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In this week’s Ten Money Questions we speak with Michelle Goodman. This is Part II to The Anti 9-to-5 Guide book review that I posted the other day. Goodman, the author, writes at a blog by the same name. Since work and money go hand in hand, I wanted her thoughts on making the break from corporate life, building a business from freelancing and managing finances when you’re no longer getting a steady paycheck from the man! Enjoy!
1. You write that younger women are all about quality of life. With balance in mind, how is work being redefined?
More and more companies are getting hip to the fact that younger workers want flex hours, telecommuting, freelancing, and other work/life balance options and are making the necessary changes. You see it in the media every day. I get these press releases in my inbox every week touting yet another law firm or Fortune 500 that’s been deemed family-friendly by some women’s media outlet or other. Today being balance-happy is a badge of honor for big business. Since retirement funds and job security aren’t what they used to be, flex work has become the hot new currency for workers. Maybe you don’t get the raise you want, so you ask to work at home on Fridays, that sort of thing.
Besides, as more and more Boomers reach retirement age, companies are going to have no choice but to embrace these brave new ways of working. This is of course great news for younger workers who operate with a far more entrepreneurial, balance-oriented mindset than their parents ever did, and for stay-at-home moms looking to re-enter the workforce.
2. How did you learn to work effectively from home? What were some of the challenges?
By trial and error. I quickly learned that I cannot work in a dwelling that has 500 cable channels – it’s too tempting to watch VH1’s “Behind the Music” all day long. So I canceled my cable subscription. I also learned that the freelance power lunch is not for me; by the time my third margarita comes, I’ve shed all pretense of getting any work done that day. Instead, I try to get my work done during normal-ish business hours and socialize at night.
What it comes down to is figuring out when your peak creative hours are and mapping your work schedule to them (taking into account the fact that your clients will probably want to reach you at some point during “regular” business hours). Another factor for me is that I like to be off work when my friends and family are off work. If you work nights and sleep days, you only get to socialize with the other vampires. And if you’re friends and family are mostly 9-to-5 types, you’re out of a social life.
As for the distractions of home, you quickly learn to eliminate as many as possible and say no to all others, lest you wind up back in the 9-to-5 grind. Caller ID is pretty much my BFF – that is, next to my dog, who is particularly effective at running off Jehovah’s Witnesses and other midday solicitors who show up on my doorstep.
3. What is your most significant memory about money?
This is a bad one: In my late twenties, my credit card debt had come to eclipse my annual income, and I couldn’t afford the monthly minimum payments anymore. My interest rates went sky-high and the collectors started calling and calling. It was awful. I had this moment of truth where I realized I’d been in denial for the past couple years and was now going to have to pay the piper, so to speak. It wasn’t that I’d been hoarding shoes or jetsetting to Paris or anything; I was just living in a one-bedroom apartment in San Francisco, working for myself, and too stubborn to downgrade to a studio or get a roommate (or perhaps, a day job, since my freelance salary wasn’t cutting it). Instead, I’d foolishly used my credit cards to make up the difference. I think I had about eight cards at the time.
The worst part was the shame, like I couldn’t take care of myself or something. My accountant advised me to declare bankruptcy and said I’d still be able to buy a home in a few years (in fact, he said, several of his other clients had!), but I was having none of that. I felt like, I made
