Looking back, I wish I’d taken a break from work, a sabbatical, while I was still in finance. I left the industry at 34, but if I’d taken a few months off, I might have stayed until 40 and earned more. But fear held me back. No one else was taking sabbaticals, and we were all worried about losing bonuses and missing opportunities to climb the corporate ladder. It’s a pity, because our company allowed sabbaticals every five years. If we’d embraced this, we might have been happier and less likely to leave.
Now, I’m my own boss. The pressure I feel is mostly from myself. I decided to take a sabbatical after the pandemic, and I’m glad I did. I was exhausted from working 40 hours a week on this site, double what I’d ideally like, and spending another 30 hours a week caring for our two children. I was waking up at 3 or 4 in the morning to write in peace, or waiting until after 8:30 pm when the kids were asleep. I was running myself ragged, and I knew I needed to slow down if I wanted to keep running Financial Samurai until my kids are grown.
You might wonder why I worked so hard during the pandemic, given our passive income. The truth is, hard work is my default response to tough times. It’s like a survival instinct. I was determined not to let the pandemic affect our wealth or lifestyle. After all, Financial Samurai was born during the Global Financial Crisis in 2009. It’s during hard times that I’m most motivated. As things get better, I work less and our investments do more of the work.
So, what is a sabbatical? It’s an extended break from work, usually one to three months, though in Europe and Asia, they can last six to twelve months. At competitive companies, sabbaticals are often paid, at least in part. The amount you’re paid usually depends on how long your sabbatical is. For example, you might get full pay for the first month, then 70% for the second month, and 50% for the third. Generally, you have to have been with the company for a certain number of years to be eligible. If you’re not sure about your company’s policy, check. As the economy recovers and demand for labor increases, more companies may start offering better sabbatical policies.
How you spend your sabbatical is up to you. Some people use it to relax and recharge, but you could also use it to pursue a new passion, find a new purpose, develop career-related skills, focus on your health, improve your relationships, travel, volunteer, start a business, or tackle home improvement projects. Just make sure you have a plan, because your sabbatical will go by faster than you think, and you don’t want to end up more tired or demotivated than you were before.
For me, a sabbatical is a time to heal physically, mentally, and emotionally. I’ve seen the toll the past couple of years have taken on people’s mental health, both online and in person. I’ve seen relationships strained and violence increase. I have my own plans for my sabbatical, and I’d love to hear yours if you’re planning to take one or have taken one in the past.
I plan to cut back on my work to a more manageable 15-20 hours a week. I love writing, and it’s therapeutic for me, but I don’t want to overdo it. I might only write once or twice a week during my sabbatical, and I won’t respond to emails after 5 pm on weekdays or work on weekends.
I also want to focus on creative work I’ve neglected, like recording more podcasts. I want to eat healthier, spend more time with my daughter, and take trips to Napa Valley and Lake Tahoe. I want to figure out how to keep Financial Samurai going for the next 20 years, maybe by publishing more guest posts or hiring a staff writer who’s been a long-time reader and aligns with the Financial Samurai Principles. I also plan to update and republish some of my older posts.
I’m working on a book, and I hope to finish the first draft by the end of the year. I want to spend more quality time with my wife, going on dates and exploring new trails. And I want to take a break before I burn out. If your company offers sabbaticals, take them. They’re part of your benefits, and not taking them is like not contributing enough to your 401(k) to get the full company match. Don’t quit your job or sell a profitable asset just because you’re tired. Take a break, recharge, and find a new way forward. This summer, I’m going to live life to the fullest!
After my first sabbatical, I realized I’d worked too much and was just as tired as before. So, I’m taking another one, a do-over. This time, I plan to get it right.
Have you ever taken a sabbatical? If not, what stopped you? If you have, what did you do, and what do you wish you’d done? If you want to keep in touch, sign up for my free newsletter for more personal finance insights.
