do work you love: manage your risk

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Do Work You Love Workshop Four : Manage Your Risk

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Workshop 4 in our career change workshop series - read more here: http://escapethecity.eventbrite.co.uk/

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Page 1: Do Work You Love: Manage Your Risk

Do Work You Love Workshop Four:

“Manage Your Risk”

Page 2: Do Work You Love: Manage Your Risk

Escape The City • +150,000 members globally • Thousands of event attendees • Hundreds of “escape stories” • A vibrant community of career changers,

entrepreneurs, and people who want to ‘do something different’

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Who Are We?

Matt Trinetti @trinetti

Adele Barlow @adelebarlow

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EXERCISE

Who Are You? Why Are You Here?

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What have we learned?

1.  Escape Your Blockers 2.  Find Your Passion 3.  Own Your Career

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Today: Manage Your Risk

A Gamble vs. A Plan

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What is your definition of WEALTH?

EXERCISE

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What does your IDEAL LIFE look like?

EXERCISE

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What are the RISKS preventing you acting?

EXERCISE

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Tonight

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Eight Methods to Managing Your Risk: 1.  Know what money means to you. 2.  Get philosophical. 3.  Confirm your financial situation. 4.  Crunch the numbers on your escape. 5.  Treat your escape like a startup. 6.  Spend and save consciously. 7.  Earn creatively. 8.  Invest in yourself.

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1. Know what money means to you

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Story: Red Bull Rick

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Story: Red Bull Rick

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The Voices in the Room

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EXERCISE

What voices are in the room with you?

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Reverse Role Models

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“Money is multiplied in practical value depending on the number of W’s you control in your life: what you do, when you do it, where you do it, and with whom you do it... ...Options—the ability to choose—is real

power.”

Timothy Ferriss, The Four Hour Workweek

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2. Get Philosophical

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Stoicism and Practicing Poverty “Set aside a certain number of days, during which you shall be content with the scantiest and cheapest fare, with course and rough dress, saying to yourself the while: ‘Is this the condition that I feared?’” --Lucius Seneca (c. 4 BC-AD 65)

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EXERCISE: The Condition You Fear

• What is your nightmare? • What steps could you take to repair the damage?

HOMEWORK: Practice Poverty

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3. Confirm Your Current Financial

Situation

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Story: Catherine

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Changing Habits

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EXERCISE Get a clear pictures on these four figures:

1. Income (Revenue) 2. Expenses (Costs)

3. Investments (Assets) 4. Debt (Liabilities)

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4. Crunch the numbers on your escape.

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Story: Soul Patel

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The Property Question

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HOMEWORK: What’s Your Runway?

A.  Minimum you can live on per month (during your escape)

B. How many months you think you’ll need C. Ideal recurring income after the transition (post-escape) D. Your total escape fund (pre-escape savings)

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Homework: Dreamlining

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5. Treat your escape like a startup.

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Story: Vidu

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Connecting the Dots

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EXERCISE

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6. Spend and save consciously.

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“How many times have you opened your bills, winced, then

shrugged and said, ‘I guess I spent that much’?”

Ramit Sethi, I Will Teach You To Be Rich

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Spend and Save Consciously Major Takeaways: •  Cheap vs. Frugal •  Spend on what you love •  It’s hard to save unless

there’s a reason

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Story: Dom Jackman Three-Account Saving System:

Account A: Fixed Costs Account B: Monthly Budget Account C: Salary/Income

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Spend Consciously

Ramit Sethi, I Will Teach You To Be Rich

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EXERCISE: Monthly Costs

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7. Earn creatively.

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Story: Adele

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The Invisible CV

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EXERCISE: Skill Sale

What projects would be ideal

for your invisible CV?

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8. Invest in yourself.

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You as an Asset Major Takeaways: •  Increase assets, question

liabilities. •  For most people, their

profession is their income; for rich people, their assets are their income.

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Story: Matt

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Story: Matt

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EXERCISE:

What are ways you can invest in yourself?

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Eight Methods to Managing Your Risk: 1. Know what money means to you. 2.  Get philosophical. 3.  Confirm your financial situation. 4.  Crunch the numbers on your escape. 5.  Treat your escape like a startup. 6.  Spend and save consciously. 7.  Earn creatively. 8.  Invest in yourself.

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Can you manage your risk to a fault?

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Maybe you shouldn’t have a cushion... Five reasons you shouldn’t have a cushion before you quit: 1.  Lights a fire under your ass 2.  Forced to get creative 3.  Learn to focus 4. Don’t lose the fire 5. The sooner you start, the

sooner you can succeed

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HOMEWORK 1.  I Will Teach You To Be Rich (Ramit Sethi) 2.  Stoicism 101: A Pratical Guide for Entrepreneurs

(Tim Ferriss’s blog) 3.  Your Money or Your Life (Joseph R. Dominguez) 4.  Rich Dad, Poor Dad (Robert Kiyosaki) 5.  Escape from Cubicle Nation (Pamela Slim)

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- THANK YOU -