Truth is stranger than fiction. I am currently In talks with the owner of a small mental health/skill building practice who may offer me a job working for him. Plan C. We will see what happens.
Ah, Reality. Crunched numbers and determined the earliest I can semi-retire is in sixteen months.
At that time, I will have $18,000 in personal savings, $4,000 in emergency savings, and an estimated $10,000 in business savings.
I manifest my retirement date as July, 2019. I look forward with excitement in growing my interests and my relationships.
I look forward to the changes that come with starting a new chapter of my life.
I will be 57 years old. 30 months before age 59 1/2. $1,000 a month savings plus .025% of my Crossroads Retirement.
Plan A did not work. Regroup. On to Plan B.
Earlier this week, I met with my accountant. I explained the Plan A failure due to me not planning for business taxes and health insurance. We also discussed the difficulty of commuting to Richmond as part of my business plan.
He looked at my pay stub from my day job and explained I need to bring home $45,000 a year to cover my business and personal expenses. He gave me a $600 a month budget for business expenses of phone, rent, advertising, supplies, etc.
We determined I need to see 11 to 12 clients a week. $45,000 a year means approximately 45 paying clients a month @ $85.00 a session.
That is a lot of bacon.
Then . . . An opportunity presented itself. A very small office located 25 miles from my home and also walking distance from my day job is available for rent at $125.00 a month.
This is well within my budget for business expenses of $600 per month. And, most importantly, the new location will increase my client base.
I put down my deposit. I will begin operations there in April, 2018. I will give myself six months to one year and then evaluate Plan B.
And a little sadness and a pile of anger. I sit here in my home office. I want to move. Yet, I remain chained.
Oh. You are right. I allow myself to be chained.
I allow myself to be chained. I allow myself to be chained. I allow myself to be chained.
In the days of my youth, I would have busted out of my chains. Whatever the consequences.
My rational brain along with the urging of my husband and mother is keeping me tethered to the corporate grind.
My rational brain tells me to stay there another year. Goal date of July, 2019. That gives me two more years of retirement contributions (awarded in June of each year) and 16 months to save.
Yes. I allow myself to be chained. It is a good decision.
My favorite restaurant is the Olive Garden. The closest Olive Garden to my home is over 60 miles. I love Italian food and is a special treat for me to eat here.
I sit in my booth, alone, waiting for my Eggplant Parmesan. I munch on my bread sticks and salad. The restaurant is a block from my “Richmond Job”.
Before my lunch break, I talked to the owner of the Richmond Practice about my plans for the future.I explained I am staying with my full time job as my home private practice is not making enough money. It will be another year or so before I am ready to jump ship.
I do not see quitting my full-time job at this time. As my home private practice is my number one priority, I plan to quit my “Richmond Job”. He asked me to tell him as soon as I know. I chose the end of May as my last working day in Richmond.
He also asked me what was my number one priority. I answered my home private practice. My heart is heavy with my decision as I love working there. However, I am letting go and allowing other areas of my life to grow.
Spending more time with family is a huge motivator for me to semi-retire. I feel more time with family is needed in my life. Is it due to me being fifty percent Italian or possibly my astrological sign of cancer? Perhaps.
I enjoy spending time with my mother and aunt in Florida, and my step-mother at the North Carolina beach. My father is deceased. I loved my father dearly and have found visiting my step-mother helps with his loss.
Over the last year, I assisted my step-mother in clearing out years of memories from their home. My father passed away eight years ago. It was time for her (and me) to let go of the past. She was a wonderful wife to my father. I gladly stored his belongings in my home and plan to sort through them later.
Them, the strangest thing happened. Once my father’s belongings were packed up and carried off, a new man walked into my step-mom’s life. Not just any man. The man. A wonderful companion to my step-mom.
So what does this half to do with opening a private practice? Quite a bit. Lesson: I need to make room for change. Make room for change. Over the next 12 to 16 months, let go of all things related to my current employment. Visualize letting go and then let go.
My original “plan” did not work. It will take an additional one to two years to transition from my current job to my private practice. What went wrong?
I planned to walk out of my job the year I turned 55. However, I am now married. Things Change. Marriage is compromise.
My husband thought I’d lost my mind. “People don’t quit jobs for no reason.” he said. To keep peace in the household, I agreed to wait one year to better plan my retirement.
It is a good thing I listened to my husband.
During my retirement, I plan to run a part-time Private Therapy Practice out of my home. The sunroom in the rear of our home has a private entrance and parking for four cars. I even obtained approval from my day job to start my therapy practice. What I did not determine were the extra costs to run my business.
I realize the practice may not produce much income for the first year or two. I also found a transition job that will allow me to bring in an additional $2000 if needed. However, I can not count on this job now.
I have money in my retirement accounts that will cover my personal expenses once I turn 59 1/2. How am I going to make a suitable income from age 56 to 59 1/2? I can’t see reducing my costs. My husband is retired, on a fixed income and carries a Medicare and a Medicare Supplement Plan. I pay our mortgage and my husband pays our bills. No wiggle room there.
Sources of Monthly Income:
Private Practice – current estimate of $2,000 – $2,500
Personal Expenses of $2,000. I can cover my expenses with my private practice income.
Monthly business expenses will include taxes at $533, health insurance at $500, and phone/internet business expenses at $200. This is $1233.00 per month! Who knew being in private practice cost this much? This was my error!
1. I didn’t save enough cash and was unprepared for a “hiccup”. I need to have money saved for hiccups. My plan did not have room for hiccups.
2. Depended on something/someone besides myself in my planning. In this case, I depended on my transition job.
3. Next time, factor in health insurance, cell phone, house fax/dsl line, business income taxes and malpractice insurance as fixed business costs.
4. Be realistic about Cost Estimates. Take off my Rose 🌹 Colored Glasses!
What can I do right to fix my wrongs?
1. Save 12 months worth of business expenses in my business account before jumping to private practice: $15,000. Business Savings. I have $3,000. Need $12,000.
2. Depend on myself for my transition. Save $ 2,000 Monthly Costs for 6 months is 12,000 Personal savings. I have $12,000.😎
3. Emergency Fund balance of $6,000. Right now this is at $1600 due to house repairs over the last five years. Need $4,400.
Total Savings Needed: $16,400.
3. Pray and Meditate. Visualize myself as transitioning to Private Practice. See it happening.
This day 262 out of 362. Chin up and forward March!
I am transitioning from a full-time counseling job to part-time Private Practice self-employment. In order to do so, I obtained a transition job I can work part-time to keep money coming in as I expand my private practice.
One month ago, I found out my part-time transition gig was having some challenges, as the owner of the business may be selling his business due to health problems. I decided to wait on taking new clients until his health situation is diagnosed.
The office manager texted me to ask me if I was taking on new clients now. I texted her back, asking if the owner is still involved. I told her I wanted to work with the owner. Her answer – He is working full-time now. Shit! He has been having memory issues and got lost going to the office last month.
I like the owner and want to work for him. Not for anyone else.
1. I will stay at my full-time job through July, 2018. I will work every other Friday in Richmond and reevaluate my options in July, 2018.
2. In July, I will have more information.
3. Keep up my home business, seeing clients in evenings at my home office.
4. Text office manager, letting her know I can work Fridays starting in March.
5. Be flexible every other Friday. Either work in Richmond or at my home office.
6. Relax. Four to Five more months of working 3 jobs. Take it one day at a time.
7. Put off the grand opening of my website till at least the summer.
Regroup. Reset. Reboot.
New date of launch 🚀: July, 2018.
1. Complete E-book “Goddess Guide to Habits and Addictions” with my sister by June, 2018.
2. Complete self-esteem workbook by July, 2018.
3. Have my website looking good with links to ebook, workbook, and relaxation video by July, 2018.
4. Save my money for the first year of private practice.
5. Increase my visibility in the community by hosting workshops, doing interviews at local radio stations, and volunteering to talk with churches and local colleges about topics in ebooks.
I will withdraw slowly from my Richmond work site. Use that time to work on the above.