shifting

For the past 9 1/2 months I’ve been digging deep to uncover the path I want to take next. I have a background in freelancing so since I left my stable, nonprofit professional career back in July, I naturally slipped back into the hustle.

To be clear, before I left my job I did secure a 6 month contract that would provide me with steady part-time income for the remainder of the year. This was new for me because 5 years ago I would have easily left without a plan or net in place. I’m in the middle of the project right now that happens to be all about supporting business owners of color.

Imagine, as I shift my life in major ways to being a first-time entrepreneur as a woman of color without a background in business, higher education degree or much cultural capital — though my social capital is decent, I’m helping other business owners OC to navigate a city ecosystem that was built without us in mind. I’m getting to learn what’s available to people like me at a time when I need to know what’s available to me.

So how is my life shifting and what am I doing to make it happen? Let me break it down.

1. I’m finally getting my consumer debt under control and working my ass off to eliminate it.

   • I reached out to a “wealth advisor” (a title I didn’t learn until I was in her office…I wouldn’t have contacted her had I known…too intimidating).

     • Through discussion, she and I figured out a plan that uniquely suits me: Because I’m now a self-employed freelancer, there is an account called a Single K that I’m eligible for which we’re rolling my 3 retirement accounts into — (2 IRAs that have a few dollars in them [$14,000 combined, built over the past 10 years] and my 403b [$17,000 built over the past 3 years].

     • I’ve been making between $500-$900 a month in debt payments for the past half decade plus, currently $600. With the Single K in place with Oppenheimer Funds, I can take up to a 50% loan out against the fund. As I pay the loan back, I’ll be essentially paying myself vis a vis my new retirement account. Benefits are multi-fold:

       • I’ll use the loan to pay off my credit cards which gets that debt off my credit report.

       • I’ll be making smaller payments to repay the Single K than I’ve been paying my credit card company.

2. I connected with a CPA now that my taxes and income are becoming more complicated (I’ve never wanted to pay someone do this stuff for me, but I realize that it’s the responsible adult thing to do).

   • I’m going to create an LLC for my freelance/self-employment work which my Single K is going to be connected to.

   • Going to start paying my taxes quarterly so I’m not hit at the end of the year which always SUCKS.

3. I’ve been inhaling personal finance podcasts like a crazy woman. I’m especially drawn to the FIRE (Financial Independence Retire Early) movement…but more so to the FI side of it. I’m also on the CONSTANT hunt for podcasts, blogs and FB groups that are made up predominantly of women and women of color. Our experiences are simply different than that of men and white people. (See above re: lack of business background, degree, etc.)

   • Podcasts I’m into right now:

     • Michelle Is Money Hungry

     • The Fairer Cents

     • Fire Drill

     • Don’t Keep Your Day Job

     • Do It Scared

     • She Podcasts

     • Side Hustle Nation

     • Optimal Finance Daily (crazy genius that there’s a podcast all about reading blog posts by other people)

     • The Brendon Show (opposite of the criteria I’ve set above, but when I peel back the layers I’ve found some nuggets inside)

4. I’m exploring and putting time into different creative endeavors. Note, I have NEVER identified even remotely as a “creative” but am being called to do something that uses a different side of my brain which has me standing outside the door of the creative group like, “Hey guys, can I play?”

   • Creating journal pages

     • Going to sell on Etsy and customized on Fiverr

       • My Etsy store is yet to be stocked

     • Feel excited about what’s possible here as I’ve thought for a long time about creating a product and have been equally obsessed with tools for goal setting and accountability.

   • Conceptualizing a podcast

     • Feel excited about what’s possible here as I’ve been unable to find a lot of voices and/or experiences like mine.

   • Creating a version of greeting cards with a friend that support people with starting difficult conversations or creating closure

     • Going to sell on Etsy and in local stores.

     • Feeling excited about what’s possible here as the idea was conceived after a personal experience of mine.

5. To earn extra money to help pay down debt faster, I’m getting side hustles up and running, a couple of which feed the creative expression I’m craving.

   • Bringing my esthetician’s license back out to start waxing again (many thanks to Samana who heavily emphasized the importance of keeping our licenses active even when not practicing).

   • Reconnecting with old bosses I used to do event work for

   • Transcribing podcasts for others (Fiverr and private podcasting FB groups)

   • Creating custom spreadsheets for others (Fiverr)

   • Creating custom journal pages for others (Fiverr)

6. I left my job specifically to work on a business plan and ultimately open a wine bar (what I’ve always wanted to do). The process is taking me down new paths that are forcing me to think about and look at things differently than I had expected.

   • My state’s liquor laws are extremely challenging and have been set up to keep people like me out of the game…I’m trying to change the law now.

7. I’m exploring a small business endeavor with a beloved girlfriend…too new to put out into the universe, but potential is exciting.

8. I’m refusing to let fear get in my way.

I have no idea which of these things is going to become my primary thing and which are going to be the main side hustles, but I know they all feel worthy of exploring right now. And in the coming month or two, I believe those with the strongest roots will support beautiful blooms.