Beating Broke

I Quit My Job: Overcoming the Fear

February 1, 2012 By Shane Ede 26 Comments

One question I’ve been asked over and over when talking about quitting my job is how I overcame the fear of not being able to find a new job, or not being able to pay my bills. Obviously, both of those questions played a part in the decision. My answer might surprise some. I didn’t. At least not to the point that they’ve completely left my mind.

At the moment, I’m not looking for another job. I took on a part-time job, working for a local computer repair shop, and I’m not even looking for a new full-time job. The part-time job doesn’t pay anything even close to what I was making at my full-time job. And, the truth is, I don’t care. So far, using the income from my wife’s full-time job, and the income from my part-time job, along with some of the income I make from this site and others, we’ve been able to pay the bills. We haven’t been able to keep up with our debt repayments on the same aggressive schedule that we had been on before, but we can pay the bills.

Even so, making the decision to quit my job meant overcoming the fear of both of those things. And, I did it.

Almost a year before I quit my job, I wrote a post on another site of mine, entitled Overcoming Fear. In it, I wrote about facing fear with rationality. Looking at fear with a rational eye, and truly, asking “What’s the worst that could happen?” I knew, during the decision making process, that the part-time job was available, and that it would likely be mine for the asking. The worst that could happen there was for that particular job to become unavailable. But, there are other part time jobs available here, and I could take one of those. The hours at another one of them might be worse, and the pay might even be worse, but jobs were available. The worst that could happen was that I could end up having to take a different part-time job that I wouldn’t like as much. The worst that could happen with our bills would be if we couldn’t make ends meet. The absolute worst case scenario would be if we were pushed to a point, financially, where we would have to declare bankruptcy. Even that is was a pretty remote possibility, because I could always take on a second part-time job to help bring more money in.

I found the worst case scenarios, understood what the ramifications would be for each, and took a leap. And, in the end, I’m very happy that I did. My stress levels have gone way down. I enjoy what I’m doing again. And, I’m in control of what happens with my life, now.

Overcoming fear can be about the best case scenario too. With any decision, there is always something that is a positive. For me, the positives of getting out of a situation that I was suffering in, regaining control of my life, and stopping the trade of my time for money, made it well worth my while.

Do you fear? I encourage to read my post on Overcoming Fear, look at your fears with a rational eye, and ask yourself what the worst case scenario is. Some fears aren’t worth fearing.

Share with us. What are some fears that you’ve overcome? What are some fears that you want to overcome?
photo credit: notsogoodphotography

Take a Challenge To Start the New Year Off Right

January 30, 2012 By MelissaB 14 Comments

If you would like to start 2012 on the right financial footing and want to do something that is attainable, consider taking a challenge. Two of my favorite challenges are spending challenges and pantry challenges. Take either or both of these challenges, and you will find extra money to do with what you please—to save for a new vehicle or home, to bulk up your emergency fund or to snowflake on your debt to get it paid off faster.

I have already spoken about the spending challenge, otherwise referred to as the No Spend Month as an excellent way to raise money for Christmas gifts, but it is also good to
do another time of the year. Choose one month when you limit your spending for disposable items such as groceries, entertainment and gas by as much as 50% of what you typically spend. You will find yourself being mindful of what you spend money on because there is very little money to spend. If you normally spend $800 a month on groceries, entertainment and gas and you vow to slash that amount by half for one month, you now have an extra $400 available to meet your financial goals. (I often have a no spend month in February. The psychological boost of knowing it is the shortest month of the year makes it easier to stay the course.)

Another challenge I try to take at least one month a year, but ideally two months a year, is a pantry challenge. All of us have some extra items lurking in the cabinet. I often buy ingredients for a certain recipe, but then if I don’t get a chance to make that recipe, I often still have the non-perishable items on the shelf a few months later. With a pantry challenge, you try to use up what you have. A common misconception is that you are not allowed to grocery shop at all. That is not true. Just like a spending challenge, you set a designated amount you want to spend. Say you spend $600 a month to feed your family of five. During a pantry challenge, you decide you will only spend $200 for the month. That means you must try to make meals from ingredients you already have on hand. This is a great way to not only save money but also to use up food that may be nearing its expiration date so it doesn’t go to waste.

If you would like a little extra money for your financial goals this year but you don’t have the time or inclination to work more hours, having a spending or pantry challenge may be the perfect solution to generating more money in a limited time frame.

Have you taken part in a challenge before? Were you successful?

photo credit: 401K

Starting a Business? Read This Guide!

January 27, 2012 By Shane Ede 1 Comment

One of the best ways to break out of the daily grind, and do something that you really enjoy, is to start a business. You’ll likely work twice as hard, but because it’s something that you love, you’ll enjoy every minute of it. When my wife quit her job, she could have used a lot of the advice that is contained in the guide I’m about to share with you. There were lots of questions about the structure and methods that are necessary to starting a small business. Luckily, if you’re starting a new business, you can read the guide and cut through some of the learning process.

The guide I’m talking about is one that has been put together by my friend, Eric, from Personal Profitability. It’s free. All you have to do is have an email and sign up for his newsletter. He’s a stand-up guy, so your email is safe with him, and all you’ll get is some really great information about starting a business and personal finance.

So, go over and sign up for the newsletter and get your copy of the Starting a Small Business guide.

The guide is 16 pages long, and covers everything from developing your idea into a business to increasing revenue and income, to the proper ways to exit a company you’ve started if that’s what you want to do. It’s not all-inclusive (that would take a couple hundred pages), but it is a great start on your way to starting a small business.