• Susie Aguilar

Get Finances In Check Before Leaving Your Corporate Job!

When you decide it’s time to leave the corporate world, understanding your finances is CRITICAL!

The last thing we want to experience is panic and fear when we are courageous enough to finally take the leap.

By getting your finances in check, taking inventory of essential and unnecessary expenses, all while being creative - proves that you CAN truly enjoy the rewards of leaving the corporate space.

The key is to be resilient and mindful as you prepare for your transition. I believe in you and I know you can do this!

Are you nodding your head thinking, “yes, this all makes sense but I need help IMPLEMENTING these steps and creating my own custom plan!”? Then it’s time to bring in someone with a fresh perspective.

I offer 1:1 strategy sessions where we can hammer out a plan of action that is going to set your momentum on overdrive and help you build your confidence. If you’re ready, then contact me and let’s get you on the books for September before my appointments fill up.

Want to continue the conversation and learn more free tips while having a good time with like-minded women? Then join us in the She Embraces FEAR Movement group.

DISCLAIMER: I'm not a financial advisor, these are tips based on my own experience and what I have seen work well for other women transitioning from the corporate world to entrepreneurship.

We are fierce women and we deserve to chase after what fuels us, now let’s do this!

Come on by and connect with me on:

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All My Love,

Susie Q

Hey Lovely ~ before you go...

Are you wanting to dive deeper on how to embrace

your fears and pivot in your life and career?

I have a free resource for you!

  • Something I share about is the importance of setting a foundation and boundaries in our life and career. We do that by identifying our values and I have a free worksheet you can download if you are ready to pinpoint them in either English or Spanish.

~ Prefer reading? Below is the full show transcript ~

Are you on the verge of leaving the corporate world, but you want to make sure that your finances are in check today. I'm going to share with you a few questions to keep in mind, to get yourself prepared. Let's get into the show.

If the intro of the show got you hooked, I'm grateful that you're here. I know that finances and the big transition of leaving the corporate world is very scary. And I want to help prepare you in that journey. And one of the things that I want to do before we hop into the nitty gritty here is I want to share this week's review of the week, which is a five star review by biz woman. And the title is need this. And biz woman says:

"I appreciate this amazing weekly reminder to not live and lead with fear! Must listen."

Thank you, biz woman. I truly appreciate you sharing this feedback because that is reality. Fear will keep us safe. It won't allow us to think outside the box, or just a little bit differently, and I'm here to help prepare you in that journey so that we can just face, fear, head on and show it who's the boss. It's us not fear. And fear will always show up. It's not something we can avoid. So might as well face it, right? We might as well embrace it, make it our friend, and just, just do the best that we can at handling what's controllable and letting go of what we cannot control, right?

Friends, so let's get into this juicy topic. We are talking money here, right? And before I share my strategy on finances, the disclaimer is that I'm not a financial advisor and yes, I'm really good at budgeting. I'm actually an analyst and I deal with mess of budgets, but these are tips in my own experience that I'm sharing with you. And I've seen it work well for other women as well, but you have to make this work for you. This isn't a solid rule that applies across the board to everybody in all situations, because let's be honest, we have to be flexible. And my financial outlook is going to look a little bit different than your financial outlook or what your needs are maybe completely different than what mine are. So I'm just sharing from my experience, the things that I've seen work well and how I've seen other women successfully make that transition from the corporate world into entrepreneurship.

So let's get into these first thing. I want to summarize all of this with and get your mind prepared is we want to take a big picture, look at your money and how you can make this transition an actual reality, right? That's the goal here. So let's dive into some of the questions you can start to ponder and really get your head around this concept.

First thing is what is the minimum amount of money that you need to make in order to make this pivot? Okay. So think about that, the minimum amount. And the reason why I say and focus on minimum amount is we in the corporate world, when we're used to that weekly or biweekly paycheck, you get into a little bit of a routine. If I'm being honest, I'm speaking for myself here where it's like, okay, that money comes in, goes out and maybe I have subscriptions or things being paid automatically. And I'm not really paying attention, but is that a true understanding of what your financial needs are? Probably not. I'm guessing. So if that's the case, we need to start thinking about what are my basic needs.

What are the things that I absolutely have to have, right? I need a roof over my head. Maybe you need a vehicle to get back and forth, to work or to wherever your business is located. There's a lot of things that we need to keep in mind.

Let me go down a few categories here for you to keep in mind. So I call these the most essential needs, and that would be like, I was just saying potentially a roof over your head, right? If you're have your own place or you share a place, but it could be a rent or mortgage a vehicle, if that's needed for your business or career utilities, right? We need our water, we need our lights and all that good stuff. We need some food. We gotta have something to nourish our bodies and maybe insurance, right. Insurance would be another one to keep in mind that can be for your belongings. And that can be health insurance. Those are most essential needs. That's like the basics. Those are the must haves.

Then I start to dive into non-essentials that for us would look like eating out random, personal shopping for maybe clothes or shoes or hello, Amazon. They ship everything super easy to your house. I buy stuff randomly just because, Oh yeah, I can use that. And then I'm all, I didn't even touch it for two weeks. So did I really need it? Probably not. And then other things that we may not really see as an inhibitor of where our money goes, I guess, would be the way to explain it, but buying expensive gifts for people. Like, I know we want to take care of our people. Maybe it's our family, maybe it's friends or just, you know, acquaintances. The thing is that spending money on unnecessary over the top gifts, is that really going to get you somewhere? Is that really going to help you reach your goal? Now I'm not saying that it's not ideal to take care of our people and the ones who we care most about. That's not the point.

What I want you to think of is where can I streamline and cut back a bit here so that I can start to determine what's essential in my finances and what is nonessential?

Being resourceful is something that I really want you to think about because one of the things that we should really focus on in this pivot is having some sort of a savings, a little bit of a nest egg to fall on. Because if you decide from to today to tomorrow to leap into entrepreneurship and you have no plan, there's several people that I'm sure have definitely done that successfully with no issues whatsoever. However, I think the struggle is a little bit harder because there's that constant pressure and nagging of, Oh my gosh, I have no money. I have no paycheck coming in. How do I make this work? So I think it's an added pressure that if you can realistically and healthy, be healthy in the process, extend your corporate role for a little bit longer while you build up some savings and start to take out some of these non-essentials.

Then I think that sets you up a little bit easier, a little bit more comfortable, and it doesn't feel as scary. So one of the goals that I usually recommend in this area of savings is keeping a minimum of three months worth of your basic expenses. Okay? Because those are essential needs are the must haves. We can't. Yeah. Ignore that because you don't want to be in a very uncomfortable situation where you have to like sell your house or, you know, um, leave, be evicted from an apartment or anything like that. We want to be set up for success as best as we can. And sometimes we can't control that. And if we can't control that, great, then start slashing all the unnecessary things right now and live very lean and try and minimize as much as possible. But again, the goal would be to have about three months worth.

That's a minimum that I like to recommend, but sometimes it's just not realistic. Maybe you're in a very toxic workplace and you're like, you know what? I've got a couple of weeks worth. That's what I'm leaving with. Okay. Then we'll make it work. Right. That's how I help my clients through this processes to really evaluate and understand where you need to put your attention and focus and not let all this chaos overwhelm you.

Then the other thing that I like to share as a tip in regards to you've got this corporate job and you're starting to build a business, you're doing it as a supplemental income right now. But of course, if you're working full time and you're running a business part time, it's going to be really hard to meet the full time income and that salary that you've been earning in the part time hours of your business now, and maybe that depends on your business because every business is different.

Maybe you have a very high dollar service and you can make that income and no time at all. Fantastic. Then this is way easier for you. But for those of you who, you know, you, you have a service that people are paying for, but you have limited time limited potential. And it's not that big of a dollar of value compared to different services. And you're in different industries. Then the rule of thumb I like to keep in mind is in your part time, hours, let's focus on trying to make 25% of what your essential needs are on a consistent basis. And that will help us make the decision to pivoting into full time entrepreneurship. Because let's be honest, you can't work full time and juggle the business and do everything else in your life. If you're a mother, if you're a caretaker, whatever your scenario looks like, it's going to be very challenging to do both full time.

And I'm not saying it's impossible. I'm just saying you need to also have a life. You also need to take care of your health. If you have a family and kids, you need to have time with them. But the truth is that we want to start to see that steady income coming in. So that's in the section of thinking about how much money.

Now, the next area I want to focus on is what extra expenses can you reduce? Or are there additional ways that you can bring in supplemental income? So let me give you a couple ideas from some of the stuff that we do in our household. And this is just because not necessarily to just pair everything down, but if there's resources out there that you can utilize, why not? Why not build up your savings? Why not? If you're in a really sticky situation and you're like, I need to give my two weeks notice I'm out or they laid me off. And tomorrow's my last day. Oh my gosh, should I do here?

Some things that I want you to consider library, books and videos, you can rent those for free, just on get them back late because you'll have late fees. And trust me, we've been down that path and it's not fun because my daughter is a bookworm and she gets like 10 books at a time. So it can get expensive. But look at your resources, if you are saying well, Susie, but I need to, you know, learn about business. And I need to learn about the skillset that I'm diving into in my, okay, great. The library is a phenomenal resource. And guess what? The other free one is Google. Yes, my friends, you can do a Google search and just hop in there and start learning. You might get all a lot more information than you bargained for.

You may go down rabbit holes and get consumed, but there are free options for you. Another one is because you know me and I love to say how important our health is and what a priority it needs to be. But some of you might be looking at me saying, Hey, I have a gym membership and I have to continue paying that gym membership. Well, I beg to differ. And I would like to suggest that you look at this a little differently and why not exercise outdoors or find I've seen people create innovative boys to work out with like a bag of rice and a bag of beans. And those are your weights and doing fun stuff in the yard or in the park, you know, get outdoors, get some fresh air, especially if you're building a business. I'm imagining most of it is indoors cooped up. We're in quarantine, pretty much at least in our, our place here in California. So if you're cooped up, but you need to get outdoors a little bit exercise. That's a great stress reliever to my friends.

The other thing I was thinking that you could do is you can trade services with other people who need your services and they can learn your skillset and you can benefit their business and vice versa. They can do that for you too. So if you're like, Oh my gosh, I have this great business idea, but I have no idea how to handle my financials. You can trade with a bookkeeper or an accountant and someone that can help you on that area. So be resourceful and think of how you can barter and trade here. Another one that I kinda got out of the box here, and I was like, Oh, that would be kind of cool. And I think I'm going to try it with our family is why not trade meals with maybe your friends or your family that are nearby.

And you could do like, almost like a potluck style, but not potluck style. What I'm thinking is like, I'll make a big pot of soup and then I can give a set to my mom and a set to my grandma. And then when they make soup, then they trade with me. But then it gives you variety. And then it saves you a little bit, right? Because you can rotate and have these meals kind of preplanned, I'm pre prepped and all the expenses and all on you. If you do it with a couple people, that's like three meals a week. Why not try something a little bit different? And out of the box, y'all know how I am. I love thinking outside the box. So this was just one of the ways I thought it might be kind of fun too. Cause then you can try different types of foods that they can share with you. Then the other one is doing some bulk shopping for your groceries. And I'm not talking about Instacart because I love Instacart, but it is expensive. It gets pricey to do Instacart deliveries to your home, right? Cause there's the fees and all of that good stuff. Um, Amazon prime, same thing. So if you have a membership to like a Sam's club or a Costco or in our area, we have what they call smart and final. So they're just like bigger bulks of food at a less expensive price, it's worth it. You know, it's worth trying it out and seeing if that helps you and maybe even split that amongst family members or if you have roommates. But that way the expense gets divided a little bit. It's just something else that I was thinking about.

And then the other ones, the thing that I thought of is my daughter and I were just having a conversation about all this stuff that we have, that we were getting ready to. Some of it, we were going to donate, but some of it we wanted to sell and we're like, man, if I did this, like more often, I could probably make a good chunk of change. Just selling things that honestly are collecting dust in my house and why not give the opportunity for someone else to enjoy it. So that's what I want you to think about is look around in your belongings and are there things that you've had there that you may be intended to use, but let's be honest. You didn't use like me. I have about 15 scrapbooks. I was going to create for me and my family. And they're still sitting there. I bet you there's a mama out there who could use all these scrapbooks that I've collected over the years and she'll find some joy in it and actually use it.

We're in my house, they're sitting there. So just an example, those are things that we can start to help build our nest egg, get that savings built up a little bit. And then we can start to invest that in our business too, in the longterm, the other one that happens to us because they go unnoticed. So I wanted to share this with you as my final tips, um, on where you can cut, cut back just a little bit is streaming services, you know? Yes. I love our, um, different Netflix and Hulu and all the different companies out there that offer it Disney. Right. They're great. They're fantastic. But do I really have to have it? And you have to ask that question for yourself is that unnecessary expense, maybe it's tied to your internet and you need your internet for your business, you know, or whatnot.

But I want you to be very open minded to the things that are absolutely necessary versus what's not necessary and was just like a nice to have because those streaming services, if you add them up, they get to be pretty pricey. So is there somewhere that we can cut back just a little bit to pair down what that bare minimum is going to be? The other one is sometimes we have apps that we paid for once and we forget that there's this monthly recurring fee. That's just going and on and on. Right? And then you're like, wow, that's only 99 cents, but 99 cents times a couple apps every month it starts to build up. And I know it may not seem like much, but if we're really wanting to make that transition and get out of the corporate world, then we need to be realistic about how we get this started. How do we make this business start off with a clean base, right? Like on a clean foundation and look at those things that we can start to pair back just a little bit.

I don't want you to get into making this transition. And then you're like, Oh my gosh, I'm stressing out. I can't even you know, begin to think about trying to make money because I'm desperate trying to find money and you're just stressing out. And again, I just want to say that I know there's sometimes circumstances where it's absolutely necessary because you're in a toxic situation and you've got to get out then yes, get out. I mean, that's obviously a choice you have to make, you know, what you're able to handle or not. But I will tell you don't let it affect your health. I've seen way too many people, myself included have their health be affected very severely and they allow it to continue. And we have to put our health first, because guess what? If we don't have our health, your employer, ain't going to take care of your health for you, your business. Isn't going to take care of your health for you. You've got to put that first. So first and foremost is YOU.

I want you to start thinking about these finances here of how you can start to get that big picture image. Like I was telling you at the beginning to really understand what is the bare minimum that I need in order to make this pivot actually possible. Because I know that you're right on the edge, you have been so adamant about making this prominent in your life. You're ready to make the transition and you want to move forward, but you feel stuck or you feel unsure of what those financial situations are going to look like. And this my friends is where you can start to really set yourself up for success. By asking these questions, being very honest with yourself, about where you're spending money and take this inventory before I let you go.

I want to leave you with this quote by Mandy Hale:

"10 years from now, make sure you can say you chose your life. You didn't settle for it."

And my friends with that, I just want you to remember that you don't have to settle for being unfulfilled. You don't have to settle for staying in a toxic situation where you feel like there are no other choices, but to stay planted where you are.

If you're very serious about this, you can start to create a plan of how to make this pivot successful for yourself. And you are going to light up at the possibilities and seeing it unfold at the end of the day. I really want you to evaluate what are those bare minimum expenses that you have and be able to make a transition a little bit easier on yourself in the beginning. And then we're just going to reduce the unnecessary expenses where possible. I know that can sound like a lot and it can be really difficult to go through this process.

Just remember, you don't have to do this by yourself. You have me here as a support in that process. Goal setting is my jam. I've told you that plenty of times, and I want to be able to help you with that process. So reach out to me, let's chat about what options are available to you to make this a reality. Because sitting in frustration, feeling unfulfilled, feeling stuck, feeling like there's no other options. You don't have to continue staying there. I promise you it's absolutely possible for you to make that transition and that pivot. Now it's just a matter of you making the decision saying you're ready. And then we have these strategy sessions together to make it a reality. I'm so grateful that you're here. Thank you for tuning in I'm your host, Susie Q signing off.

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