In a recent talk about my book, The Great Money Reset, there were some notable questions which I think are worth covering before you start working on your 2024 life and financial resolutions.
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Why do people want to Reset?
People seek to change direction for lots of different reasons.
There are those who start a career with high hopes and then quickly realize that their expectations are out of whack with reality. Others are happy for decades, but at some point, become burned out. There are also many who toil away and recognize that they may have an opportunity to do something completely different and want to take a leap and do it.
Sometimes these desires percolate over time, while in other cases there is a prompt — or a nudge… like a life event (birth, death, marriage, divorce) or an external wake up call, like a natural disaster or a once-in-a-century pandemic.
I feel stuck — How can I start the process?
To reset to a new place, you have to understand where you are today. Only then can you break through and take meaningful action.
Take a good, hard look at what you own, what you owe, your total income and how much you are spending. The process should provide you with more control, allowing you to take smarter, more thoughtful, and perhaps more nuanced risks.
What if a spouse/partner can’t get on board with a Reset?
The sand in the gears of change can be our doubting selves, a spouse, or a well-meaning family member. They might be worried that a Reset could upend the status quo, even if the status quo is not ideal.
Presuming that you have run the numbers and have concrete proof that a Reset is possible, then it is possible that you, your partner or whoever is casting doubt on the plan, is simply fearful of change.
This is a totally NORMAL response, and one that can be overcome, perhaps with the assistance of an objective third party, like a fiduciary financial adviser, or maybe even a psychologist.
Do you miss your former career and being an entrepreneur?
This question followed my recounting of my 2008-2009 Reset. For the prior 14 years, I had owned and operated a successful independent financial advisory firm, but felt unsettled.
I interrogated which parts of my career that I liked and importantly, what I did not like. In the process, I realized that helping clients work towards their financial goals was fulfilling; and the media work that I was doing was a fun and challenging way to reach even more people. However, owning and operating a company was not for me. (You have to read the book for the full story!)
The good news is that my Reset allows me to talk to real people about their financial goals, and to help them navigate whatever stands in the way of achieving what they want. I also am able to demystify some of the news of the day and deliver it in ways that make sense to a broad audience.
As far as my entrepreneurial spirit, it is alive and well! I am able to explore new opportunities and ways to expand my platform.
The most recent example is the launch of a new weekly YouTube show called Jill on Money powered by The Compound. The program came about after I appeared on an episode of an investing podcast called The Compound and Friends, hosted by the dynamic duo of Josh Brown and Michael Batnick.
The three of us recognized that we had something special together and began working on ways to collaborate, which is how many business ideas become realities.
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Jill Schlesinger, CFP, is a CBS News business analyst. A former options trader and CIO of an investment advisory firm, she welcomes comments and questions at [email protected]. Check her website at www.jillonmoney.com.
