Are you ready to take a mini-retirement or sabbatical?

Why Take a Break From Work

Are you burnt out from overwork at your job?

Have you lost interest or passion in the work you currently do?

Do you want to spend more time with family/friends and less time in an office?

How about traveling full-time or pursuing a new business idea?

All of these are great reasons to step away from full-time, ball-busting life at a job and take some time to fully experience what life has to offer. If you’re completely happy at your job right now, or the money you make is allowing you to fulfill some other plan, then great for you! However, many people are not in that same position…

What really makes me sad isn’t even the people who truly hate their jobs and are completely miserable. These people have already made up their minds about their work, and are hellbent on doing something about it. Maybe they need to find something better or save up a bit more money, but one way or another they’re going to get out.

What really makes me sad are the in-betweeners. The people I meet who have mixed feelings about their work or are in a comfortable neutral relationship with it. They don’t get any excitement from their work, but they might like the perks and the good paycheck. They just can’t muster up the motivation to pursue a new path or the courage to simply walk away.

It’s the people I meet who have settled on what they currently do because they are either scared or too comfortable to make a change. This is what makes me sad….

As I type write this post, I’m 2 weeks away from my last day of work as a technical sales manager for a construction products company. I’m not sure yet what I want to pursue in my next line of work, but I sure know it’s not what I’m doing right now.

 

 

My partner Lauren and I decided a little over a year ago that once we were done with our time here in Sydney that we were going to take a break from work and travel the world. So we didn’t just decide a few weeks ago that we were going to quit our jobs and take 6 months off to travel. I wish I was that rich and spontaneous for it to be that easy. But unfortunately it took a bit of planning and some sacrifices in order to get to where we are now. We are now 2 weeks away from leaving work behind us and enjoying 6 months to backpack around the world.

So if you’re ready for a break, first you need to make the decision mentally. This is the hardest part. Decide you’re going to do it and then stick to the plan. After that, here are a few tips on how to plan ahead for a mini-retirement or sabbatical from work, or whatever you want to call it….

 

1-3 Years Out

IF you’ve made the decision to take a break from work, you by no means need to wait 1-3 years in order to make it happen. Hey, if you have enough money in the bank to walk away for an extended period of time then you do you. However, for many of the readers of this site and the general population who may have more responsibilities and smaller bank accounts, then some preparations may be in order.

Here are the most important things to do at 1-3 years out:

• Define your goal. What do you want to accomplish during your time off of work? Travel, pursue a new business idea, spending time with family? Define your goal and make that your motivation
• Start to get your finances in order. Save money, make a budget and figure out how much money you’ll need saved once you do leave your job.
• Find a supportive community. Not everyone will think it’s such a great idea to quit your job to do something more fun and interesting. There are plenty of people out there who think working a job just to make money is a part of life. Find a community (like this blog!) that are supportive and encouraging of your idea. Read books or blogs about mini-retirements to keep yourself motivated. Check out The 4-Hour Workweek by Tim Ferriss or Montana Money Adventures

 

3-12 Months Out

Less than a year and maybe only a few months away from an extended time off of work. What to do now to ensure you are ready to make the leap…..?

• Consider telling your employer. I gave the company I work for 3 months notice that I was going to leave my job and move back to the U.S. If you have a good relationship with your manager and are a valued employee, they probably won’t take it personally and might even let you have your job back after your time off. But if you think you’ll be forced out earlier than you’d like, then maybe just give the minimal notice….
• Make plans for your house or apartment. If your break will involve travel or moving somewhere new, figure out if you can break your apartment lease or try to find someone to sublease. This process can take some time so start looking early. If you own your own home, I’d recommend renting it out if you plan to return, but you can sell your home it if your move is going to be permanent.
• Assess your finances. Make sure you are on the right path and saving enough money to cover expenses for the duration of your mini-retirement. You can also start to cut down on monthly expenses in order to keep your costs down and also save more money!
• Start working on a side business or passion project. It’s a great idea to have some income during your sabbatical, so why not start a blog or an online business, which will also give you something to do once you are no longer working. Or if income is not an issue, then maybe start working on a passion project such as that book you want to write or try something new (i.e. learning how to breakdance or play guitar!). You’ll need new ways to keep your mind occupied once you step away from work so a new hobby or business could be a great fit for you.

 

Less Than 3 Months Away!

 

• Make travel plans if necessary. If your min-retirement is going to involve traveling, it’s time to start the exciting process of making your travel plans! Book some flights, research places to stay and find some fun activities to do.
• Gain momentum with your business or passion project. Keep up the momentum in your business or passion project so that your not starting from nothing on Day 1 of unemployment. It’ll feel good to have some work already accomplished and not feel overwhelmed once you don’t have income or distractions from your job.
• Last check up on your finances. Ensure that your savings are high and your expenses are low. Also, make sure your savings are out of risky investments and in more conservative accounts such as a money market fund or high-yield savings account. Not the best time to put your savings into cryptocurrency….
• Cut down on unnecessary expenses. Learn how to cook budget-friendly meals, cancel cable TV and sell the car with the expense monthly payment. The lower your expenses are, the longer your mini-retirement savings will last!
• Get rid of stuff you may not need. If your moving out of your house or apartment, or even if you’re staying, start selling or donating all of the crap you don’t need that has accumulated around your home. You might make some money selling it, or you’ll just free up time and energy for other creative pursuits to occupy your mind!

 

I know this is a fairly brief overview, but it’ll get you started thinking about the right things at the right time. As I said previously, the most important item to check off the list is to make the decision that you’re going to go through with a mini-retirement and stick to it!

Question for you: Have you been considering taking a mini-retirement or sabbatical? What has been the most difficult challenge you’ve faced?

Leave a comment or send me an email!

NYPFGuy