Before you dance on the wire, create a net

Imagine that you decide to walk across a room on a high wire. You probably have no desire to do this, but suppose you believed there was a secure net under the wire. You can fall anytime, with no harm done. Now you can try out some truly daring moves.

Or think of driving down a narrow curve, with a steep drop-off on one side. With a guard rail in place, you can drive faster

When you embark on a midlife transition, your safety net can be cash a flexible career, such as medicine, accounting -- or house cleaning; a supportive family; a retirement income.

How much? That's up to you. One person's safety net will be another person's cobweb.

When?

Build before you take the first step. Your safety net can disappear after a fling on the high wire.

And you truly may not be able to go home again.

Marianne consulted me about starting a business. I asked how long she could survive on her savings. "A year," she replied. "Maybe a little longer."

"Some businesses take more than a year to get off the ground," I reminded her. "You may discover you hate the business or be wiped out by competitors."

"I thought about all that," said Marianne, "and I can always take a job at X Company. I've worked there before and they said they will make a place for me."

"Imagine, six months down the road, that you fear the business is growing too slowly. Or you have a personal emergency that requires cash.

"Now you're in a one-down, weak position. You crawl to X Company on your knees. Even if they really hold your job -- do you want it?"

"Better to take a job at the start of your business, or keep the job you have now. If your profits soar, you are in a very strong position to bid farewell to your day job. You can use the extra cash to grow your business, have some fun or save for the next crisis. But you will be free."

After your solo flight as a pilot, it's hard to return to being a passenger. It's hard to return to routine after you've tasted adventure. Design a safety net before you choreograph the high-wire act, and you will honor your commitment to move to your own personal vision of life freedom.

Cathy Goodwin


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