Before I even begin this post I want to make it clear that I HAVE NOT cashed in my retirement. Also, please do not lecture me about lost opportunities for long-term earnings growth, etc. I know that. But, I think that it is disingenuous to not admit that during this year the idea of cashing in my retirement has crossed my mind at least once.
Time for Honesty
I have a nice chunk of change in my retirement account. It is money that was hard-earned and hard-fought for during my time at the university. I cried earning that money, I lost a lot of life energy earning that money, it was a HARD road growing my account to the amount that is currently in there.
When I decided to try becoming a digital entrepreneur I knew it would be hard-because if it were easy everyone would be doing it. But, I have to admit that there were moments when I just felt like throwing in the towel and saying “enough, I can use this cash to buy a ton of Facebook ads and accelerate my business’ growth.” I could have a several years’ income in the bank…basically, I could just make things easy for myself in the short-run. So, in passing, I asked my mom what she thought and this was her answer:
“Then what you’re working on isn’t worth it.”
My mom works with homeless women and children and she has spoken to a number of women who said that they had cashed in their retirement money. Some had no other resources and had to do what they had to do because survival is the name of the game. But that isn’t my situation.
I had a moment where I just got tired and wanted things to be easier. Because NOTHING has been easy for me. Nothing. And, while there are moments where resilience and self-reliance are great…I’ll be honest and say that sometimes you just wish you were given a break. But, entrepreneurship isn’t for the faint of heart and it’s not easy. It’s in those moments of self-doubt, frustration, and angst when you have to dig deep and think am I doing the right thing? Is this the right road for me?
Where is the easy button?
My mom was making the point that you have to be 200% bought into what you’re doing and believe that it’s worth it. That leveraging my future life for my current dream is not the way to build my dream and I agree (shhh-don’t tell her I said that).
My mission is to help educate and support people with their money choices, dreams, and mindset. The action of cashing out my retirement would be out of alignment with my mission but admitting that I GET IT, those moments when you’re so damn tired and you just need a break is important too.
Because I’m Human
I’ve always said that this personal finance blog is not a place where I will judge you for being honest about the mistakes that you make, or the thoughts that go through your head late at night when you’re stressed out and eating chocolate.
That’s why I share encouragement, resources, ways to make money, and ways to cut your budget so that when those thoughts come up you don’t end up making a financial decision that will have negative ripple effects for the rest of your life.
When I began having those thoughts I thought about the things that I could do to build momentum and stay true to my mission. I focused more, I side-hustled more, I doubled-down on what I was trying to do. Has it been hard? Yes.
But, when I think about all of the people in my life who have walked in my shoes and made it to the other side I realize that I’m in good company and that I have an amazing community of people who want to see me succeed.
So, I continue on, I double down and I work harder. I want to advocate for people who have no one in their corner as they take control of their money. I lost track of the fact that my first client is me.
Have You Had Moments When You Just
Wished Things Were Easier?
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I’ve been there, Michelle! I would love to invest my retirement money into my business, too. Unfortunately, mine isn’t quite as high as it should be because I’ve never had access to a 401(k) or a company match. Plus, I was a pretty under average earner for a good chunk of my 20s. You’re doing great! I have no doubt your business will continue growing even without that major investment.
I’m glad that I’m not the only one. I think that sometimes we in the personal finance blogosphere don’t want to admit having thoughts like these…or will harsh on other people who do because intellectually cashing in your retirement is a TERRIBLE choice. But, a lot of time we deal with money from an emotional context and those moments were VERY emotional moments. Instead, I shall double down and work harder LOL!
Yeah I used to think about that too. I think when I said I was “broke” people thought that I had zero money to my name, but that wasn’t true. I had retirement savings, but I considered that to be so off limits. But there were times where I was like, ” I could use that money! It’s mine and I can give myself a break and take a vacation like everyone else or (insert fun activity). It takes a lot of strength to not go down that path.
When I made this leap my retirement money was completely OFF the table. But, I know that I’m not the only one out there who was like…how many Facebook Ads campaigns could I rock out with some of that money to speed up business growth?
I’m convinced that there are a lot of people who’ve had these thoughts but don’t want to admit it. I’ll admit it because I’m not perfect and I think there is a lot of value in just being honest-being an entrepreneur is NOT easy.Thanks for the support 🙂
It has been a nice experience as you learned so many valuable lessons Michelle. You are really not alone when it comes to these kinds of experience. Of course, there are ups and downs but what matters the most is that we keep on and push through until we get to the other side. It may take some time, but we know for a fact that we are on our way to reaching our financial goals.
Jayson, I never planned on cashing it out…but, when you know it’s there it’s very tempting. Then, you think about the risk that’s involved with making a move like cashing out a retirement and hopefully are frightened away from making it.