Now it’s time to pause for breath, think through the points we’ve been considering so far and reach some decisions – it may not be right for you. Alternatively, it may be OK ultimately, but not now. Or the ideas could be really lighting your fire, big time! Here’s our opportunity for a review.This chapter consists largely of questions, revisiting key areas from our studies this far. In order to clarify in your mind what your personal way forward should be, it’s important that you respond to the questions and write down your answers somewhere.
We suggested earlier that you have a notebook to record your answers for future reference. This is the time to use it – or even write your answers in this book, if that doesn’t offend you. You may even find, in checking back, that some of your parallel answers have changed or refined in the course of our considerations. Keep notes of these different responses – your later ideas will build on earlier ones and may even help you clarify what you really think.
Where Do I Stand?
There were many possible reasons for downshifting set out in
Chapter 2. In the action plans you were asked to identify the key factors
which you thought might affect you and the key characteristics which you think make you tick. Try answering these supplementary questions, to focus more precisely.
Applying Swot
Do you remember the idea of using a SWOT analysis to establish whether a particular idea held potential for you? You can use this type of thinking to compare and contrast different jobs, places, skills, capabilities, anything really. It is a good way of objectively comparing like with like. Using it keeps your mind focused and on the ball.
Now’s the time to use the same type of thinking to analyze yourself.
Inspiration
When we were thinking seriously about changing our life to what we’re currently doing, I came across a saying in one of these inspirational books which many people buy and have by the bedside. I found a lady artist who lived locally and who produced illustrated calligraphy scrolls. She made us a beautifully illuminated copy of the saying, which I had framed and we hung it on our bedroom wall. As our plans advanced, we often quoted the words to each other. It now hangs in our porch and we still quote the words to each other periodically, to underline our vision and priorities. It’s by Henry David Thoreau:
- we hope it perhaps gives you inspiration too.
The Next Stage
So, now that you’ve focused on your strengths and how to apply them to the full, and have some ideas of the skills and talents you may be able to bring to the fore if you downshift, what is the next stage in the process? Should you be thinking specifically about how you’re going to earn a living, or should you be considering what you’re worth currently if you sell your present home and realign your priorities?
To some, the ultimate downshifting is selling their high-value property and retiring to a small cottage somewhere, living off the proceeds for the rest of their lives. Indeed, this works for some people. There was a time around the late 1980s when the UK saw a fairly massive clearout of middle management through voluntary redundancy and early retirement. I am aware of many managers in their early 50s who accepted the financial package with alacrity. To some of these, the concept of doing nothing for the rest of their lives was a very attractive one. Although it’s still working perfectly for some, I know of others for whom the gradual undermining of feelings of self-worth or financial stability, or both, has created problems.
If you (not the mortgage provider) have a lot of personal capital tied up in your current property, it is obviously an important factor in the overall future equation. The days when you could buy a Scottish estate for the price of a flat in London are probably long departed, but there are certainly impressive price differentials around the country. It’s worth doing some ballpark figure calculations at a relatively early stage in your considerations to give you a financial handle on the viability of your overall plans. We’ll discuss this in some detail in the following chapter.
Your ideas for downshifting from employment to self-employment may be reducing your overall running costs day to day, but setting up your own business can be quite expensive initially. You must remain in control, especially in
the early days when you might feel cash-rich from releasing your assets. If you get involved in building renovation, these assets dwindle away all too quickly.
So, earning a living and working out your worth: let’s consider them both together.