Now that you’ve worked through your big-picture vision, it’s time to create a ‘reinvention budget’!
Determine the minimum amount required to maintain your desired lifestyle and current cost of living, then identify the cost to explore your reinvention. This will help you establish your reinvention budget.
Why do we think that money will make us happier? When we reach a certain level of earnings, money moves from being a means of survival to a signifier.
A signifier is an idea or a concept that stands for something else in your mind. For example, money may represent security to you. Or it may mean more freedom, or power, or time, or status, or something else entirely. The key is to understand what you’re really seeking when you say you want to earn more money in your career.
Begin with identifying your primary signifier. What does money represent to you?
Whatever you chose as your money signifier, define specifically what it means to you (e.g. ‘security = steady paycheck’ or ‘security = X dollars in the bank’)
Next, identify your Plan B: what you will do for funding if you need to extend your reinvention timeline.
Be sure to take a moment to reflect on your reinvention budget, money signifier and Plan B in the course workbook.