The Great Money Reset
Change Your Work, Change Your Wealth, Change Your Life
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Summary
In a world reshaped by seismic shifts, financial expert Jill Schlesinger offers a lifeline for those yearning to transform their lives. "The Great Money Reset" isn't just a book; it's a strategic blueprint for navigating the post-pandemic landscape with purpose and poise. Schlesinger presents ten transformative steps to overhaul your financial trajectory and align it with your deepest values and aspirations. Whether you're contemplating a career pivot, a bold business venture, or the dream of early retirement, this guide provides the clarity and confidence to take decisive action. With her trademark blend of wit and wisdom, Schlesinger tackles the toughest questions about risk, reward, and the sacrifices necessary to forge a future that truly excites you. Liberate yourself from the constraints of your pre-pandemic existence and embrace a path of financial empowerment that promises fulfillment, security, and the life you've always envisioned.
Introduction
Sarah Robison stood at the summit of Mount Katahdin in Maine, tears streaming down her face as she touched the wooden sign marking the northern terminus of the Appalachian Trail. After 270 days and over 2,000 miles of hiking, the 40-year-old nurse anesthetist had completed something extraordinary. But her journey wasn't just about conquering a trail—it was about conquering fear itself. Two years earlier, Sarah had made what many considered a crazy decision: she quit her stable, well-paying job to pursue this dream, funding her adventure with money she'd saved for a house down payment. Sarah's story represents a profound shift happening across America. In the wake of global upheaval, millions of people are questioning everything—their careers, their living situations, their relationships with money itself. They're asking a question that once seemed impossible: "Is this really how I want to live?" This awakening has sparked what we might call the Great Money Reset, where people are choosing to align their financial lives with their deepest values and desires, rather than simply grinding through decades of unfulfilling work. The path forward isn't about reckless abandonment of financial responsibility. Instead, it's about strategic courage—understanding how to evaluate your current situation, minimize risks, and create opportunities for meaningful change. Whether you're dreaming of early retirement, a career pivot, starting a business, or simply gaining more control over your time, the principles remain the same: take stock honestly, spend wisely, invest strategically, and move forward with both heart and head engaged.
Taking Stock: From Pandemic Awakening to Financial Clarity
Melissa had spent fifteen years climbing the corporate ladder at a major media company, earning promotions and enjoying the stimulation of travel and high-stakes projects. Yet something fundamental shifted during the pandemic. When work became all-Zoom all the time, stripped of its social rewards and travel perks, she found herself working longer hours with less fulfillment. The pandemic had removed everything she enjoyed about her job while amplifying everything that stressed her out. For the first time in years, she had space to hear what her inner voice had been trying to tell her: this wasn't enough for a life. After careful financial analysis, Melissa discovered she had saved enough to take an extended sabbatical. She could cover her mortgage and expenses for months while traveling across the country, visiting friends and family, and figuring out what came next. When her parents expressed horror at the idea of leaving a prestigious job without another lined up, Melissa had actual numbers to show them—proof that her decision, while bold, wasn't financially reckless. Before making any major life change, you need to run through what financial planners call "the Fabulous Five": calculating your current resources and income, understanding your debts and obligations, evaluating your housing situation, examining your spending habits, and considering your responsibilities to others. This isn't just number-crunching—it's about creating three scenarios for your future: best case, worst case, and something in between. Most importantly, it's about identifying your backup plans and putting them in place before you leap. The goal isn't to eliminate all risk, but to take smart, calculated risks with your eyes wide open. When you truly understand your financial position, you gain something invaluable: the confidence to act on your dreams rather than simply dreaming about them.
Strategic Resets: Spending, Careers, and Investment Wisdom
Julie from Salt Lake City made what seemed like an impossible financial move. At 61, she accepted an early retirement package from her university job and relocated from expensive Boston to Utah, planning to live on just $2,500 per month before claiming Social Security at 70. Friends worried she was setting herself up for poverty, but Julie had a secret weapon: she had been living on $2,500 a month all along. Years of disciplined spending had prepared her for this moment without her even realizing it. She knew how to buy a beautiful bag when she wanted one, but she chose not to. She could take expensive trips, but she made them work by living frugally for months beforehand. Meanwhile, in the professional realm, Arun discovered the power of strategic career moves. After five years at his social media marketing job, his boss offered him a "generous" raise—from $75,000 to $77,000. Insulted by the measly increase, Arun began exploring other opportunities. Within weeks, he had landed a position at an investment bank paying $140,000 with a potential 20% performance bonus. The pandemic had shifted power toward workers in ways not seen in decades. When it comes to investing during major life transitions, the key is balancing proven strategies with strategic flexibility. Taylor from Virginia Beach exemplifies this balance perfectly. He and his wife had diligently saved $850,000 in retirement accounts and built up substantial cash reserves. But Taylor had also taken $10,000 from an old 401k and invested it in Bitcoin on a lark—money that grew to over $1 million. This windfall didn't happen because Taylor abandoned sound investment principles, but because he followed them while allocating a small portion to calculated risks. The foundation of disciplined saving and index fund investing gave him the security to take that flyer on cryptocurrency. The lesson isn't to chase the next Bitcoin, but to build such a strong financial base that you can afford to take small, strategic risks that might transform your life.
Maximizing Opportunities: Real Estate, Business, and Tax Advantages
Tom and Pam, both healthcare workers, felt trapped by debt despite earning decent incomes. The pandemic had burned them out professionally while debt payments forced Pam to work overtime shifts, creating a vicious cycle of exhaustion and financial pressure. When Pam heard colleagues discussing the hot real estate market, she made a radical suggestion: what if they sold their house immediately? Within weeks, their home sold for $40,000 over asking price, allowing them to pay off all debts and walk away with $250,000 in cash. Without a plan for where to go next, they found a rental on a horse farm—fulfilling Pam's childhood passion while dramatically reducing their monthly expenses. For those with entrepreneurial inclinations, the key is starting small and testing ideas before making major commitments. Cheri, a landscape architect, had watched profitable business ideas slip away for years because she never acted on them. During the pandemic, she started making masks in her spare time, earning $20,000 from her Etsy shop. This success gave her confidence to pursue a bigger idea: a dating organizer app for people juggling multiple online relationships. Rather than quit her job, she funded the venture with $10,000 from her "facelift fund"—money she could afford to lose. Strategic tax planning can significantly enhance any money reset. When Christina lost her job, she and her husband Steve suddenly found themselves in a much lower tax bracket for the year. This created an opportunity to convert traditional retirement savings to Roth IRAs at a reduced tax rate, potentially saving thousands in future taxes. Similarly, those with appreciated investments might strategically realize capital gains during lower-income years, locking in today's relatively favorable tax rates rather than facing potentially higher rates in the future. The IRS, contrary to popular belief, offers numerous opportunities for those wise enough to understand and utilize them. Whether through charitable giving strategies, home office deductions for the self-employed, or strategic retirement conversions, tax planning can be the difference between a money reset that merely works and one that truly transforms your financial future.
Building Your Future: Education, Family, and Long-term Resilience
Jimmy shocked his family by quitting his $75,000 urban planning job to attend coding bootcamp. His concerned relatives—including his skeptical financial expert friend—thought he was throwing away a stable career for an uncertain gamble. But Jimmy had done his homework. He understood that his current field offered limited growth potential, while tech companies were desperately seeking skilled programmers. The bootcamp was expensive and demanding, costing over $115,000 in tuition and lost wages. But within a year, Jimmy landed a senior software developer position paying $230,000—nearly tripling his previous salary. Jimmy's success illustrates the importance of strategic education decisions. Before investing in any educational program, ask three critical questions: What specific skills or credentials will I gain, and how will they benefit my career? How will I pay for this education without jeopardizing my financial future? Are there cheaper alternatives that could achieve the same goals? The key is ensuring that any educational investment will genuinely increase your earning potential or open new opportunities, rather than simply providing credentials or personal satisfaction at enormous cost. Family dynamics often complicate major money resets, but they don't have to derail them. Rebecca and Gene decided to sell their Michigan family home and move to California so Gene could take an exciting but lower-paying startup job. Their adult children initially reacted with anger and entitlement, demanding to know where they would stay when visiting and how their parents could stop providing financial support. Rather than cave to this pressure, Rebecca and Gene slowed down their timeline slightly and had honest conversations about their financial situation and dreams. They explained that this represented Gene's last chance for a major career adventure while they were still young enough to embrace it. The most successful money resets begin years before they're implemented. Like Rebecca and Gene, smart planners identify potential future changes and begin preparing financially and emotionally well in advance. This might mean building larger cash reserves, paying down debt, or simply beginning the internal work of imagining a different life. Whether you're drawn to the FIRE movement's extreme early retirement or the gentler FINE approach of financial independence for new endeavors, the principle remains the same: deliberate preparation creates options, and options create freedom. The goal isn't to eliminate all uncertainty from life's major transitions, but to ensure you're equipped—financially and emotionally—to navigate whatever changes come your way.
Summary
The stories throughout this exploration reveal a fundamental truth about money and life: financial security isn't just about accumulating wealth, but about creating the freedom to make meaningful choices. From Sarah hiking the Appalachian Trail to Jimmy's career transformation, from Tom and Pam's debt liberation to Rebecca and Gene's cross-country adventure, each journey began with someone brave enough to ask, "What if things could be different?" The path forward requires both analytical rigor and emotional courage. You must honestly assess your current financial position, understanding not just what you have, but what you truly need. You must examine your spending with fresh eyes, distinguishing between genuine necessities and habits that no longer serve you. You must approach career decisions strategically, whether that means negotiating for better conditions, transitioning to new work, or launching your own venture. Most importantly, you must prepare not just financially but emotionally for the inevitable uncertainties that accompany major life changes. The ultimate message is one of empowerment disguised as practical advice. By taking control of your financial life—through disciplined planning, smart risk-taking, and strategic preparation—you're really taking control of your destiny. The Great Money Reset isn't ultimately about money at all; it's about refusing to let fear, inertia, or conventional wisdom prevent you from building the life you actually want to live. The question isn't whether you can afford to make a change, but whether you can afford not to. Life is too short and too precious to spend it trapped in circumstances that no longer fit who you're becoming.
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By Jill Schlesinger
