How We Helped A Government Employee Change Careers

The last few years have been challenging for federal employees and their families. Anyone who has navigated a layoff knows how stressful reorganizations at your employer can be. At Red Clover Wealth Management, we believe that when life throws you a curve ball, it presents an opportunity to assess your life and move in a direction that will be more fulfilling.

Meet Sandra, a 40-year-old single woman who came to us to figure out how she could afford to change careers. Sandra lived in Florida and was a government employee with 11 years of service.   She did not know what career she wanted to pursue; all she knew was continuing her current career path was not an option. She had accumulated significant retirement and non-retirement assets but was still paying over a $100,000 in student loan debt. Sandra was seeking guidance because she wasn't sure if changing careers would derail her long term goals.

Step 1:  Define The Life You Want to Live

We asked Sandra to complete some exercises that would help her gain clarity on the life she really wanted to live. Here are the elements of an ideal life our discussion of those exercises uncovered for Sandra.

• Find a career that is more fulfilling and not something she dreads doing.  Sandra wants to see the positive impact her work has on individuals and the community.
• Move to New England to be closer to family and friends and enjoy all four seasons. Sandra dislikes heat and humidity, which was a significant factor in her unhappiness living in Florida.
• Own a home rather than a condo.  She would like a small home on some land so she can garden.
• Get back to doing the things she likes to do like drawing, dance, and gardening.
• Take a sabbatical and try out different career fields.
• Have financial peace of mind knowing that taking the sabbatical won't detail her retirement goals.

Step 2:  Create The Financial Plan

After we had a clear picture of the life Sandra wanted to live along with how she wanted to move towards living her ideal life, we helped her create the financial infrastructure to live her ideal life.  Despite the student loan debt, Sandra was in good financial shape; she had significant retirement savings, non-retirement savings and equity in her condo. Selling her condo freed up more cash for Sandra to live on while she explored where she wanted to live and her next career.  In the course of our work together, we were able to help Sandra have her student loans forgiven and determined that if she tweaked her investment allocation, she did not need to continue to contribute to her retirement plan accounts to fund her retirement.  With 11 years of government service, Sandra would be able to take her pension at age 62 but leaving government service would mean losing the federal health insurance benefit.  We calculated how much Sandra could afford to spend on her sabbatical and the minimum salary she would need to earn in her new career to fund her lifestyle.

Step 3:  Start Living The Life You Want To Live

Once the financial plan was complete, Sandra gave her notice at work and put her condo up for sale. She then moved up to New England and rented a small apartment while she explored what she wanted to do. About a year later, she bought a small home with lots of character in a coastal town in New England.  She ended up taking a teaching job at a local college and found fulfillment teaching her students.  She now sees her family and friends regularly and has made new friends in her community.  She spends her free time going to the library, gardening, and going out with friends. She loves her new life!

Seeing Disruption As Opportunity

Life tends to throw us curve balls regularly.  These curve balls can be opportunities to start living a more fulfilled life. It starts with defining the life you really want to be living. Red Clover can help you define the life you want to live and build the financial infrastructure so you can begin living your best life. 

If you are seeking clarity regarding your career path or want to begin living your best life, schedule a meeting with us to explore how we can support your goals.

About Red Clover Wealth Management

Red Clover Wealth Management is a wealth management firm for military families and government employees looking for an action plan to live their best lives. The firm’s team is committed to helping clients navigate the complexities of today’s financial landscape by providing realistic advice and a customized plan of action. With an emphasis on relationships and services including financial planning, investment management, and tax planning, Red Clover Wealth Management helps clients build—not just maintain—wealth across the United States.