do work you love: manage your risk
DESCRIPTION
Workshop 4 in our career change workshop series - read more here: http://escapethecity.eventbrite.co.uk/TRANSCRIPT
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Do Work You Love Workshop Four:
“Manage Your Risk”
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Escape The City • +150,000 members globally • Thousands of event attendees • Hundreds of “escape stories” • A vibrant community of career changers,
entrepreneurs, and people who want to ‘do something different’
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Who Are We?
Matt Trinetti @trinetti
Adele Barlow @adelebarlow
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EXERCISE
Who Are You? Why Are You Here?
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What have we learned?
1. Escape Your Blockers 2. Find Your Passion 3. Own Your Career
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Today: Manage Your Risk
A Gamble vs. A Plan
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What is your definition of WEALTH?
EXERCISE
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What does your IDEAL LIFE look like?
EXERCISE
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What are the RISKS preventing you acting?
EXERCISE
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Tonight
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Eight Methods to Managing Your Risk: 1. Know what money means to you. 2. Get philosophical. 3. Confirm your financial situation. 4. Crunch the numbers on your escape. 5. Treat your escape like a startup. 6. Spend and save consciously. 7. Earn creatively. 8. Invest in yourself.
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1. Know what money means to you
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Story: Red Bull Rick
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Story: Red Bull Rick
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The Voices in the Room
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EXERCISE
What voices are in the room with you?
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Reverse Role Models
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“Money is multiplied in practical value depending on the number of W’s you control in your life: what you do, when you do it, where you do it, and with whom you do it... ...Options—the ability to choose—is real
power.”
Timothy Ferriss, The Four Hour Workweek
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2. Get Philosophical
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Stoicism and Practicing Poverty “Set aside a certain number of days, during which you shall be content with the scantiest and cheapest fare, with course and rough dress, saying to yourself the while: ‘Is this the condition that I feared?’” --Lucius Seneca (c. 4 BC-AD 65)
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EXERCISE: The Condition You Fear
• What is your nightmare? • What steps could you take to repair the damage?
HOMEWORK: Practice Poverty
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3. Confirm Your Current Financial
Situation
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Story: Catherine
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Changing Habits
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EXERCISE Get a clear pictures on these four figures:
1. Income (Revenue) 2. Expenses (Costs)
3. Investments (Assets) 4. Debt (Liabilities)
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4. Crunch the numbers on your escape.
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Story: Soul Patel
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The Property Question
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HOMEWORK: What’s Your Runway?
A. Minimum you can live on per month (during your escape)
B. How many months you think you’ll need C. Ideal recurring income after the transition (post-escape) D. Your total escape fund (pre-escape savings)
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Homework: Dreamlining
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5. Treat your escape like a startup.
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Story: Vidu
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Connecting the Dots
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EXERCISE
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6. Spend and save consciously.
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“How many times have you opened your bills, winced, then
shrugged and said, ‘I guess I spent that much’?”
Ramit Sethi, I Will Teach You To Be Rich
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Spend and Save Consciously Major Takeaways: • Cheap vs. Frugal • Spend on what you love • It’s hard to save unless
there’s a reason
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Story: Dom Jackman Three-Account Saving System:
Account A: Fixed Costs Account B: Monthly Budget Account C: Salary/Income
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Spend Consciously
Ramit Sethi, I Will Teach You To Be Rich
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EXERCISE: Monthly Costs
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7. Earn creatively.
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Story: Adele
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The Invisible CV
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EXERCISE: Skill Sale
What projects would be ideal
for your invisible CV?
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8. Invest in yourself.
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You as an Asset Major Takeaways: • Increase assets, question
liabilities. • For most people, their
profession is their income; for rich people, their assets are their income.
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Story: Matt
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Story: Matt
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EXERCISE:
What are ways you can invest in yourself?
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Eight Methods to Managing Your Risk: 1. Know what money means to you. 2. Get philosophical. 3. Confirm your financial situation. 4. Crunch the numbers on your escape. 5. Treat your escape like a startup. 6. Spend and save consciously. 7. Earn creatively. 8. Invest in yourself.
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Can you manage your risk to a fault?
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Maybe you shouldn’t have a cushion... Five reasons you shouldn’t have a cushion before you quit: 1. Lights a fire under your ass 2. Forced to get creative 3. Learn to focus 4. Don’t lose the fire 5. The sooner you start, the
sooner you can succeed
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HOMEWORK 1. I Will Teach You To Be Rich (Ramit Sethi) 2. Stoicism 101: A Pratical Guide for Entrepreneurs
(Tim Ferriss’s blog) 3. Your Money or Your Life (Joseph R. Dominguez) 4. Rich Dad, Poor Dad (Robert Kiyosaki) 5. Escape from Cubicle Nation (Pamela Slim)
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- THANK YOU -