Media all-star Kim Rittberg gets us ready to exit our jobs the right way, and previews her new podcast: Mom’s Exit Interview.

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Full Transcript:

Bobbi Rebell:
Hey, Grownup friends. A big thank you to so many of you that have already bought my new book, Launching Financial Grownups: Live Your Richest Life By Helping Your Almost Adults Kids Become Everyday Money Smart. This book was not easy to write because I had to get honest with myself about what was working with my teen and young adult kids and what was not working. And I also had to be prepared to share it with all of you. So, first of all, thank you for your support and your wonderful responses to it. There's definitely some things in there that you may not have been expecting to hear.

Bobbi Rebell:
By the way, I got a lot of help from my money expert friends and also financial therapists and parenting experts. I am really happy with how Launching Financial Grownups came out, even though it really was hard to be, like I said, that honest, and it was a lot of work, but I really loved doing it. And I'm really happy with how it came out.

Bobbi Rebell:
On that note, if you have not already, please pick up a copy of Launching Financial Grownups today. After you do, please share it on social media. Please leave a review on Amazon. Those reviews are super important because the algorithm picks up on them and that can make the book a lot more visible to more people. So I truly appreciate it. And I really also appreciate all of your support.

Kim Rittberg:
Figure out number one, what is the life you want? What should that life look like? Are you looking to get more time to yourself, to spend with your kids? Are you looking for more fulfillment? Are you looking for a more flexible schedule? Get super clear on that answer before you leave, like don't slam any door until you know where you want to go.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, certified financial planner, Bobbi Rebell, author of Launching Financial Grownups because you know what? Grownup life is really hard, but together we got this.

Bobbi Rebell:
Hey grownups. Quick ask, before we get into today's topic. I need your help big time. My book Launching Financial Grownups is out and I need your help to get this information to more grownups who can use the advice from my amazing experts in the book. As you know, I wrote Launching Financial Grownups because I was struggling and the information in this book has been everything to me. If you have not already, please pick up a copy. Please get one for a friend or a relative. And also this is so important, please take just a couple of minutes to leave a review on Amazon. We will have a link for that in the show notes. And if you have a group that you think would benefit from having me come to speak to them in person or virtually, get in touch. It's super easy. On my website, just hit the button on the top right that says Work with Bobbi and we can get in touch.

Bobbi Rebell:
Okay. Now to this episode's topic. Are you curious about the Great Resignation? Are you reading about some scary stuff in the job market like rescinded job offers or people that regret quitting? Maybe you are already in the thick of it, but how do we make sure it doesn't turn into the great regret, whatever we're doing. We have you covered with the most amazing guest Kim Rittberg. Kim Rittberg has had the most phenomenal career in the media business with stints everywhere, from Netflix to Fox and PopSugar. She even launched Us Weekly Television.

Bobbi Rebell:
But then she had that aha moment. You probably have had it too if you're listening to this, and realized she wanted more control. And if we're being honest, more upside potential by stepping out on her own.

Bobbi Rebell:
But of course it's never that simple. We grownups know it never is. I've shared my own three year exit strategy from when I left my job as a business news anchor at Thompson Reuters. But what if you don't want to wait three years or you just can't, and what if you don't know where you want to go, just that it's not where you are right now? Kim and I talk about all of that and then get very specific in our interview with what you need to know before you make your exit, including, of course, the financial things we need to be putting in place. And my favorite, how do you know where to invest in your business as you are building it? Where do you put your resources? It's often limited. Where do you outsource? And how do you even find the right people to help you? It's a lot. So listen carefully to Kim. She gets it and she has incredible advice. Here is Kim Rittberg.

Bobbi Rebell:
Kim Rittberg, you are a financial grownup. Welcome to the podcast.

Kim Rittberg:
Thank you so much for calling me a grownup.

Bobbi Rebell:
You are such a grownup. We've been gabbing a lot while we've been getting set up because you have a new podcast that has just debuting. It is called Mom's Exit Interview. And I asked you to come on to talk about exit strategies when we want to make big changes in our life. But first tell us about Mom's Exit Interview.

Kim Rittberg:
Yeah, so Mom's Exit Interview is pretty much a resource for moms to thrive when they've ditched the 9:00 to 5:00. Because people don't realize you think that there's stay at home mom, and then 90 hour work weeks on the corporate ladder. There's so much in between. And this podcast is an amazing resource. So every single episode, there's a mom, a real mom with an inspirational story where she's carving her own path and an expert with tips to guide you. So it's really meant to be that inspiration and action paired together.

Kim Rittberg:
And the reason I came up with it was sort of my baby. I had worked in media for about 10 years in TV. I launched the video unit for Us Weekly, like complete dream job. Like I made it. I was like, I made it. I'm such a big deal. It was awesome. I ran an 18 person team. I had my first baby, my baby, actual baby, and Us Weekly, my other baby. But what happened was when I being pregnant with my second, we were required, and I was in the hospital room having my second baby looking through resumes of all the people quitting, looking around at all the executives who were getting fired. I still had my job, but I thought, "Whew, I have no control." And so that really made me think I got to rethink my career. I need to take back control. If this is what success means, this is not the version of success I want.

Bobbi Rebell:
And it's interesting because, so your podcast is about the mom experience, but the truth is that, and that is often sort of the tipping point for making a change is when you have a change in terms of your family dynamics, whatever that may be, this applies to anyone. Right now, we're going through what many people are referring to as the Great Resignation because so many of us are now rethinking where we want to be, what's going on around us. I mean, you weren't necessarily being forced to make a change, but you had this aha moment. Tell us about what you think about the broader picture of what's going on these days in society, because that had to have inspired this new podcast.

Kim Rittberg:
Absolutely. So I, funny enough, right before the pandemic is when I decided to work for myself. When I tell people about this idea, dads, millennials, all people are like, "What a great idea. Why is it just for moms?" I'm like the idea is not just for moms. It's really for people who want to take control. And I think you're seeing that entrepreneurial, grab the reigns mentality, strike more people. But I do think that parents were feeling it more during the pandemic because all of the things that make a parent feel stretched thin before really rose to the surface in a very visceral way. Never before have parents had to homeschool and work at the same time. It's just it was a banana situation, but those little pieces had been happening for a long, long time.

Bobbi Rebell:
Assuming that we have a choice because sometimes people have to exit what they're doing without a choice, but if we have a choice, what things should people do beforehand to be most ready to have an exit?

Kim Rittberg:
That's a great question. Because on the show, I've conducted tens of hours of interviews with real moms. And we have surveys of hundreds of moms that filled out this survey for the podcast about what they're looking for. And people quit with a plan, without a plan, but I do think there are some general guardrails in place. So in my experience, I left Us Weekly, I knew I wanted to work for myself. I actually didn't have the courage or confidence to do it for another two years.

Kim Rittberg:
So a lot of times I think people have those sort of mental blocks of, can I do it? Is this really the right move? And then there's the tangible things. Do you have enough money? Do you have insurance or does your partner have insurance?

Kim Rittberg:
So some of the things to prepare are A, if you're going to exit, what are you entering? Do you want to be an entrepreneur and grow a huge company? Do you want to be a part-time worker? Do you want to be a consultant? But figure out number one, what is the life you want? What should that life look like? Are you looking to get more time to yourself, to spend with your kids? Are you looking for more fulfillment? Are you looking for a more flexible schedule? Get super clear on that answer before you leave, like don't slam any door until you know where you want to go and it doesn't have to be career A. It doesn't have to be job B, but you should have your priorities really clear because otherwise you're going to find yourself going to the right, going to the left, not really knowing which direction to really lock in on. So get clear on what you want. Your priorities are the top thing.

Kim Rittberg:
Secondly, figure out your financial situation. It is different for everyone. Some people have a lot of savings. Perhaps they have a partner with insurance and childcare. That makes it obviously a clearer path to take an exit. So figure that out. You obviously need to cover housing, food, childcare, but think about which of those things are temporary and which are permanent.

Kim Rittberg:
One of the other things I think is super helpful that I've learned from the podcast, I was talking to Gretchen Rubin, the Happiness Guru, who is amazing. She's amazing. I'm like, I love you. I also love you, Bobbi. We were talking about chapters and how life can be in chapters. So another helpful framework is you're slamming a door. You didn't lock the door with a bolt and never go back. You do always have the opportunity to reenter whatever it is you want to. You don't have to go back, but you can go right, you can go left, you can go forward. So I think the framework of knowing that an exit could be an entrance to something else and you get to decide what that is. A lot of people think of it's that old, famous video of that Jet Blue person, this flight attendant who jumped out the window and quit, and storming out of your job and lighting it on fire. It doesn't have to be that. There are a lot of ways to exit and enter something that's really satisfying.

Bobbi Rebell:
How do you balance the amount of planning you do with the actual doing? Because I have had friends that say, "I'm going to make a move," and then it doesn't happen. Or you also, sometimes people, as you just alluded to, take the leap and it's so dramatic and I'm just going to walk in and quit. Maybe they haven't thought it out well. So how do you kind of know what the balance is? And I say that, and I will talk about this on your podcast, I really took three years before I exited my corporate job. I did a lot of planning, but it was very specific with a timeline and everything. How do you balance that? Because you can spend forever planning.

Kim Rittberg:
You can definitely spend forever planning. I 100% agree with you. I spent two years knowing I wanted to work for myself, but not really understanding the financials of that. And finally, one day I said, "I'm going to do it. I'm going to network. I'm just going to see what happens." And I've had two and a half years of making good money doing some of the best work of my life, getting awards. You have to be clear in what you want. I think that clarity has to come.

Kim Rittberg:
Some of the tips that I have learned through the podcast is generally some of the ways that you can figure out that next step, if you have the time, obviously it's very hard to find the time, start doing that next thing as a side hustle. See if you like it, see if the money makes sense. See if there's clients out there, are people wanting what you're selling? So that's one way is to dip your toe in as a side hustle. The other thing is to make sure you have that financial cushion to make sure that you're not just quitting your job and then you feel unemployed. You don't want to feel unemployed. You want to feel empowered.

Kim Rittberg:
And the actual timeline, some people plan a business for years before they launch and other people spend six months, they make their plan. So getting the resources, like tapping into people. Getting your mentors, getting your coaches, doing that business plan, talking it out, and getting on the same page with your spouse or partner if you have one. That's another big thing is if you're going to make a big move, your whole house has to be aligned to that move, or it's going to be very hard for you to handle that. As you know, financial stress is the top stress for partners. So if you are going to make a move, your whole house has to be okay with that.

Bobbi Rebell:
Absolutely. And it is important to understand the difference between procrastination and planning, and understanding the balance of that. Once you make this leap and you do exit, Kim, one of the things that I worry about with people because I've been approached, fortunately, I don't think I've been scammed yet, but there's a lot of people... And it's not just scammed. There's a lot of people that can actually legitimately help you. That can really help you clarify, especially if you're a little bit lost, they can clarify with you what you want to be doing, because it is complicated. There are things that might be part of your business that are marketing and things that are revenue producing. And you have to balance that because some things can be so much fun, but they will never produce income. And if you want to have income for your family, you have to really have an understanding of that. How do you figure out who to bring in to help you and what kind of investments to make? Especially if maybe it's early and you don't have the cash flow to just pay for it out of your business, or if you need the cash flow to be supporting your family.

Kim Rittberg:
That's a great question. And I think there are several different points of view on this. Some people are in the camp of delegate everything, and delegate everything even before you're ready to. So when I was running a big company, I was like, "I'm not going to do this. I'm not going to do that. I'm going to delegate." Now that I run my own company, I do delegate, but I wait till I feel like I really need it and before I'm at that breaking point, then I hire help for that.

Kim Rittberg:
But in terms of bringing on coaches and all of that, there are a lot of people out there who would like to make money off of you. That's across the world. You go into a store, everyone's trying to sell you something, but figure out who you need to help you get to the next level. For some people, it's a business coach. You actually need to sit down and have your business plan. So on our podcast, I have this entrepreneur media business development consultant, and he gives you tips on how to find clients, how to price your business, how to make a business plan. If you don't know how to do those things, that's the right type of person to bring on. For other people, it's a graphic designer or it's a branding consultant because I think that when you're ready to take that next step, you need to have a brand identity and you need to really like have a good brand presence. Your socials, your site, all that stuff, but you have to be able to separate it.

Kim Rittberg:
And I think there are also a lot of people on social media, the idea that you have to be on social all the time, promoting yourself, and then you end up spending all your time there. You have to really think in your mind, balance your time between what is marketing and what is branding, and what is necessary, and where am I making my money?

Kim Rittberg:
So I had a huge year, my very first year actually working for myself. I had a huge year. I was barely on social media. My inbound contacts, all of my work was inbound. All of my clients were inbound. There were people I had met or contacts of contacts, and I did it through networking. So I think it's very important because a lot of people sell products or services that are related to marketing yourself. And I think social media marketing is super important, but you have to remember, at the end of the day, you got your checking and your savings account. How much money are you making? Are you bringing in money? Are these people who are helping you, are they going to help you bring in money? So I think you need to do that. I personally am a big fan of like word of mouth, figuring out are they legit, checking online sites, Better Business Bureau, all the things like that. I mean, a lot of coaches and people I brought on have been word of mouth. They have been recommendations from other business owners.

Bobbi Rebell:
Kim, you are such a gem. I want to remind everyone that beyond just rewinding this, I do provide transcripts because you're going to want to literally underline and circle everything that Kim has said. This is a tremendous resource. And we're so excited for your new podcast, Mom's Exit Interview. Tell us more about where we can find out more about you, and I know it's going to be everywhere the podcast. So the podcast is everywhere that you listen, make sure to follow and subscribe. I guess we say we have to say follow now, not to subscribe, but where can people find Kim Rittberg?

Kim Rittberg:
Thank you so much. So kimrittberg.com, R-I-T-T-B-E-R-G, is all things me and Mom's Exit Interview is there. And as a part of my business, I do media training and video content strategy. So I'm laughing. I'm like, "Don't hire coaches, except for me." I'm just kidding. But all of my information is that KimRittberg.com and this was so fun. And I really, my goal for the podcast is to be a resource for people to create a more fulfilling life. And so if I'm doing, that's awesome. And thank you so much for having me.

Bobbi Rebell:
Hey, grownups. I love how Kim gets real at the end of the interview, especially understanding that we have to focus not just on doing what we love, but understanding what will actually bring in revenue. It is something I'm trying to focus on more these days as well.

Bobbi Rebell:
Make sure you go to my website. It's just my name, BobbiRebell.com, to get the show notes, with links to learn more about Kim's business and her new podcast, Mom's Exit Interview. While you are there, make sure to subscribe to my newsletter. There's a link in the show notes and on my website for that. We send the newsletter out every couple of weeks with articles and helpful information that can help all of us be financial grownups and it is free.

Bobbi Rebell:
Be in touch. I'm now on TikTok where I'm still figuring it out. Please help me. Give me ideas, give me suggestions, or any feedback in the comments on TikTok. So far, everyone seems to like clips of me on local news sharing advice on saving money and paying down debt and other grownup money skills. You can also find me super easy under my name, just Bobbi Rebell. Same goes for Twitter. And on Instagram, I am @BobbiRebel1. That's Bobbi Rebell with the number one.

Bobbi Rebell:
And I also want to be helpful to all of you in your business ventures. I would love to come speak at your company or perhaps at a client event. I have virtual and in person programs available on topics, including of course, Launching Financial Grownups. I talk a lot about intergenerational wealth and of course, how to maximize work life benefits. Links to more info on that in the show notes as well.

Bobbi Rebell:
Go listen and subscribe to Kim Rittberg's new podcast, Mom's Exit Interview, and big thanks to Kim for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Stewart. Guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts, by going to my website, BobbiRebell.com. You can also find an incredible library of hundreds of previous episodes to help you on your journey as a financial grownup.

Bobbi Rebell:
The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media @BobbiRebell1 on Instagram and Bobbi Rebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me. And you know what? It really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this.

Bobbi Rebell:
Thank you for your time and for the kind words so many of you send my way. See you next time. And thank you for supporting Money Tips for Financial Grownups.

Tori Dunlap saw big dollar signs when she took a new job, but the red flags she ignored during the interview process soon created an impossible situation.. and a new appreciation for the emergency fund she never thought she would have to use.

In Tori’s money story you will learn:

-Why she regretted her first job out of college

-Red flags to look for during a job interview

-How trusting her gut helped her make the right decision

In Tori’s money lesson you will learn:

-Things to consider before taking a job

-Why it's important to have an emergency fund

In Tori’s everyday money tip you will learn:

-How to score deals on hotels when traveling

In My Take you will learn:

-How to start an emergency fund

-What to do if you don't have the cash for an emergency fund

Bobbi and Tori also talk about:

Expedia

Rockstar Finance

EPISODE LINKS:

Check out Tori's website here: https://www.victorimedia.com/ 

Follow Tori!!

Instagram @victorimedia

Twitter @victori_media

Linked In @Tori Dunlap

Transcription

Tori Dunlap:
She just looked at me and she goes, "Are you leaving or are you staying?" And so I said, "I think it's best for both you and I if I were to move on," and she goes, "Great, your last day will be tomorrow." And I felt panicked.

Bobbi Rebell:
You're listening to Financial Grownup, with me, certified financial planner, Bobbi Rebell, author of How to Be a Financial Grownup, and you know what? Being a grownup is really hard, especially when it comes to money. But it's okay, we're gonna get there together. I'm gonna bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey Financial Grownup friends, so given that you're choosing to listen to a money podcast, you probably have an emergency fund, or you know that you should have one, and hopefully are working on building one up. I'll be honest, my family's goes up and down. It's not always where I want it to be, but this story, shared with us by Victori Media's Tori Dunlap, is going to lock into your mind why so many financial experts go on and on and on and on about that darn emergency fund. Special welcome to our new listeners, so glad you found us and that you are here and to our regulars, we appreciate your support, you're everything to us, so please continue to listen to the show and to support it by telling friends that you think deserve to live a richer life. Maybe do a quick screenshot and post it on social media, make sure you tag me at Bobbi Rebell on Twitter, at Bobbi Rebell one on Instagram, so I can thank you and on that note to our inspiring guest, Tori Dunlap.

Bobbi Rebell:
She is the force behind a new blog, Victori Media, which focuses on career and personal advice for millennials that, as you will hear, is already drawing a lot of attention because it's just really good. Here is Tori Dunlap.

Bobbi Rebell:
Hey Tori Dunlap, you're a financial grownup, welcome to the podcast!

Tori Dunlap:
Thank you so much for having me. I'm so excited to be here.

Bobbi Rebell:
You came to my attention because you have been nominated at the only awards that count, of course, the [inaudible 00:02:10] awards, as best new blog and then I was checking out your blog and I had to have you on the podcast. So thank you for being here.

Tori Dunlap:
It's been so awesome. This is my first spin con, and obviously my first nomination, my first kind of finalist opportunity, so yeah, I'm just over the moon, thrilled.

Bobbi Rebell:
We are joined, because I am of course honored that this podcast was nominated as best new podcast, so we'll be up there with the newbies the two of us, hanging out I think. Woo hoo.

Tori Dunlap:
It'll be great.

Bobbi Rebell:
Alright. You brought with you a money story that I found a little bit shocking, but maybe it's not as unusual in the millennial world, I'm a gen X-er. But maybe it's not that unusual because you kinda just went with your gut. Tell us, Tori.

Tori Dunlap:
Yeah, so I took a job for the money and ended up regretting it very very hard.

Bobbi Rebell:
Let me just interject one thing though, a lot of the time jobs are about money. You should take a job that pays enough money. It shouldn't be just about the money, but money does matter.

Tori Dunlap:
Oh totally. Yeah. I mean if jobs didn't pay us money we wouldn't show up.

Bobbi Rebell:
Exactly, so it's okay to take jobs for the money but clearly there was something else going on that didn't work.

Tori Dunlap:
Totally, yeah, so I was looking to get out of my first job right out of school and I realized I wasn't growing, I wasn't learning anything. I wasn't feeling challenged in the way that I wanted to.

Bobbi Rebell:
What kind of job was it? What were you doing?

Tori Dunlap:
I worked ... I actually ended up leading digital marketing and communication for this global security company, so my job right outta college, I was the only marketing, communication, or PR person for this 5000 employee company. So it was really crazy and I just knew being kind of this team of one, there wasn't a lot of growth trajectory for me there. So after about a year and a half I knew it was time to leave and I got approached by this recruiter who told me this job that sounded perfect on paper. It was a digital marketing manager role, which is what I know, what I'm good at, what I love.

Tori Dunlap:
I came in to interview and something in my gut just didn't feel right, the office was like half office half showroom. Everybody there, they weren't really talking to each other, there was only about 12 people in the office. But I'm a really social person so that was kind of a red flag for me, but I went in and interviewed anyway and I interviewed with the woman who was to be my boss and she was the CEO of the company. Within about 10 minutes of that interview she offered me the job on the spot, which again was kind of a red flag, I'm like, I know I'm awesome but don't you wanna ask me more questions?

Bobbi Rebell:
Were they desperate? What was going on?

Tori Dunlap:
Yeah, that was definitely what it was and so I didn't know this at the time, but the position had been open for about seven months. So they were really looking to find somebody. She asked me what my salary range was, and I knew in order to make a leap from my previous job, where I had just received a 20% raise, I knew it was going to have to be another jump up, so I asked for 20% more than what I was already making, expecting it was going to be a negotiation, expecting she'd counter. And she just agreed, and she said, "Well this is 20 thousand more than we paid the last person, but we really like you and we really want you to jump on board."

Bobbi Rebell:
Which is really flattering.

Tori Dunlap:
Oh so flattering, especially for me, and a lot of us struggle, especially-

Bobbi Rebell:
How old were you?

Tori Dunlap:
I was 23.

Bobbi Rebell:
Wow.

Tori Dunlap:
A lot of young women, especially when you suffer from imposter syndrome, and so it was something that was validating but also scary and also just overwhelming and exciting. I went home and I talked it over with my daily who I'm really close to and close friends and I couldn't put my finger on why, just my gut was telling me, no this is not for you. You're not gonna be happy here, this is not the environment that you will thrive in.

Tori Dunlap:
But I saw dollar signs and I couldn't say no. So I ended up accepting the job. Went in, by day two I knew it wasn't going to be a right fit. I ended up leaving the office, calling my mom and saying, "Hey mom, I don't think I'm gonna be able to do this." And like all good moms do, she's like, "Stick it out, it'll get better, it'll be fine." It ended up just being a really really unhealthy work environment. I had really negative interactions with my boss, I was crying myself to sleep at night, I was scared I was going to be fired. I was tasked with these really demanding, overwhelming workload that wasn't feasible for one person to do. I wasn't happy. I wasn't healthy, I wasn't thriving, I wasn't feeling fulfilled at all.

Bobbi Rebell:
This is a lot more than just not being fulfilled. This is really, this is your life. You can't be in that kind of situation.

Tori Dunlap:
And I knew in my gut the entire time, my gut was telling me, "This is not for you. This is not for you. This is not what you want. This is not where you should be." And I didn't listen because I was dreaming about how much I was going to be able to save for retirement and like a New Zealand vacation I was going to be able to take and all these things. So I ended up having to quit that job. Basically because it was so unhealthy after about two and a half months without another job lined up, which is the ultimate personal-

Bobbi Rebell:
Tell me about quitting. How did you quit?

Tori Dunlap:
She was kind of pushing me out. So I knew if I didn't quit first it wasn't gonna be good, it was gonna be pretty ugly and I didn't wanna go through that. So I had this huge project that I wasn't trained on, I ended up finishing it even though she was kinda rooting against me, which was a horrible feeling and had the project finished by 8:30 am on a Thursday. I went into her office an hour and a half later, and she just looked at me and she goes, "Are you leaving or are you staying?"

Bobbi Rebell:
She knew. She knew. Wow.

Tori Dunlap:
Yeah. So I said, "I think it's best for both you and I if I were to move on," and she goes, "Great. Your last day will be tomorrow." I felt panicked talking to my family. My parents, of course, were really worried. I'm an only child, so they're very involved in my life and especially my finances and so they were really worried for me. I knew it was the right decision and I felt so much relief when I walked out of there at three o'clock on a Friday.

Tori Dunlap:
Even though I didn't have a job I luckily had an emergency fund, which is something that I really advocate for. I had enough money that I could survive while I found a new job, but I felt such relief being able to be happy and just leave and to not have to worry anymore.

Bobbi Rebell:
Well, I'm happy that you had the strength to do that because it is a brave thing. And it's scary. What is the takeaway for our listeners?

Tori Dunlap:
Yeah, I would say trust your gut first off. Just understand that, of course, a job at the end of the day is about making an income but it's also where you spend eight plus hours of your day for five days a week around people you hopefully like and respect and with a manager who hopefully likes and respects you and vice versa. So make sure you're trusting your gut in any sort of situation, but especially through a job application and a job interview process.

Tori Dunlap:
And second, make sure you have an emergency fund, whether it's needing to get out of a bad situation in a job or needing to leave a partner who you live with or anything that is an emergency, you getting unexpectedly ill or you get a flat tire, having an emergency fund is so important to be able to give you the freedom to make decisions that you wouldn't be able to if you didn't have one.

Bobbi Rebell:
Let's talk about your everyday money tip because it's perfect for people that love to travel and travel well. Because part of growing up is not always having to stay at the youth hostel or the budget hotel, whatever. Sometimes you're ready to be in the grownup hotel.

Tori Dunlap:
We're gonna go in a completely different direction here. Much more positive and exciting.

Bobbi Rebell:
Much more positive.

Tori Dunlap:
Yeah. But one of my favorite money tips that a lot of people don't realize is, you and I were both talking before, we really like luxury boutique hotels, for me they're just a great way to see a new city or to just get a different perspective from a chain hotel. But they're often expensive and people often use third party sites like Expedia or orbits to book on. And that's great, but usually what happens is they actually don't give you the best rate, and that surprises a lot of people. So if you go to the hotel's website or if you call them directly, they usually offer you a discount or some sort of perk, like free valet parking or a free breakfast because you're booking directly with them.

Bobbi Rebell:
Because they pay those sites a commission, they have an incentive to have you book directly.

Tori Dunlap:
Totally. And you're supporting the local business in a way that you aren't if you're booking with Expedia or one of those other sites. So that's a really fantastic way to support that city, support that local business, and to also, hopefully, get a perk out of it as well.

Tori Dunlap:
And if something were to happen as far as needing to change your booking or an emergency comes up, the hotel itself is a lot more flexible. If you try to call Expedia you're waiting on hold forever and they're usually more stringent with their cancellation policies so you're not the hotel's customer until you're actually in the hotel if you book with one of those third party sites. So booking directly just makes the whole process way easier and then hopefully saves you money or gives you some sort of perk as well.

Bobbi Rebell:
Yeah, that's really interesting that the hotel doesn't really engage with you until you're there if you book through the third party systems. I never really thought about it like that, but it makes a lot of sense.

Tori Dunlap:
Yeah, it's a great tip.

Bobbi Rebell:
Alright, so I am new to your blog, but I am also getting a little bit obsessed with it. Some of the headlines, just for people to know, alright, Five Ways to Combat Imposter Syndrome, so relatable, Four Lessons I Learned From Rap Songs, not relatable 'cause I don't listen to rap but definitely got me curious. And then I think my favorite one on there was 17 Ways to Be Productive at Work When You Have Nothing to do, 'cause this happened. One of my jobs early in my career I tend to be a bit of a workaholic and sometimes my coworkers don't have the same enthusiasm for their jobs and I would finish a story early and wanna just do more stories, just because. And my coworkers didn't wanna do that. So I would be left sitting there, kind of lost, because I wanted to do more stuff. So tell me more about that article and maybe some of your other favorite ones, and the blog in general.

Tori Dunlap:
I write about personal finance and career for millennial women, a lot of the blog content that you see is written by me, and I also bring in different voices so actually most of the articles you listed were some of my really great female friends who are also writing about career and finance and so I really try and bring in different perspectives too so it's not just me droning on and on. But I love talking about negotiation so I have some negotiating posts on there, like exact scripts to use when you're calling third party sites, kind of like we mentioned or when you're negotiating a cable bill or a phone bill, the exact script to use, that's something I really love doing.

Tori Dunlap:
Summer's over now, but it's good all year round, I just wrote a post about financial to dos that you can complete over the summer. So give yourself a three month period and they're really easy, really actionable as far as checking them off as you go, and then yeah, I just sourced one of my favorite articles that I've written recently, I sourced from Rockstar Finance, just a bunch of different texts from people about a way to manage your finances in under 10 minutes. So again, super actionable, easy to do and that was inspired by a post I myself wrote about 11 ways to better your finances in under five minutes, so especially for us millennials, if your finances are sort of out of control or it seems overwhelming, it's hard to get started. It's hard to start chipping away at that iceberg. But these small little things that you can do that take no more than five 10 minutes a day is a great way to get started.

Bobbi Rebell:
By the way, Rockstar Finance is another great website. So alright, so tell us more about where to find out ... where to find the blog and where to follow you on all the socials.

Tori Dunlap:
Yeah. So my name is Tori so Victori Media is spelled with an I, V-I-C-T-O-R-I media.com and you can connect with me there. Find all the blog content as well as all the social media accounts are liked to Victori Media, so I'd love to have you stop by.

Bobbi Rebell:
Thank you Tori!

Tori Dunlap:
Thank you so much for having me Bobbi.

Bobbi Rebell:
Hey everyone. Let's talk about emergency funds, and if you don't have the cash to fund the three to six months many experts recommend, what do you do? Financial Grownup tip number one, if you don't have the cash for an emergency fund needed and want to make sure you have access to cash at a reasonable interest rate homeowners can get something called a heloc, that's a home equity line of credit, now you have to take this out before you need it. That's the key thing, but it will give you a financial life line if needed. And except for any fees to set it up, if you don't use it you're not paying interest, so it can just be there if and when you need it, and hopefully that'll be never.

Bobbi Rebell:
Financial grownup tip number two, Tori talked about booking hotels directly with the actual hotel, I've recently started deliberately booking flights directly with airlines. I do my research and I google flights, and third party services like Expedia, but I actually try to book directly on the airlines that way if a change is needed or there are changes in weather, what have you, I found the airline is better able to help you if you're in their system directly. In general, unless a third party middle man is bringing you real value, there's no real downside to cutting them out.

Bobbi Rebell:
Alright thanks to all of you that have subscribed. The show is free to you. But for us, to keep at it, we do need your support, so please do all the things, subscribe, rate, review, and most of all, let people know about us by recommending to friends. And if you haven't read my book, How to Be a Financial Grownup, it just got more affordable because it just came out in paperback, so please check it out. And while you're at it, tell your friends to check out Victori Media, and thanks to Tori Dunlap for helping us all get one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by Steve Stuart and is a BRK media production.

The College Investor’s Robert Farrington loved his job at Target. He was also well paid. But he loved his family more. So he made the tough decision to leave and focus full-time on the side hustle that was already throwing off even more income. 

In Robert’s money story you will learn:

-The value of time and how Robert made the decision to leave a job he loved in order to spend more time with him family

-How Robert grew his side hustle from no income into his full-time business

-Advice on how to leave a job on great terms

In Robert’s money lesson you will learn:

-His take on the benefits of growing a side hustle

-The specific obstacles Robert prepared for before taking the lead in his business

In Robert’s every day money tip you will learn:

-The truth behind retail shopping myths

-Quick tips on saving money while grocery shopping

-The number one Black Friday tip

Bobbi and Robert also talk about:

-Where the idea for his website started

-His regrets about leaving his job

-The College Investor and the resources offered online

-The College Investor 6 minute audio show on Apple Music

In My Take you will learn

-How to be honest with employers about having a side hustle - while not oversharing

-How spending time with family during the holidays can be more valuable than rushing out for Black Friday Deals

 

EPISODE LINKS:

Follow Robert!!

Instagram @thecollegeinvestor

Youtube @TheCollegeInvestor

Linkedin Robert Farrington

Listen to The College Investor Podcast https://apple.co/2CqMuC3 

Learn more on The College Investor website https://thecollegeinvestor.com/ 

---

Transcription

Robert Farrington:
Am I really able to say that I value the time I spend with my family and stuff when I'm missing Thanksgiving and Christmas and holidays and weekends and not able to go to birthday parties?

Bobbi Rebell:
You're listening to Financial Grownup. With me, certified financial planner, Bobbi Rebell, author of How to Be a Financial Grownup. You know what? Being a grownup is really hard, especially when it comes to money, but it's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey, Financial Grownup friends, get ready for an episode not really about money, but about living a rich life with your family. It's about the price of your time and the value of your time, and for many of us, not all time is created equal. Target store manager, Robert Farrington, had the money, but he wanted the time. Not just any time. Nights, weekends, and holidays, specifically, the times that most of us get to be with our families, but in retail, not so much. Fortunately, he had something else going on. More on that in a sec.

Bobbi Rebell:
First, a quick welcome to our new listeners and to our returning ones. If you like the show, take a screen grab, share it on social. Then subscribe so you don't miss any upcoming episodes, and make sure that you have it set in the settings for automatic download. With that, let us get to Robert Farrington's story. He now runs a little site. It's actually a really big deal website called The College Investor. And for you early stage entrepreneurs, it was a side hustle with literally zero income. Yes, zero income, no money coming in for the first two years, but that was a while back. He'll tell you more about it.

Bobbi Rebell:
Now, it is his full-time business and it is growing. You're going to love this story. Here is, the College Investor. It's Robert Farrington.

Bobbi Rebell:
Hey Robert Farrington. You're a financial grownup. Welcome to the podcast.

Robert Farrington:
Hey. Thank you so much for having me. I'm excited to be here.

Bobbi Rebell:
You are ... And this is trademarked, my friends. You are America's student loan debt expert. You're also the founder and editor of The College Investor, so you have a lot of knowledge to share with us.

Robert Farrington:
Whew. You kind of scare me when you say it all, but yeah. I'm excited to share with you.

Bobbi Rebell:
So give us a quick summary of what The College Investor is and then we're going to move into your money story.

Robert Farrington:
Sounds great. So, The College Investor was started by me as a side hustle in college, because I wanted to share my thoughts on how to invest. But everybody that I knew was like, "That's cool Robert, but I have student loans and other things and I just can't get there yet."

Robert Farrington:
So over the last few years, we've kind of incorporated more about getting out of student loan debt, getting out of debt in general, and how to build wealth so you can start investing even in your early 20s, or in college, so that you can build wealth and set those financial footprints in motion for your future.

Bobbi Rebell:
So, this is where it gets really cool and exciting, because you've been working on this for a very long time. You are married. You have two young children, the oldest one going into kindergarten. You were full time at Target until a year ago and this was your side hustle. And then you were able to make the decision to flip the switch and take your side hustle full time. And that's your money story. Tell us more Robert.

Robert Farrington:
Yeah. So about three years ago, I started earning more than my Target job. You know, we were just stashing the money away and didn't really have any plans to leave because you have to understand, I have loved working at Target. It was a great company to work for. I had been there a long time. I was comfortable there. I was probably one of the top performers in my area, so life was really good at Target. But there is one big drawback about working in retail and that is that you have to work nights and weekends, and holidays.

Bobbi Rebell:
Even if you were the manager by then. You were pretty senior.

Robert Farrington:
Right, but I also believe in being a leader, so I would still work my weekends with my team. I would work a night a week with my team and then as the leader, I definitely had to be there on Black Friday and throughout the holiday season. It meant having Thanksgiving lunch at like 12:00 and then going to work at 2:00 in the afternoon on Thanksgiving day, so that we're ready to go when the store opens.

Robert Farrington:
That really became hard as my kids were getting older.

Bobbi Rebell:
Okay, so tell me about the conversation that you had with your wife when this decision was made.

Robert Farrington:
It really was a series of decisions. First off, it was like, this is a cool side hustle. Let's not change anything. And then it was like, wow this is really becoming more of a thing and we can live off this business income on the side. And you don't need to work there. Finally, I really had to think about what we valued as a family. So my wife and I were talking and you hear these things like, "Show me your money and show me your time, and it will tell you what you value." So, am I really able to say that I value the time I spend with my family and stuff, when I'm missing Thanksgiving and Christmas and holidays and weekends, and not able to go to birthday parties.

Robert Farrington:
So, it was really really hard to leave something I was so comfortable with, but at the same time I also wasn't living my truth in that I wasn't necessarily doing exactly what I valued. And we could afford it. I could afford the life I wanted to, and said that I wanted to. And that really was a big part of our conversation with my wife.

Robert Farrington:
The second thing is, is contingency plans. We always had these conversations. I run an online business, so it's like, what happens if the internet goes out tomorrow? Right? Are we going to be financially okay if suddenly there is no income stream. So, it really was about planning and making sure we had enough saved and if the internet did stop tomorrow and I left my day job, would we be okay financially? And we kind of checked all these boxes and once those were all yeses, it was setting a timeline up for when does it make the most sense to leave?

Bobbi Rebell:
They knew about the side hustle right?

Robert Farrington:
It was one of those things. I never hid it, but I was never fully overt about it. It had been on my LinkedIn profile for a decade. My peers, every now and then, I'd get student loan questions from my peers. They'd be like, "I'm trying to pay off my student loans. Can you help me?"

Bobbi Rebell:
Yeah, but did the Target management know that this was producing more income than they were paying you?

Robert Farrington:
I never shared that, so I'm 99% sure that they had no idea. In fact, I know most of them didn't because when I left and afterwards, they had a little going away party for me and like, "We wish you the best of luck. We hope this all works well for you."

Bobbi Rebell:
So they had no idea?

Robert Farrington:
Yeah, and I never hid that. So that's the interesting thing. If no one asked, I was very candid. I've been candid even for the last seven, eight years online. On different podcasts and interviews and stuff, so it's out there.

Bobbi Rebell:
Did they ever think maybe we should pay him more? If he can make more from a blog, maybe we're underpaying him? Was there any kind of conversation like that, ever?

Robert Farrington:
It's hard, because I was extremely well paid. It was a nice six-figure ... I don't think people realize what you make at Target, but I was, with my bonuses and stuff, I was probably making about $180,000/year when I left.

Bobbi Rebell:
Wow. So, let's go back to quitting. So, how did you actually quit?

Robert Farrington:
So, I really did think about this and planned it out. Because I also, like I said, I wanted to leave on really good terms. I didn't want to burn any bridges, so I actually, my wife and I finalized our plans for leaving in February, or March of last year. We said we're going to leave in September. And I thought this was very respectful from the workload that was going on at Target, but it was also enough time that they could have enough leeway to have everything in place before the holiday season.

Robert Farrington:
I decided that we're going to give a month notice, so I actually told my boss in August. And I probably gave about five and a half, six weeks notice. But I was fully ... You hear these horror stories like, if they were going to walk me out that day or something crazy, I was fully prepared to leave that day. But I was going to be very respectful, and so when my boss came in August, I would say she comes like once or twice a month. When she came in, I just pulled her into my office and said, "I have something really important to share with you." She had no idea what was coming. I said, "Hey. So I have some big changes I want to tell you. I am going to be resigning and I'm going to be pursuing my own endeavors outside of Target. Spending more time with my family."

Robert Farrington:
And the look of shock, she actually texted me like four hours later. So I told her at probably 4:00 in the afternoon, so this was like 8:00 at night. She's like, "I cannot believe this. This is crazy. I'm totally shocked." I totally caught her off guard. But I gave them, like I said, almost six weeks notice. So, I felt like I left in the most respectful and terms possible. Which I also think is the best way to possibly leave if you are going to leave.

Bobbi Rebell:
What was the reaction around your store?

Robert Farrington:
Most of them were pretty excited for me. I think all my direct reports actually were much more aware of everything then anybody else above me. And so, it was less of a shock, but same thing. I'm also very diligent in how you let people know, so make sure you have a very strong hierarchy of letting my senior managers know. And then just announcing it downward. Clear communication before I even let them know. So, I don't think I let them know until about a week and a half after I let my boss know. So my boss already had some plans in place, and we were able to share some very specific plans, which I think is really important when you transition in any workplace.

Bobbi Rebell:
Are there things you would do differently, looking back?

Robert Farrington:
I honestly would probably do it sooner. It's one of those things, I was so worried about all these random variables. And I probably gave an extra year or two to Target. And like I said, it's a great company but at the same time, what could I have done in those extra year or two when I could have left longer. That's the only real regret I have.

Bobbi Rebell:
So what is the lesson for our listeners?

Robert Farrington:
I think the big lesson is, if you grow this side hustle with your time and energy outside of work instead of watching TV shows, or doing whatever non-productive things you're probably doing outside of work, you could turn this into a full-time job that you're passionate about, you love, and it works with your schedule. So, I think it's definitely a clear path that you can actually achieve if you want to put the time and effort into it.

Bobbi Rebell:
Alright, let's talk about your everyday money tip. We're going to tap into your knowledge as a retail expert, having seen it all, from the grassroots level. Tell us what people can do to save money and be better shoppers at stores, not necessarily just Target, but stores like Target. What can they know about pricing, about sales, and so on?

Robert Farrington:
Yeah. Let's debunk some of these myths first. So first off, I always love these Buzzfeed articles that come out. What digits are the last ones that you know what the markdowns are?

Robert Farrington:
Well, let's talk a little bit about math. So almost every price in retail ends in 99 cents, right? So, when you mark something down half off, it's always going to end in eight. Because that's just math. And so when you mark it down 75% off, for the third time, or the second markdown, it's going to end in a four. So, these math strategies that they say are secret hacks, is really just the math of the sales. It's true.

Bobbi Rebell:
Yeah.

Robert Farrington:
I think people just need to realize that. I think the best thing ... The other thing that people need to realize is that, almost every store Target included, puts the same things on sale every two weeks. So it just alternates, so if you're a regular grocery shopper, you'll notice this a lot. Especially in food, because one week it'll be Coke on sale, the next week it'll be Pepsi on sale. And then it goes back to Coke on sale. Then it goes back to Pepsi on sale. And it's the same sale. It's just goes alternating every other week. And you see this in almost every major retailer, so one, if you have really strong brand allegiance, align your shopping habits with your sale week and you'll probably find that you're going to get that same sale every time you go in because it will line up with your shopping habits.

Bobbi Rebell:
So you said you always have to work, you've always had to work the holidays and especially Black Friday. What's your number one Black Friday tip?

Robert Farrington:
The number one Black Friday tip is that all the ads come online about a month before Black Friday. So you can plan out all your shopping ahead of time. And you have to realize that the door busters at every store, there's only about 10 to maybe 50 of that item. And so, if there's one thing that you really really really really can't live without, if you're not the first 10 to 50 people in line, you're probably not going to get it. So don't waste your time going out there.

Robert Farrington:
The second thing though, that's really emerged over the last couple years is online shopping. So at the same time, a lot of these companies are trying to compete with each other and they're moving their Black Friday sales online and they're moving them on to the week before Black Friday. So you can get a lot of the same great deals online, but without even going to the store, about a week before you even shop.

Bobbi Rebell:
Let's talk more about what's going on with The College Investor. So this is your full-time passion project, slash income, slash growing company. You've got a whole staff there now. You're managing that now. What are you priorities? Where is your growth going to come from? What can people expect and look forward to there?

Robert Farrington:
So if you want to know anything about getting out of student loan debt, and starting to invest, The College Investor has it for you. We have pretty much every topic around student loan debt covered and you know, sadly as much as I don't want this to be the growing reason for our growth, student loan debt in America is growing and it's such a problem for most people. So we have your answers. We have tools and resources that can help you. If you don't like to read, you can also listen to The College Investor audio show. It's a podcast where we change our written articles into a short digestible audio show for you because I know-

Bobbi Rebell:
You love that. Love short.

Robert Farrington:
Yeah.

Bobbi Rebell:
Yes. I love that.

Robert Farrington:
Short. I mean, I think I beat you because my average show time is like six to eight minutes because we're just talking about the daily article of the day.

Bobbi Rebell:
But that's perfect. That's what people need because everyone's busy. Alright, where can people ... People can obviously reach you at The College Investor, but tell me your social channels et cetera.

Robert Farrington:
Yeah. You can go to thecollegeinvestor.com. You can go to The College Investor audio show. You can find us on YouTube at The College Investor and you can find us on Instagram at The College Investor.

Bobbi Rebell:
Love it. Thank you Robert.

Robert Farrington:
Thank you for having me.

Bobbi Rebell:
By the way, that pricing math that Robert thinks is so obvious to everyone, I had no clue. What about you?

Bobbi Rebell:
Here's my take on what he had to say. Financial Grownup tip number one. If you have a side hustle, follow Robert's path and be open about it at work. You don't have to be too open. When I went to write my book, How to be a Financial Grownup, the first thing I did was tell my managers and get their okay. Don't hide things. But then also, don't work on it during your work hours and you can be open about your plans, but you don't have to share the whole big picture and all your grand plans.

Bobbi Rebell:
Financial Grownup tip number two. I love that Robert chose family over spending time working on the holidays. The same can be said for shopping. Before you race out to get one of those amazing, say Black Friday deals, remember that Robert said, and a lot of you know this already, there are very few available. So, you'll have to get here really early and spend a lot of time, invest a lot of time, to get it. So is saving money really worth cutting into your family time on a holiday? Maybe look online, a different day, ahead of time and set a price alert. Then, if you get that alert, you can spend five minutes buying it online and get back to being with your family. Or, maybe what you have is fine and you don't buy it at all.

Bobbi Rebell:
Before we wrap up, tell me, I want to know, what's your best retail shopping tip? DM it to me. And please, take a minute to follow me on social media. I am @bobbirebell1 on Instagram. bobbirebell on Twitter, and Bobbi Rebell on Facebook. The website to get more information about the show, bobbirebell.com/financialgrownuppodcast and for the show notes and more about Robert and the The College Investor, go to bobbirebell.com/podcast/robertfarrington and thanks to The College Investor's Robert Farrington for bringing us all one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK media production.