Last year, after five years of working as a lawyer, I finally pulled the trigger and quit my job to try my hand at self-employment. It’s a decision that had been coming for a while but that was finally put down onto paper after I had a particularly rough day at work back in 2018. After that bad day, I paged through my calendar 365 days into the future and wrote down the following:
Looking back at it, it’s pretty clear that I was unsatisfied professionally for quite some time. And over those years, I did what a lot of unhappy lawyers do – I bounced around from job to job, trying to find some job out there that was right for me. I even took multiple pay cuts during that search, eventually taking a $70,000 pay cut over the course of three years in my quest for that mythical dream job that I thought would be right for me.
At the same time as I was jumping around from job to job, I was also working on this blog, devoting hours of my free time to it. At first, it was just an outlet for me to share the things I was doing that I thought was interesting and that might help people. As I kept writing, it started to build up a little bit of a following. Eventually, the blog started to generate a little bit of revenue.
Up until that point, my view of financial independence had been based on what you might call, the traditional view of financial independence. That view basically says to find a good job, grind through that job for a decade or more, then quit and do what you want once you’ve built up a big enough nest egg.
My epiphany that this wasn’t the only path came during one crisp, spring day when I was out biking around, doing food deliveries after a morning spent at a coffee shop working on the blog. I had taken a sick day at work, not because I was sick, but because I was hoping to use that day to decompress and work on some things I wanted to get done. I felt so free in that moment, with the sun shining down on me while I biked through the city in the middle of the day. A thought occurred to me. Maybe I was going about things all wrong. Instead of continuing to jump around from job to job, trying to find the one for me, maybe I’d already found it. Maybe this was exactly what I should do.
I’ve now been self-employed for a little over a year and things are going pretty well. But of course, I’m not so naive to think that nothing can go wrong. Like any risk-averse lawyer, when I made the leap to self-employment, I did so knowing that I had a lot of backup plans, just in case.
First, I had monetary backup plans. That is, if I couldn’t make money on my own, I at least had other ways to generate income to support myself. This includes the following:
- A large emergency fund that can potentially last me for up to a year. I keep this money in 5% interest FDIC insured savings accounts, which means I’m beating inflation. In a way, I think of my emergency fund as a sort of bond allocation for my overall portfolio.
- A side hustle emergency fund, which includes all of the different gig economy apps that I’ve signed up for and keep on my phone. Given my history, I know that I can likely generate $1,000 to $2,000 per month from my various gig economy apps. Worst case, I can squeak by on this.
- As a final backup, I also have a working spouse with a good job. If I can’t make anything at all, we’d still be fine living solely off her income.
Beyond monetary backup plans, I also have a number of career backup plans – things that I’ve had an interest in doing that I’ll pursue if it makes sense for me. Monetary backup plans are good (think emergency funds and side hustle emergency funds), but having defined, action-based backup plans can be just as important. These are the Plan Bs you have in life (if you’re more prepared, you might have a Plan C, a Plan D, and more). Life can be unpredictable – as proven by all the craziness that has happened in 2020.
At the outset, I don’t think I have any plans of going back to practicing law. While I could probably make it work if I absolutely had to, at this point, I’m confident that after half-a-decade, it’s clear that practicing law is something that doesn’t suit me very well.
With that said, let’s take a look at some of my backup plans and why I’m keeping them in my back pocket…just in case.
Plan B: Go To Library Science School And Become A Law Librarian
When I was in the midst of my career crisis, one idea that I thought might make sense was to go to library science school, with the goal of trying to become a law librarian. I admittedly don’t know a lot about what librarians really do, but for whatever reason, the idea that I could organize knowledge seemed to make sense to me. There’s also probably some appeal in that librarians don’t seem overly competitive, in contrast to what things are like in the law game.
So how would library science school work?
- First, library science is a two-year program, which is good because it doesn’t require years of additional schooling.
- Second, the application process – at least for the schools I would likely look at – don’t seem particularly stringent. There’s one library science school in Minnesota and it doesn’t require GREs or any other graduate school exam. The only requirements appear to be a decent GPA, some letters of recommendation, and an essay.
- Third, tuition appears to be pretty reasonable. It looks like a full year at my local library science program would cost $12,000 per year, which I could easily cashflow.
- Fourth, it appears that a lot of library science programs can also be completed online, which opens up a lot more flexibility for someone like me, who has a family and a child and can’t move anywhere.
Whether I’m really serious about this option is still up for debate. A part of me understands that simply moving into another part of the legal profession might end up putting me in the same place as before – that is, unhappy and stressed out. On the other hand, it might be different enough to not have that issue.
Still, this is one backup plan I’ve had that I think I could probably get a job with if I have to and that I could probably make work.
Plan C: Go To Coding Boot Camp And Learn To Code
This might be more of my Plan B versus my Plan C, but for now, this is where it falls. The way I see it, learning how to code does two things: (1) it opens up a lot of job opportunities since coding is a skill that a lot of companies need, and (2) it’s a skill that’s useful for someone looking at starting an online business.
I know that there’s a lot of opportunity in learning how to code because I saw my brother pursue this path with a lot of success. He ended up enrolling in a coding boot camp when he moved back to the United States after spending several years living in China. After doing some odd jobs and trying to figure out if he would go to grad school, a friend suggested that he enroll in a coding boot camp and learn to code.
He ended up using those skills to create his own online business that’s been working out very well for him. I figure that with the experience I have working on online-based businesses, it would probably make sense for me to learn how to code. Worst case, I could probably get a coding job if I had some decent coding skills.
Life Is Unpredictable – So Have Backup Plans
Those are just two of my major backup plans, which you’ll notice, all require me to get more education in order to get a job. It probably shows my general lack of imagination that my backup plans are based around getting more education in order to make myself more marketable to employers.
I have a few other deeper backup plans that could always be possible as well. Long ago, I thought that being an optometrist might be a cool job. The only issue with optometry is that it would require me to take a bunch of science classes in order to satisfy the prerequisites. Then, there isn’t an optometry school in my state, and given my current life stage, it’s unlikely I’d be willing to move out of state to go to optometry school. Finally, the student loan burden is probably too high for this to be a realistic option.
The ultimate take away from this post is that life is unpredictable. When I started out my career, I thought I had everything mapped out. It turns out life went a different way for me. It’s this unpredictability that leads me to always have a lot of backup plans in mind. I earn income from many different sources. I keep a lot of cash stored away, just in case. And if the path I’m on doesn’t work out, at least I know I have a lot of other options that I’ve thought about.
What backup plans, if any, do you have in mind?
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
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More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on October 31, 2022. As long as you get your account opened before October 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
- SoFi Money ($350) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $300 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Fifth Third Bank ($250) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- OnJuno ($100) – OnJuno is a fintech/neobank that is currently offering a $100 referral bonus if you open an account using a referral link and complete a direct deposit of $250 or more. The account has no fees or minimum balance requirements. Even better, the bonus posts immediately after you meet the requirements. If you can meet the direct deposit requirements, OnJuno is an easy bank bonus that’s worth snagging. Check out my OnJuno referral bonus guide here.
- Varo ($50) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $50 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Spiral ($50) – Spiral is a fintech bank that's currently offering new customers a $50 signup bonus after opening a free checking account with them. The Spiral referral bonus is especially good because it's a free checking account and doesn't require a direct deposit to earn the bonus. Here is my step-by-step guide on how to earn your Spiral Bank bonus.
- One Finance ($50) – One Finance is a fintech bank that’s currently offering a $50 signup bonus if you open an account using a One Finance referral link and have a direct deposit of $250 or more. This is a completely free bank account with no minimum balance requirement, so if you can meet the requirements, it’s worth doing. Check out my One Finance referral bonus guide here.
- Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- Upgrade Bank. Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Note that it’s now scheduled to end on October 31, 2022.
- Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Hi there, Which Coding Boot Camp did your brother go to?
He went to Iron Yard. He says it was okay, but the teachers don’t really care and you really will only succeed if you are motivated yourself.
This is a solid post. Not only is it important to have a backup plan but also to make sure you don’t set yourself back financially. My latest post addresses a similar view to yours but more centered around investing in yourself and making sure you build skill sets that help you pivot if needed. I’m employed and trying to hang in there while building skill sets around data science. Nowadays with offerings from coursera, edx and Udemy the financial barrier of entry is ultra low. Feel free to check my post in case it helps. https://www.ajourneytofi.com/the-most-important-investment-you-can-make-is-in-yourself/
Internet is really changing up the education game, because you’re right, there are a lot of skills you can teach yourself if you’re willing to put in the work.
I like the coding plan (since it’s been working out for me so far 🙂 ). Before taking the plunge, you might wanna try out some free online coding platforms like Codecademy and FreeCodeCamp to see how you feel. I’m super excited about this backup plan. Best of luck! 🙂
Yeah, I should take some coding just to learn it. I have my buddy doing all the backend for me, but it’d be useful if I knew this stuff too.
This is a very practical thing to do, well done. I had a daughter who finished college and then wasn’t sure what she wanted to do! It took about a year of getting unstuck to build a plan and then she finally got going. Planning and consideration of possible alternatives is so essential. I still have one kid college (four done and independent) and your blog post is a good reminder to keep asking Qs on their main plan and what their alternatives look like.
The great thing is, in this world, we have so many options compared to before. Even 10 years ago, the world looked very different.
FP, building on your comment a bit, esp. for younger people, they may not truly realize how many opportunities there are in this world and where they may come from.
Hello from an optometrist!
Thanks for sharing. Your blog has been a great resource and inspiration.
Thanks! Glad you enjoyed it and thanks for stopping by.
I would also think about back-up plans that don’t require additional schooling and traditional jobs. We have living abroad as a back-up plan — in our case, we purchased rental properties in Tamarindo, Costa Rica, and we could live in one and live off of the other two. We also have a consulting business (I am a career coach) that is location independent. Legal skills — the research, client service, writing — can be transferred to other roles without the need of an additional degree!
Yeah, my lack of creativity definitely shows in that all of my backup plans are based around me getting more schooling to get a job.