The Great Reset
15 years ago, my life was completely upended. As I walked into the office one morning, instead of walking to my desk, I was led into a conference room where all my colleagues were sitting. It was explained to us that our company was being shut down and everyone would be fired. In that moment, I watched my intentionally-created life dissolve before my eyes. I loved my job, my co-workers were like family, I was a newer homeowner, I found a wonderful church, and I had been engaged to Sarah for just a handful of days. Oh yeah, and I had a ton of debt. Normal debt. “Good” debt. Responsible debt. Affordable debt. Except now that I was facing possible unemployment, those debt payments didn’t seem so innocent and “good” anymore.
I was ultimately blessed with an opportunity to move to Iowa where I could continue my work…..and keep a paycheck. I didn’t want to move to Iowa, though. Remember my intentionally-created life? Awesome job, friends, house, church, and new fiancé from that city. Poof! Because of the position I had put myself in, I didn’t have a lot of options. After discussing all this with Sarah that night, we made the difficult decision to move to Iowa, humbly and gratefully accept the job, and start afresh. We called it our “great reset.”
Over the coming months and years, we would transform the way our life was structured, how we viewed and handled money, and of course, pay off a ton of debt. $236,000 over the course of 4.5 years as I painfully and proudly remember. Ouch! It wasn’t fun at the moment, but as I reflect back on it years later, it’s cool to think about how we used that singular terrible moment as an opportunity to reset our entire lives.
I was recently having lunch with a friend who is in a similar position. Fortunately for him, his life isn’t crumbling around him, though. Instead, he and his family are relocating to a different city. But he too is viewing this as an opportunity to reset. They sold their house, will be moving into a short-term housing situation, and hope to buy the house they want within the next few years. In the meantime, however, they are taking the opportunity to use their equity to pay off a bunch of debt, streamline their budget/cashflow, and build up positive momentum for the season ahead. They are using this relocation, and all the change that naturally comes from it, to reset their financial life.
These are golden opportunities that don’t present themselves often. For many, it can be hard to make financial progress. Budgets are tight, lifestyles have grown cushier, the debt feels heavy, some past decisions are hard to unwind, and the idea of making big shifts is scary. My encouragement to you is to take advantage of any opportunity you get to create your own reset. Gaining positive momentum in any given month can be challenging, so these resets can propel you years into the future if done well. My friend is happy and optimistic after just a few weeks of movement…..just wait until they get 6-12 months in! I have a feeling they will look back on this moment with gratitude and fondness. The point where everything changed!