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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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Hold back that resignation letter: January might not be the time

By Grace Ormsby

January 17 2020
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Hold back that resignation letter: January might not be the time

By Grace Ormsby
January 17 2020

Even if you are struggling with the return to work this January, it’s not the time to quit if you plan on plunging into self-employment in 2020, according to a financial expert.

Hold back that resignation letter: January might not be the time

By Grace Ormsby

January 17 2020
Share

Even if you are struggling with the return to work this January, it’s not the time to quit if you plan on plunging into self-employment in 2020, according to a financial expert.

Acknowledging research that has found more than half of Australians leave their jobs within weeks of taking a holiday, Dr Steve Enticott is encouraging Australians to hold on to their main gig – at least for a little while.

The senior partner and founder of a tax-based business and licensed financial adviser has instead put forward the idea that those people who do want to earn extra money and work for themselves in 2020 can be self-employed within six months – as long as they use patience, planning and persistence.

“I know a lot of people don’t like their jobs and would love to throw in the towel, but January is not the time to resign. It’s the time to recalibrate,” Dr Enticott said.

“Even if you can’t stand your boss, hate getting on the train every morning or are going crazy sitting in an open plan office doing work that no longer challenges you or pays well, don’t waste your precious holiday time writing a resignation letter,” he continued.

While we often hear stories of entrepreneurs who quit their jobs and appear to become overnight millionaires, Dr Enticott said “there are also many others who walk away from a stable job before making a single sale who end up struggling financially for a long time because they have rushed in too quickly”.

To ensure people don’t fall into the latter category, the financial expert has provided four tips for getting through what could be job insecurity, stagnant wages, commute times and a lack of flexibility this summer.

1. Stop and reflect – lock yourself away for a few days to relax without distraction. For Dr Enticott, this is ‘soultitude’ solo time.

2. Write it down – while on your own, write down all your thoughts on paper. According to the author, this is a great way to clear your head and be honest about how you are feeling.

3. Reassess your goals – look at what you have written and work out your vision and purpose for the future. Dr Enticott has advised trying to work out what you are good at and how you can use your time and talents to build a new career.

4. Make a plan – create a one-page plan, complete with specific goals and deadlines. This will ensure you remain on track.

According to Dr Enticott, “Following these steps is a great way to ensure you don’t let another year go by aimlessly and really forces you to focus on your purpose skills and vision.”

“If at the end of your ‘soultitude’ you still hate the idea of going back to work for your boss, then I recommend starting a side gig before returning to work,” he offered.

“It’s a great low risk way to earn some extra money without having to give up your day job, and it will allow you to go back to work with a renewed purpose and options for the future.”

“Start transitioning now and, with the right plans in place, you’ll be your own boss before you know it,” he concluded.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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