July 22, 2013, 4:39 am

What is Wrong with Your Cubicle?

by: The Financial Blogger    Category: Business,Career
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Will today be another Groundhog Day?

 groundhog day

Lately, I have been inspired by several success stories. I didn’t read about another dotcom mogul on the internet that I barely knew existed. I heard stories from a close relative who succeeded by taking the evil way of entrepreneurship. I’m using the world “evil” as in: if you start your business; you automatically leave the herd and stop being a sheep. If you are not part of the group, it must be because it’s evil, right?

 

A friend of mine recently started his own business and bought a new house.

A friend of my partner just sold a part of his business for $500K.

My sister-in-law’s neighbor sold his online company for a hefty pile of money.

Guys from my Mastermind group are simply amazing me with their plans.

 

It all happened at the same time, I heard about these stories one after the other and still, I’m sitting on the sidelines, watching the parade. I guess I’m just waiting to see if my conditions will hurt or not to move. I’ve given some thought about what is good or bad about my day job and the fundamental reasons why I can’t quit. I think I’ve finally found the answer!

 

The Guaranteed Paycheck

 

Many times in my life I encounter people who invest in certificates of deposit. I once heard in a conference that investment risk wasn’t in the stock market but it was with certificates of deposit. The biggest risk was the fact that you can’t get enough return to sustain your lifestyle at retirement. Since certificates of deposit are fixed, there is no way for you to get a better return.

 

This is exactly what happens with my guaranteed paycheck. No matter what I do, I have the assurance that I will be receiving my bi-weekly paycheck deposited directly into my account. I don’t really have to worry about how my employer is doing as I know there is a lot of money in the bank account. Therefore, there is no stress to produce enough income to be able to pay myself from my own company’s bank account.

 

As with the CD investor, I know I’m limited by my potential return, but I’m happy with the meager raise I get each year. The security has a huge cost, but still, you are secured.

 

Is it That Bad to be Salaried? What is Wrong With Your Cubicle?

 

When you think about it; is it that bad to have a pension plan? To get a high paycheck every two weeks? To get plenty of side benefits such as insurance, employers stocks, etc? And, most importantly, is it that bad to be paid for a job that you like? What’s wrong with my cubicle? What is wrong with me?

 

I guess it’s not the end of the world. In fact, it’s a pretty good world by itself! However, the cubicle is still filled with things that suck:

 

-          Corporate BS (you have to drink the Koolaid)

-          You are set with a fixed schedule (not much flexibility)

-          You are set with fixed vacation

-          There are always some stupid annoying rules you can’t deal with

 

I know from the start that I’m not good with the corporate environment. I enjoy working with my colleagues but the lack of flexibility has always been an issue. It’s not surprising that I had to fight so hard to get my 4 day workweek schedule and that I try by all means to have a flexible schedule. So far, I can’t complain, my employer has been fairly open-minded with this part.

 

Still… there is something itching in the back of my mind… but as much as I want to work on my own, I am also terrified by the idea of generating my own income. The money won’t be coming from some kind of automated payment system; the money will be coming from my company bank account to my personal bank account.  The fear of not producing enough income is terrible. What if I could not sustain my lifestyle? What would happen? These are the fears preventing me from jumping right now.

 

Have you ever had these fears? How did you deal with them?

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Comments

by: OttawaGuy | July 22nd, 2013 (9:23 am)

Hey TFB,

Just to throw out a few ideas as I know a lot is easier said than done:

Would you be less scared of making the jump if you had less or no debts?

Also, working for yourself opens other avenues for income. Who says M35 couldn’t offer fee-based financial services and investment advice? for the couchpotato / partial DIY investor. It’s still something you like doing right?

People now are looking for alternative ways of working. Ones that offer more freedom of movement and hours. It’s not just a social shift because companies are hiring less full time employees and more contractors and outsourcers.

I thought long and hard before becoming an incorporated contractor. It helps that my husband has a full time job, and that our bills could be paid by him alone if necessary.

If you can’t lean on another wage earner, you might try building up a “war chest” with enough money to keep you going for a few months. But, I would be nervous about doing without a job if I had debts, too.

Hey Ottawa Guy,

You are right, I could definitely start several side business/career sur as becoming a fee only planner, broker, teacher (I’ve always like the idea of teaching), public speaking, consultant (web consultant for that matter!), etc.

There is a reason why I’ve come up with a debt payoff plan last week ;-)

@Wendi1

Congrats on starting your business! it definitely helps to have a regular income that is coming in. My wife will start a daycare at home and part of our household income will be supported by that :-)

I have seen that in a lot of the success from entrepreneurship have come with the help of a spouse covering the bills. It was the case for my parents. While my dad build a company, my mom was a teacher paying the bills and they owned a quad-unit with all 3 units paying for the mortgage.

One of your biggest challenge in my opinion is your lifestyle :) It’s as important as making more money and they conflict early on to build assets or focus on a company. If you had enough savings for 1 year, you could try it out but your lifestyle would need to take a back seat.

I too have a comfortable job with many perks, bonus, and stock. I have said no to a few opportunities to start a company because I provide the only income and it’s risky and it requires a lot of hours. My dad was never home and he focused on the company … Kids are young and I have time to go to all their sports game. You need more than 4 days at work to build a successful company in my opinion and there is a lot of sweat equity.

Your home daycare is possibly an opportunity :)

by: The Financial Blogger | July 23rd, 2013 (7:15 am)

Hey Passive Income Earner,

Definitely, having a home daycare will definitely change our financial situation and bring more income stability. I wonder if I’ll have the guts to make the jump thought!

Cutting on my lifestyle would probably be the best thing to do but I’m not ready to do so. However, I would be willing to sell my car, that’s a start isn’t? hahaha!

I coach my oldest son (he’s 8) and I wouldn’t drop this for anything in the world. I think it’s important to stick with your children when they are young. Time flies and they will soon become teenagers with too many friends to care about their parents ;-) hahaha!

Get your spending under control and build up a decent cushion. This is the best way to make yourself comfortable about taking the risk.

There’s probably a certain amount of motivation in knowing that you have to succeed or you don’t eat that kicks in when the money gets close to running dry. This could be enough to get you over any humps you may encounter!

Nothing wrong with a paycheck at all. In fact, it’s a wonderful thing to earn a paycheck and a side income as well. No need to justify why you are still working a day job while others have quit to do their own thing online. When you’re ready, you’ll be ready!

And if you’re not ready, you’ll enjoy my post tomorrow 7/24 on how to overcome the “one more year” syndrom.

Cheers

I laughed when I saw this post because I had just gotted off the phone with my Mom that works for a high-powered law firm and she was GOING OFF on the lady in the next cubicle that chew gum really loud. I felt bad because she had gone as far as “notifying HR” when it just seems silly not to tell that lady to knock it off.

This kind of stuff happens all the time in the corporate world.

[...] put myself in a position where I’m financially secure well before I decide to retire.  While I wouldn’t say there’s anything wrong with my cubicle, I would like to be able to jump on opportunities as they arrive, rather than being a slave to my [...]