture until I have six months of financial results at or above a certain level. I will not share those results in this article, but I can assure you the income level I must achieve will be sufficient for both of us to feel comfortable about my future opportunities. This plan allows us to track actual results and remove instinct and emotion from this major life decision.

All entrepreneurs must face risk. Even the most careful planning and prudent decision making will not eliminate all risk from the self-employment decision. The three steps I have described above are great ways to manage the risk and anxiety that comes with the opportunity to be in business for yourself.

Passion, Work, and Happiness

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I love and admire my dad for many things. He instilled in me a great work ethic and respect for people. He spent over 30 years helping build a small seed corn company into a well-respected player in a very competitive market. My dad also taught me that you cannot rest on your laurels or expect the past to repeat itself. Since he started with his current company in 1981, the world of work has tossed and shifted like a rowboat on stormy seas… but that didn’t stop my old man from rolling with the punches and demanding success.

If we’re to succeed in our chosen profession, we must realize that we ultimately work for ourselves. I realize that the vast majority of people in the United States are employees. Recent Labor Department statistics show approximately 15 million employees are self-employed (source), a figure representing 20% of the current workforce. In other words, four out of five employees work for someone else… but we must realize that we always represent ourselves.

I have spent much of my time here on DFA highlighting the benefits of self-employment, including a lot of self-reflection as I work to launch Whiteboard Business Partners. My goals may be different than your goals, but we’re all pursuing our vision of financial freedom. Pursuing a calling and loving our vocation are critical components to finding that freedom.

Hard passionate work promotes happiness

I had the privilege of interviewing best-selling author Kevin Kruse for my upcoming Whiteboard Business Radio podcast series. Mr. Kruse co-authored the book “We” with Rudy Karsan. It’s required reading for anyone looking for more fulfillment at work. The first key point in “We” is how we’re responsible for our own careers, and how we must act like we’re always working for ourselves.

In the past, an unwritten social contract existed between employers and employees. As long as you came to work on time, worked hard, and did not commit any major mistakes, you could count on your company to employ you for life. You would work for 30-35 years and retire with a nice pension. Global competition, technology, and shifting mindsets are now combining to make any job temporary at best. When many publicly-traded companies face declining profits, their first reaction is to lay off employees. These workers may be great employees, but it’s “just business.”

The other side of the unwritten social contracts of the past were that employers could place you where they wanted. If you wanted to move into a different division, the company may not want to do that. If you wanted to try a different job, you were at the mercy of the company. If your skills became outdated, the company really did not care as long as you were in your particular cog.

This type of career progression left many people unfulfilled at work and the recent job market only accelerates these feelings; and now-a-days employees are let go much more readily.  Which has exacerbated the “Why work hard for my employer, they don’t care about me?” attitude.

What can we do then? Adopting and holding to the understanding that we work for and represent ourselves will help us pursue more meaningful work, resulting in better performance. Think about it, would you rather perform poorly at a job you dislike or excel at something you love?

Passion improves life

Mr. Kruse’s most memorable moment as an employer came when an employee’s spouse came to him at a company gathering. The spouse thanked Mr. Kruse for providing such a great place to work, and shared how their lives were better thanks to the changes at work. His marriage was improving, his life outlook was improving, and the entire family was generally happier.

A bond exists between fulfillment at work and overall happiness. Mr. Kruse and Mr. Karsan dismiss the concept of work-life balance, opting for “work-life blend” where your work becomes an integral part of your life, and I agree. In my own life, I can see that I was most happy when doing work I enjoyed. In fact, I met my wife while working my favorite job. Coincidence? Perhaps not!

We have a unique opportunity in today’s economic environment. Sure, the traditional employment contract no longer exists, but that makes for less contraints to finding work that matters.

Know your passion, find what truly fulfills you, and watch your earning potential – and happiness- soar!