As I previously wrote, a few things have changed in my life recently.
I became consumer-debt free, decided to obtain an MBA and recently switched to part-time work.
But why did you do that?!
You might ask. Well, studying for an MBA is not the same as studying for a certificate or a diploma. A lot more reading and researching is involved, and it is definitely more challenging.
But it is not the only reason.
I desperately needed better work-life balance
Working full-time was sucking all my time and energy. For the last 2 years, I would leave my home at 7.00 am and would never be back before 5.00 pm, from Monday to Friday. I was constantly tired and had not much energy for anything else during the week.
I was only living for the week-ends and vacation. A lot of personal matters were put on the back burner and my health also suffered. This is simply no way to live. I started resenting my job.
Other issues within my workplace made me resent my job even more. I reached my breaking point in February.
I financially planned for the transition
Although I was at my breaking point, I decided not to hastily quit my job. Been there, done that!
While I was paying off my consumer-debt, I also saved money. It was equally important for me to also have some serious savings. My full-time income allowed me to do so.
It definitely took me more time to get rid of my debt, but I also built a nice cash cushion that could allow me to remain without any income whatsoever for several months.
If I made any type of income, I would be able to work part-time for about 18 months with said cash cushion.
If I had kept working full-time, said cash cushion would have paid for my MBA. But I switched to part-time, so it is a moot point.
I waited for the last car payment to go through
I wanted to become consumer-debt free with my income rather than dipping into my savings.
I refinanced my mortgage
Since I had decided I would work part-time, I had to figure-out the tuition payment. I did not qualify for student loans, but I actually didn’t want to take any. I also did not want to do a line of credit or another personal loan.
So, I refinanced my mortgage and slightly leveraged against the equity of my condo.
By doing so, I only have one monthly payment to take care of. A portion of said payment is also going right back to the equity in my condo.
Most importantly, I can afford to pay for my MBA and to work part-time for the next 2.5 years.
I have been working part-time for a month now and am already reaping the benefits. I have more energy and feel more positive. My health is improving as well.