Irrespective of whether you’d want to write that book that has been on the backburner for the longest time now, or travel to lands afar in order to break free from the monotony – a sabbatical can do a world of good to your confidence, creativity and outlook towards life in general. But amid the process, don’t forget to plan your finances carefully or prioritize goal-driven activities.
- Plan a sabbatical to manage stress and take a second look at life The time away from deadlines and urgent boardroom meetings can be utilized to bring down stress levels – a factor that is proven to be a precursor of both physical and mental disorders. A sabbatical can give you the chance to assess stress levels, engage in relaxation techniques and realize the fundamental aspirations in life.
- Determine your objective Originally, sabbaticals were meant for university professors to allow them the time to study or travel. But now, the concept has evolved – no more is it limited to professors or its time restricted to a couple of months. That being said, one component seems to have remained just the same: Purpose.
Were you to take stock of general health parameters prior to and post the sabbatical, chances are you’d find a marked improvement. You surely have the flexibility to structure the time – as long as it centre on a definite beginning, middle and end -- intended for the sabbatical, in keeping with your objective.
Ask yourself the thing that you’d longingly intend to do with a year off or 6 months for that matter.
- Would you want to volunteer for a charity project?
- Would you build a house for yourself?
- Would you learn a new instrument?
- How about mastering German and French?
- Or better still, backpacking to the mountains?
Remember that a sabbatical is a time taken off work with the only intent to focus your mind, body and creative energies on a different purpose other than what you’ve been doing regularly. A sabbatical is the time for enrichment, in body and spirit.
Unless your employer decides to fund your furlough (something that isn’t the norm in this part of the world), you would have to plan a formidable corpus to take care of any interim expense and at the same time, plug an imminent discontinuity in cash flow.
In case you are leaving town, you might have to arrange for caretaker services for the upkeep of your residence. See how these numbers stack up and run them by a financial expert. Consider all probable costs and be accurate with financial projections into the future. Make your employer (if you are a salaried employee) see reason in you taking the sabbatical. If need be, build confidence into him/her that you’d be back as a more skilful employee, one who would be better adept at work and expanding revenues (by bringing to the table an ingenuine perspective on things) for the company.
Learn more about Mutual Funds for a good personal financial management.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
Disadvantages of Early Retirement - What Happens When You're Not Working?
Early retirement seems to be good, many people enjoy life without working especially with extra earnings. But they are not aware about the cons. Lets explore the disadvantages of retiring early to save your retirement life.
5 Benefits of Health Insurance that Makes it a Must Have Cover
Here are the 5 benefits of health insurance that makes it a must to cover
When Should You Withdraw Money from a Mutual Fund?
In case of a sudden change in fund strategy or an underperformance scheme for more than 3-4 years, it makes sense to withdraw money.