The Great Reassessment
We’ve heard a lot about the Great Resignation – economists’ term for the record- number of employees who quit their jobs this year. The pandemic opened our eyes to a life that could be different. Many of us realized we didn’t need to wake up hours before the workday started to pack lunches, put on uncomfortable clothes, and commute to an office. The new routine provided the opportunity to work in a way that might have matched our personalities better. It didn’t require us to be “on” for our colleagues all day. It cultivated a work-life balance not yet experienced. We had the flexibility to exercise, cook dinner, and do laundry during a weekday. Somewhat intolerable careers became tolerable – just by virtue of the balance afforded.
Of course, not everyone had this experience during the pandemic. Working parents suffered with balancing jobs and children without childcare. Essential workers risked their lives. Some people worked jobs that didn’t bring them joy or even decent paychecks.
While not everyone is able to or is choosing to partake in the Great Resignation, the cultural shift and tragedies experienced during the past year and a half brought about thoughts of what might be more aptly dubbed, the Great Reassessment. The pandemic provided an opportunity to reflect on how we want to spend our time.
For me, the Great Reassessment sparked several years ago. I started law school at 22, and like many, I never really thought about what I wanted to do. Becoming a lawyer sounded prestigious. But my first year into law school I realized it wasn’t what I wanted. Nonetheless, I committed to the sunk cost of the loans I borrowed and became a lawyer.
My husband and I kicked off our marriage and careers with student loan debt and a fresh car loan. Between our two incomes, and the way we spent money, we were living paycheck to paycheck. Should either one of us lose a job, we wouldn’t be able to pay our bills. Not only were we stressed about potentially not paying a bill or taking on more credit, but the student loans also weighed heavily on me emotionally and made me feel like I had to be a lawyer.
During a long commute to work, I had an epiphany. If our financial situation was keeping us stuck and holding us back, what if we learned to manage it differently? I realized that if we paid off our debt, we could reassess what we truly wanted and make different choices. We learned to budget. Our budget was the first place we began reassessing what we cared about – what were our values and goals? Were we using money in a way that matched them? We focused on paying off our debt as quickly as possible, but also budgeted for experiences we wanted. Within two years, we paid off all our debt.
The process of paying off our debt shifted my perspective. It caused me to think about what brings me joy and what matters most to me. Learning to budget and accomplishing our financial goals released more anxiety than the entire prior decade of therapy I went to. Not only was our newfound financial wellness life changing because it created opportunity and choice, but it was also life changing in the way it brought me peace with myself and the world. It made my marriage better. It even allowed me a modicum of harmony with a career I wasn’t passionate about.
We paid off our debt in February of 2020 and the same month found out we were expecting our first child. When our son was born, I realized I was choosing to spend 40 hours away from this person I loved, doing something I didn’t love. All our hard work in paying off loans was to be able to make a choice about what we wanted to do. We finally had the choice to make a change.
Last month, I decided to leave my legal career. We created the financial wellness that allowed us to reflect on what was important to our family, and to make a choice that was better for us. We had the ability to make a choice that allows me to do what I am passionate about and it provides more time with my child.
Financial wellness is more than having money in the bank to cover the bills. It provides the opportunity to think about what matters in life. It allows us to reawaken those neglected childhood dreams and goals which were overwhelmed by our adult responsibilities. We can reassess jobs, careers, relationships, and environments. Financial wellness provides us the opportunity and choice to have our own Great Reassessment at any time.