As we've discussed, the stigma attached to sex work is often the biggest obstacle workers face in trying to get into something new. However, another huge challenge is money, money, money. If you're fortunate enough to be making a solid income, it can be very discouraging to think about switching careers if that means taking a substantial hit to your earnings.
Even if you're not making millions in the industry, financial planning MUST be a key element of your exit strategy. If your new pursuit pays less than what you're currently making, you will need a cushion to smooth the transition. If you decide your move is to start your own business, you will need to determine how many months of income you will need to have set aside while you work on making that happen. It's different for everyone and just figuring out where to start can be overwhelming. I recently spoke with Scott Armstrong, a Financial Advisor from Edward Jones about the basics, starting with what his role is in helping people to plan for their future.
Scott: As a Financial Advisor, I truly enjoy helping people understand the basics of investments and how to use them to grow their money and save for the future! Since everyone is unique in their backgrounds, priorities and goals, I take time to get to know the people that I work with so I know that the plan that we put together truly meets their unique needs. I have a passion for helping people become financial knowledgeable and organized, and I pride myself in treating others like I would want to be treated.
Ro: Excellent! So, what are the main things to consider when making a financial plan?
Scott: There are five primary things to consider when making a financial plan.
- Where am I now, financially?
- Where do I want to be? (Short term and long term.)
- Can I get there? Are the goals realistic and reachable?
- How do I get there? What financial steps are needed to help me reach my goals?
- How do I stay on track?
Ro: What if someone doesn't have a lot of money to invest? Are you able to help someone like that?
Scott: I enjoy helping anyone that has 1) a true desire to save, invest and grow their hard earned money, no matter what the amount, and 2) Either has existing investments, some amount of savings to start with, or the ability to invest anywhere from $100 or more on a recurring or monthly basis.
Ro: A lot of people feel like financial planning is complicated. Including me!
Scott: This is a concern that I hear very often. Financial planning can certainly be complicated. However, I have become very good at explaining the key points of financial planning in a very simple and easy to understand manner. I like for my clients to have an understanding of the basics around investments and financial planning (I call this 'Investments 101'). However, I do my best to handle any of the complicated parts without having to bother my clients with those details.
Scott also states: "There is no cost for any meetings or discussions and absolutely no obligation beyond that. Please contact me if you'd like to set up a time to discuss your situation in more detail. I'm happy to help in any way that I can!"
If you don't already have someone in mind, you may contact him via the information below. It's one of the first steps in creating your exit strategy and creating one that will work!