Sabbatical First of all, what is a sabbatical? Simply put, intentional time away from current vocation."Your calm mind is the ultimate weapon against your challenges. So relax." --Bryant McGillSo you're considering a sabbatical...but not sure if/how you can afford it? You're not alone. In fact, over 1/4 of all Fortune 500 companies offer some type of sabbatical. The number one practical barrier to taking a sabbatical is personal finances. If you're considering a sabbatical, it's important to plan ahead and not let finances be a stressor in the process for you or those that may depend on you financially. Our 3 step process makes sure you are financially prepared. 1. Goals Alignment Why are exploring a sabbatical? It could be a professional recommendation. It might be employer driven. It could be practical. It may be idealistic. Understanding the reasons why allows you to be more strategic with money related decisions.What are your reasons?Rest and Renewal?Job Dissatisfaction?Received large payout/lump sum?Seeking better work/life balanceSeeking better alignment with gifts & valuesA care need (elderly or sick relative)Movement from success to significanceWho is with you in this critical decision and unique season? Naming your trusted and wise inner circle is critical in making good decisions and sticking with hard decisions.How and when will you re-enter what is next for you after your sabbatical is over? You don't need to have every detail of this planned out, but it's critical to have given thought time and have a plan so that you can not be spending your sabbatical mulling and/or obsessing over the unknown of re-entry. 2. Resource Assessment Take a hard look at your finances to assess the impact of taking a sabbatical--both short and long term. We run a cash flow analysis and long-term forecast, answering:How healthy are my emergency reserves?What's the impact on my retirement and other long term savings goals?Is it wise to use the equity in my house or retirement funds?Is it too late to make a career change?What are the "what-if's" that can derail my plan?What could be the costs if I don't do this?What is my biggest financial concern or fear?What is my likely re-entry income and financial situation? 3. Benefits Analysis It's also important to consider other benefits that don't show up on your balance sheet.What's the impact of losing my current employer benefits?Do I have certain benefits with my current employer that I should keep?What's my health insurance plan during my sabbatical?Does taking a sabbatical change my overall insurance needs/coverage?How do I handle debt payoff during this time?Are there other "what if" variables to consider during my sabbatical time? Schedule a call to help with your career change.