Can I afford to totally change my life?

Financial Bridges

Jill Schlesinger, a certified financial planner, emphasizes the importance of creating financial bridges when contemplating significant life changes. She shares the story of Ross, a composite character representing many individuals in their fifties who feel financially ready to retire but face the reality of potential financial depletion. Jill suggests an interim game plan, such as working for a few more years at a lower-paying job, to ensure financial stability and a smoother transition to retirement 1.

You don't know if this money reset is within your grasp unless you actually stop the fantasy and do the math.

--- Jill Schlesinger

This approach provides a sense of control and comfort, allowing individuals to plan their future with a clear time horizon 1.

   

Embracing Change

Embracing change requires both psychological readiness and financial preparation. Marielle Segarra discusses the common feeling of burnout and the desire for a fresh start, whether it's a new job, business, or lifestyle change. Jill highlights the sunk cost effect, where individuals feel trapped by past investments in their current situation, and advises using a financial framework to explore new possibilities 2.

Just because you've sunk some time, energy, and money into something doesn't mean that's the best thing for you to continue doing.

--- Jill Schlesinger

By crunching the numbers and assessing one's financial situation, individuals can gain the freedom to think beyond their current circumstances and pursue new opportunities 2.