Jill Schlesinger
Appearances
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Thanks for having me.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Well, I mean, inertia is amazing, right? And I think that when you have like sort of the big dreamy, like, oh, I wish I could do this or that or like another idea, making that idea or that dream or reality is really difficult because it really means that you have to do some work. And when there's work involved, our inertia will take over.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
So, you know, essentially to reset to a new place, you have to understand where you are today. And where you are today means you've got to actually take a good hard look. You've got to calculate what you own and what you owe and your total income and how much you're spending. And, you know, frankly, that regardless of how much you have, that is a very difficult part of the process.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
And people simply stop right there.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Well, I guess you're right. On the other hand, think about this. When you take a good hard look, it usually means at the end of the day, even if you don't decide to reset your life, you do feel like you are more in control. So if I told you that
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
you know what, doing your taxes or flossing your teeth might mean you have more control over your eventual outcome and your choices in the future, that you will be able to take smarter and more thoughtful and more nuanced risks in the future, then maybe I could convince you to do it.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Yeah, I mean, I'm not conventional, I guess, by many measures. I am not one of these people who thinks that paying off your mortgage is like the be all and end all.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
You know, look, I just really believe that if you're stuck in neutral and you can't break with your existing reality, if you cannot take meaningful action, once you start thinking about all these things that you have, then you really have to kind of go into the future and
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
And yeah, it is true that like the idea that many people early in their lives have scrolled away enough money so that they can reset their lives is true. But there are also people who are young in their lives and they realize I've started down a track and I don't like that track that I'm on.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
And that is also another kind of reset, which is I'm on a career path that I thought I liked, but maybe I don't. What are my options going forward? There is many a person who's found him or herself in that situation where you're like, well, do like these tried and true rules really hold true? Sometimes they do, but sometimes they don't.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
And I think that in each individual's situation, some of those rules are really important. Yeah. Using low cost index funds does work. Yes. Diversification and asset allocation. It really was hard last year, but generally speaking, it pretty much works. But in the end,
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Without going through any sort of process to think about what you want and what you have and how you're going to get there, all those rules are kind of meaningless. So the weird thing about a reset and why I love this topic so much is that when I talk to people, one of the things that I learn is that You know, a lot of people have done all those things right.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
But emotionally, they are just absolutely fearful of making a big change. And what I hope happens is that when you have the numbers in place, then you have the wherewithal emotionally to make the leap you want to make.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Well, I mean, it's really very boring and it's really very illuminating. So you start with, you know, you look at what you own, your assets. You then look at what you owe, your liabilities. And I want to point out something about your assets and your liabilities or a balance sheet that's really important.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
For all the people who prattle on about how paying off your mortgage is the most important thing in the world, I'm not the hugest fan of that in every case. Sometimes, maybe. But when you're going through a transition, you might need that cash in your hands rather than in the payment of your home.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
I think that a lot of people make the mistake of they're thinking about a reset and they find like, well, all my money is stuck in my house and I don't want to sell my house. Or all my money is in a retirement account. If I wanted to pull that out now... there would either be a tax, maybe a penalty if I'm under the age of 59 and a half.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
So when you're contemplating a transition, one of the things I always stress is you might need more cash than you think to cover the expenses that you never could have predicted. So once you have that kind of basic balance sheet, what you own, what you owe, what's liquid, meaning what's accessible to you without paying a big tax or having to sell a major asset, Thank you. Thank you. Thank you.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Thank you very much. Thank you. Thank you. Thank you.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Thank you. Thank you.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
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Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
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Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
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Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Have the courage to at least start the process, have the dialogue and imagine not just that a dream is a reality, but that you have a myriad of options. You have the ability to change your life if you have the courage to go through the process.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Well, I mean, for many people, it's just making sure you have like plan A, B, and C, right? All things go well. I don't have to worry about it. My middle case scenario. Well, you know, I'm going to be a moderately successful person in the media. This is me, Jill. And I'm going to have to do something else on the side. I don't know what it is. I'm going to have to write.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
I'm going to have to do something else. This whole thing falls apart. No producer wants to put me on the air. Life looks horrible. I'll go back and be in a financial planning world, but I won't own my own company because that was the part of the job I really hated. Or I'll go get a job selling something else.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
You really want to map out a few different scenarios that you think could make you happier than where you are right now.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Hey, thanks a lot for having me. Take care.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
We would move down to the West Indies to form a lesbian nation.
Something You Should Know
The Backstories of Your Favorite Music & Money Mastery in a Changing World - SYSK Choice
Just to be this person who says you want to tell your boss to take the job and shove it and having no game plan is a terrible idea. But if you go through the process where you say, hey, you know what? Maybe I don't have to make as much money as I thought I had to make. And I don't have to stay in this job that's kind of making me miserable.