1338: [Part 1] What is a Sabbatical? And How to Prepare for your Time Away from Work by Anne-Lyse Wealth with Marriage Kids and Money

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[00:00:53] This is Optimal Work Daily, episode 1338.

[00:00:57] What is a sabbatical and how to prepare for your time away from work by Anne Lees Wealth

[00:01:04] with MarriageKidsAndMoney.com.

[00:01:06] And I'm Dan, I'm your host and narrator of the show and I'm with you every single

[00:01:10] day including weekends and holidays reading from these great blogs on work and entrepreneurship

[00:01:15] and all kinds of related topics.

[00:01:18] And today I'm actually going to be reading from a brand new site.

[00:01:20] We've never featured this author or the site before.

[00:01:23] It's called MarriageKidsAndMoney.com.

[00:01:26] And since this is a longer post, I'll be starting the article today and then finishing

[00:01:30] up tomorrow in the Friday episode.

[00:01:32] So with that let's get right to it as we hear part one and optimize your life.

[00:01:41] What is a sabbatical and how to prepare for your time away from work?

[00:01:45] Part one by Anne Lees Wealth with MarriageKidsAndMoney.com.

[00:01:51] Do you ever think about taking time away from work to focus on personal or professional

[00:01:55] goals?

[00:01:57] Maybe you've been working hard for years and are dreaming of taking some time off to

[00:02:00] relax.

[00:02:01] Have you ever considered taking a sabbatical?

[00:02:04] What is a sabbatical?

[00:02:06] A sabbatical is when you take an extended break from work.

[00:02:09] For employees it's usually for a specific period agreed upon with an employer.

[00:02:14] People take extended leaves from work for various reasons, whether to pursue personal

[00:02:18] or professional interests.

[00:02:20] This is a popular option for people in the fire movement as it helps people reduce

[00:02:24] burnout in their careers.

[00:02:26] It also helps you discover a bit more about yourself and your dreams for the future.

[00:02:30] A few years ago I decided to take a three-month unpaid sabbatical from work.

[00:02:35] I needed time to be more present for a sick family member and my work didn't

[00:02:38] provide enough flexibility to accomplish that.

[00:02:41] It was at a point where I wanted to do something different professionally but I didn't

[00:02:45] want to rush into the next opportunity just to get away from my current job.

[00:02:49] I decided to take a sabbatical and almost two years later I'm glad I took that step.

[00:02:54] It has given me the clarity to redesign my life and use my gifts and talents in a more

[00:02:58] fulfilling way.

[00:03:00] How long is a typical sabbatical?

[00:03:03] Sabbaticals usually last anywhere from 2-12 months on average.

[00:03:07] The length of your sabbatical depends on your employer's policy and your personal

[00:03:10] plans.

[00:03:12] To determine how much time you are eligible to take for your sabbatical, you should

[00:03:15] review your company's policy and get in touch with human resources to ensure

[00:03:19] that you have the up-to-date information available.

[00:03:22] How do I talk to my employer about a sabbatical?

[00:03:26] In recent years, work sabbaticals have become more popular.

[00:03:29] According to a 2017 survey from the Society for Human Resource Management,

[00:03:33] nearly 17% of employers in the United States offer sabbaticals.

[00:03:38] Whether through specific employee benefits or the Family and Medical Leave Act,

[00:03:42] FMLA, an increasing number of employers provide the opportunity to their

[00:03:47] employees to take time away from work.

[00:03:49] Understanding your company's practices regarding sabbaticals will prepare you to

[00:03:53] have a productive discussion with your employer.

[00:03:55] The employee benefits section of the company website and the employee's

[00:03:59] handbook are a great place to start.

[00:04:01] Once you understand your company's guidelines, you want to gather as much

[00:04:04] data as possible to support the benefits of work sabbaticals.

[00:04:08] If you are interested in a sabbatical to improve your academic or professional

[00:04:12] qualifications or to explore other interests, it could lead to better job

[00:04:16] opportunities or professional advancements such as promotions.

[00:04:20] When meeting with your manager, communicating the objective and length of

[00:04:23] the sabbatical, highlighting its benefits, and reinforcing your commitment to

[00:04:27] the company will help make a case for an extended leave.

[00:04:30] Creating a one-pager summarizing those points can help your manager better

[00:04:34] process the request.

[00:04:36] How do I prepare financially for a sabbatical?

[00:04:40] If you continue to receive a full salary, knowing that your sabbatical pay

[00:04:43] will cover your regular expenses will help make planning easier.

[00:04:46] However, if you plan to take unpaid leave or receive a partial salary during

[00:04:50] your leave, more financial preparation will be necessary.

[00:04:54] The first step to financially prepare for a sabbatical is to take a close

[00:04:58] look at your expected expenses.

[00:05:02] During your sabbatical, do you plan to keep your current housing

[00:05:05] arrangements?

[00:05:06] Will you have to continue to pay for your rent or mortgage?

[00:05:09] If you're currently renting, is it possible to schedule your sabbatical at

[00:05:12] the end of your current rental agreement?

[00:05:14] If you own a home, are you considering renting out your home or having a house

[00:05:18] swap agreement during your sabbatical?

[00:05:21] For most people, rent or mortgage payment is the biggest fixed expense.

[00:05:24] If you can reduce or get rid of that expense during your sabbatical, it will

[00:05:28] lower your financial obligations and give you more flexibility in terms of

[00:05:31] where you can take your sabbatical.

[00:05:33] If you plan to relocate temporarily for your sabbatical, researching rental

[00:05:37] costs in the area you are interested in will help you better prepare

[00:05:40] financially.

[00:05:42] Health care costs.

[00:05:44] How will you cover your medical expenses during your sabbatical?

[00:05:47] Will your company take care of most of your health care costs, or should you

[00:05:50] look into getting your coverage during that period?

[00:05:53] If you are paid during your work sabbatical, you should ensure that your

[00:05:56] employer will continue to deduct health insurance costs from your paycheck.

[00:06:00] If it's an unpaid sabbatical, you might be able to have health insurance

[00:06:03] coverage through the Consolidated Omnibus Budget Reconciliation Act, or

[00:06:07] COBRA, which requires employers to allow former employees to maintain

[00:06:12] their health insurance.

[00:06:13] This is an option to look into, but your premiums will significantly increase

[00:06:18] as your employer will no longer subsidize the insurance.

[00:06:21] If you're married, being added to your spouse's health insurance might be

[00:06:24] your best option.

[00:06:26] Another avenue to explore is buying your own health insurance.

[00:06:29] HealthCare.gov offers many health care plans and a variety of coverage

[00:06:33] levels.

[00:06:34] Probably won't compete with health care coverage through your employer

[00:06:37] at a similar cost, but you should have options that would ensure major

[00:06:40] health care expenses are covered during your sabbatical.

[00:06:44] Other living expenses.

[00:06:45] Hear that in tomorrow's episode.

[00:06:51] You just listened to part one of the post titled What is a

[00:06:55] sabbatical and how to prepare for your time away from work by

[00:06:59] Anne Lees Wealth with MarriageKidsAndMoney.com.

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[00:08:08] And a big thanks to Anne Lees for sharing this post, which we're going

[00:08:12] to finish up for you tomorrow.

[00:08:13] As I mentioned, this is the first time hearing from Anne or from

[00:08:16] the site marriagekidsandmoney.com.

[00:08:19] So let me tell you a little bit more about Anne.

[00:08:21] Anne Lees Wealth is a writer, personal finance educator and

[00:08:24] certified public accountant or CPA.

[00:08:27] She's the founder of the ALW Communications Agency and the

[00:08:31] Plutus Award nominated dreamoflegacy.com, a platform

[00:08:34] dedicated to inspiring millennials to build wealth with purpose.

[00:08:38] Anne is the author of Dream of Legacy, Raising Strong and

[00:08:42] Financially Secure Black Kids and the host of the Dreamers podcast.

[00:08:46] Her work and advice have been featured in media outlets such as

[00:08:49] Business Insider, Harvard Business Reviews, Ascend, Next Advisor,

[00:08:53] Time and Black Enterprise, just to name a few.

[00:08:56] So again, a big thank you to Anne for letting us share her work today.

[00:09:01] But that's going to do it and thanks so much for joining me and

[00:09:03] listening through to the end.

[00:09:04] And of course, we are only halfway through this particular article.

[00:09:07] So be sure to come on back tomorrow as we finish up this post.

[00:09:11] And that is where your optimal life awaits.