How to Save Enough to Say ‘No’ to Jobs
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Hey, your money briefing listeners, this is J.R. Whelan. Here at YMB, we're all about bringing you important personal finance and career news to help you make better decisions about your money. But we want to learn more about you. What are the biggest challenges you face in your household budget? If you're listening on Spotify, look for our poll under the episode description, or you can send us an email to ymb at wsj.com. That's ymb at wsj.com. Now on to the show. Here's your money briefing for Friday, November 10th. I'm J.R. Whelan for The Wall Street Journal. Financial experts often talk about the importance of saving money, mainly to cover unforeseen expenses. But some people are taking that a step further.
I call it an options fund in the piece. Other people might call it F.U. money. For me, this is a bucket of money that I put aside for In addition to my emergency savings, in addition to my retirement, it's like a third fund that I've started to create for myself that basically allows me to get myself out of any situation that I don't want to be in.
We'll talk to WSJ's Jessica Chow after the break.
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To some people, having more control over your work life means having enough money to tell your boss goodbye and walk away. Jessica Chow is a senior supervising producer with The Wall Street Journal. She wrote about this topic, and she joins me. So, Jessica, what inspired you to write this?
I was thinking a lot about Lucy Liu. And she has that viral clip of her talking about FE money when she talks about how when she was younger, she worked really hard to save up this money so she could say no to any job if she didn't want to do it. And I didn't realize it, but when I first saw that clip in my early 20s, it really impacted me. And it made me so anxious. I was like constantly watching my budget to make sure I was saving. And I was saying yes to almost every single freelance job. And after a while, I got a little burnt out. And so I was thinking about, like, why am I saving this money? How much is enough? And at what point would I feel like I would want to use it?
So when we're talking about the money, we're not talking about the salary from your job.
I call it an options fund in the piece. For me, this is a bucket of money that I put aside in addition to my emergency savings, in addition to my retirement. It's like a third fund that I've started to create for myself. that basically allows me to get myself out of any situation that I don't want to be in. You know, if I'm going through a really tough time in my life, I can look at this money and be like, well, if I really didn't want to be here, here's something that could support me.
Now, you like your current job, but has there been a previous job situation where you really did want to say to your boss, hey, I got to go, goodbye?
It was a role that was a really good experience for me for maybe one or two years, but there wasn't really an opportunity for growth.
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