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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.

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.

Cash For Trash

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You have all heard the saying “one man’s junk is another man’s treasure.”  Well this holds true.  How many items are around your home that you don’t use?  Appliances, furniture, clothes and books are often left sitting unused because they no longer work right, no longer fit, don’t match the décor, etc.  Take a look around and make a list of everything you no longer use. Put everything unused on the list, don’t second guess yourself… just write it down, you’ll be amazed at what other people are willing to buy.

Organize your junk

After writing out your list look it over and organize it into categories such as appliances, furniture, metal, non-working parts, wood, clothes, etc.  This makes it easier to turn your junk into cash because different piles will need to be dealt with differently.  Name the categories anything you want, just don’t get carried away. Remember to K.I.S.S. (Google it.)

Sell your organized junk

Many people get stuck on this step because they’re way better at accumulating stuff than getting rid of it.  There are countless ways to do it and I could list them all here but instead I’ll point you to the best resource I know of to help you sell your crap and make some money.

Trade for things you need

You don’t necessarily have to get cash for your items, you can trade some of it for things you need.  Trading can save you from having to spend time and cash buying things new.  You can also profit from trading items if you practice up on your negotiating skills. Some shops will take your clothes and allow you to take something from their shop in return.  I once traded in five pairs of generic jeans that didn’t fit for two nice pairs of name brand jeans that fit great. Me sexy! Consignment shops are everywhere these days… when’s the last time you’ve been in one?

Some appliance stores will take your old appliances to repair and re-sell them.  Why not see if they will exchange your unneeded appliances for something you do need?  There are also internet sites like Craigslist that allow you to trade items you don’t want for things you do.

Sell, sell, sell

Junk removal businesses will come to your home, help you organize your junk, then take it to the appropriate scrap yards or stores and split the cash with you.  This takes a lot of the work out of your hands while still delivering a profit – nice.  Do your best to check the reputation of the businesses performing these services to be sure they’re reliable. Check their rates too; some charge more so compare costs and services offered and go with your gut.

Call your local scrap yards for current price lists of what they’re willing to take.  Try to get rid of as many items as possible at each place so you limit travel costs. Commonly accepted items include: old junk batteries, wire, aluminum, small engines, steel, cast iron, copper… the list goes on.  You’ll be surprised what they take and pay for.  Always check to see if they have free pick up, that will save a lot of work and money.

Websites like Craigslist and eBay allow you to open your junk yard to the world wide web.

Donate to the needy

If you’re going to give something away be sure the person or organization wants or needs it. Call around to your local homeless shelter, Goodwill, Salvation Army, etc. and ask for a list of items needed. Providing for the needy makes you feel good, it’s the right thing to do, and you can write it off on your taxes.

Go get started!

Like Matt said in point 4 of yesterday’s article, getting rid of stuff is hard at first… but it feels great when you’re done and it gets easier as you go.

What are you waiting for? Quit reading this and go give your unused stuff a new home – I promise it will make you feel good.