The Corporate (Rat) Race

I was born into the corporate world. I remember my dad receiving phone calls morning, noon, and night (don’t forget birthdays, weekends, holidays), traveling across the country every week, constantly checking emails, and conducting conference calls with his team (way before zoom was a thing). From a very young age I knew what it meant to “climb the corporate ladder.”

A Perfect Match

I learned the importance of a strong work ethic from my parents, and I was motivated to work at an early age. As a child I had many opportunities to earn money by cutting thousands of coupons for my dad’s products. When I was 16 years old, I had two jobs while taking 21 hours of college classes (12 hours is considered full-time). If I wasn’t achieving something, then I was wasting time. I understood what it meant to grind and work hard for what you want in life.

The corporate world always appealed to me because those who work hard typically get promoted. I was drawn to the stability of a large corporation and the seemingly unlimited opportunities for growth. The constant challenges of an evolving organization invigorated me…until it didn’t. 

A Very Real Reality

I became a mother and my purpose changed. At first, I continued to work long hours and was able to succeed at work and at home. But I eventually began to realize that the life I was living did not allow me the freedom to indulge in the things that meant the most to me. I had to choose between meeting project deadlines or singing to my daughter at bedtime. I had to choose between constantly innovating and improving processes or actually relaxing on vacation without my work phone. I had to choose between reducing expenses to increase the bottom line or reducing my stress so I had the capacity to give back to my family and the community where I lived.

 I began to realize that no matter how much I pushed and fought to improve in my work, I was still just a number. I had become a robot programmed to constantly be more and do more…a hamster on the wheel putting forth a lot of effort but going nowhere. I began to question whether I would be forgotten five years from now if I left the organization.

The truth is that the show will go on. No one is irreplaceable, and no one is indispensable. That’s when I realized I wanted to live a more meaningful life.

The Spark

The pursuit of a meaningful life starts with a spark – an idea or dream. It’s different for every person, but once it’s identified the results are the same…an energized and motivated person ready to make an impact in the world.

The spark can be a business idea, a passion to serve more in the community, or a desire for a slower paced life. Whatever the spark is, start fanning the flame.  

If you’re like so many Americans, you don’t want to be just another brick in the wall. You want to experience all that life has to offer. You want to achieve your full potential. You want to leave a legacy.

But how can someone attain such a thing while also having stability and taking care of their family? It is possible!

Maximize Existing Resources

If you’re a corporate executive or professional, then you’ve likely utilized different employer benefits and accumulated multiple assets over the years. It’s time to attain the unattainable as you combine the success of your present with the goals of your future.

Consider these financial strategies to position yourself for a more meaningful life:

• Utilize a high yield saving account for your emergency fund

• Maximize current employer benefits:

  • Fund your HSA: The ability to save tax-efficiently for medical expenses, and the only triple tax savings in the IRS tax code - lowers taxable income now, pay no tax on the account earnings, and pay no tax for qualified distributions.

  • Contribute to your 401(k): A vehicle to save for retirement that lowers current taxable income and is often matched by employer contributions (aka free money).

  • Maintain an appropriate amount of group health / life / disability insurance coverage: Insurance often offered at a discounted rate while employed.

  • Repurpose restricted stock units (RSUs): Underlying shares of company stock and employees are taxed on the market value once the shares vest.

  • Purchase employee stock options (ESOs): Stock options represent a right to buy (or sell) shares of stock at a particular price (the exercise price) by some future date.

• Implement a backdoor Roth: A strategy used by high-income earners who exceed Roth IRA income limits, but desire for their investments to grow tax-free.

• Complete a Roth conversion: A strategy used by investors when the markets are down, and there’s a gap between current income and the top of the current income tax bracket.

• Open a taxable investment account: A strategy used by high-income earners that have maxed out their retirement savings vehicles, and/or investors that have a desire to access the funds prior to age 59 ½.

Whether you're creating a vision for your life, examining your current resources, or you're ready to take the leap to financial independence, we have created tools to help you take steps towards a more meaningful life. Visit DoWealthDifferent.com/Tools.