Navigating Burnout, Pensions, and Financial Security

Farnoosh Torabi is an award winning personal finance journalist, author, keynote speaker, television reporter, and host of the So Money podcast. She uses her 20 years of experience to help people master their money. While living in New York City with her husband, she realized that changes needed to be made to their lifestyle to reduce stress and improve their overall quality of life. They ended up deciding to move out of the city to save money, which ultimately reduced stress and opened up more time for other opportunities. Now Farnoosh helps everyone from entrepreneurs to influencers learn how to manage their finances and make the most of their money.

“When I was a little girl, I thought two things equaled freedom, and I don't think I was wrong. Money in the bank and a driver's license,” shares Farnoosh Torabi. She explains that having money literally puts you in the driver’s seat of your own life. It provides you with agency over your decisions that no one else can question. A lot of entrepreneurs are glamorized for taking big risks, maxing out their credit cards, and starving themselves while they try to get their business running. This should not be the norm at all. Instead, it is better to not treat it like a race and to spend as much time as necessary building financial security prior to starting a business. There are many opportunities to earn money nowadays outside of a traditional 9 to 5. You can make extra money by taking up an hourly gig, pet sitting, selling unwanted items on Facebook Marketplace, babysitting, or in any number of ways. The most important thing is to reframe your idea of success and of what a job is supposed to be and recognize that a job can truly be just a job. You do not have to monetize your passions or be extremely emotionally invested in your job. 

There are a lot of misconceptions about finances and it is important to be innovative when it comes to finding ways to make and save money. People are living longer and retirement at 60 is no longer the goal for everyone, nor is it necessarily attainable. However, a pension is not the only way to secure financial stability for your future and it is vital to save money regardless, because that pension is not guaranteed in today’s world. Tune into today’s episode of FRIED. The Burnout Podcast for a conversation with Farnoosh Torabi about how to build financial safety, when to quit a job and when to stick it out, and creative ways to make extra money. 

Quotes

· “I remember picking up a book called The Upside of Stress. Because I was like, I need to learn how to live with this. I don't think this is going away.” (7:09-7:17 | Farnoosh)

· “Changing your definition of success is one of the key factors in creating a burnout proof life after you've recovered. Because you can't go back to the system that you were in. You are not going to build enough resilience to live in that system as it is unless some of it changes.” (14:44-15:02 | Cait)

· “When you are burned out at work, maybe the response is not to quit, but rather, ‘Have you even had a conversation with your manager?’ And so you don't have to throw out the baby with the bathwater. You don't have to think, 'Well, my only option is to quit and lose everything that I've worked towards.'” (20:46-21:02 | Farnoosh) 

· “When you feel behind in your 40s, don't let that discourage you from just continuing the good work of putting the consistent money into that bank account, into that investment account, because it is never too late.” (28:47-29:01 | Farnoosh)

· “When I was a little girl, I thought two things equaled freedom, and I don't think I was wrong. Money in the bank, and a driver's license.” (41:22-41:30 | Farnoosh)

· “Don't tell me that money doesn't earn you safety. It at least buys you the opportunity to make choices for yourself that nobody else can enforce. It gives you agency.” (43:40-43:51 | Farnoosh)

· “Sometimes it's really about a reframe, and thinking like, ‘Okay, well, this job, I'm grateful for the fact that I can do it. The paycheck comes every two weeks. I get benefits. I get some paid time off. And then I can go and live the other life that I have.” (47:18-47:33 | Farnoosh)

Links

Connect with Farnoosh Torabi:

http://www.somoneypodcast.com

http://www.instagram.com/farnooshtorabi

https://www.cnet.com/feature/signup-so-money/

https://cuely.ai/FRIED 

XOXO,

C

If you know that it’s time to actually DO something about the burnout cycle you’ve been in for too long - book your free consult today: bit.ly/callcait

https://friedtheburnoutpodcast.com/quiz

Podcast production and show notes provided by HiveCast.fm