Should You Quit Your Job? Here's The Formula from Nicole Walters

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2:53Otherwise, 1.00 % APY applies. No min balance required. Chime card on-time payment history may have a positive impact on your credit score. Results may vary. See Chime.com for details and applicable terms. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some Money Rehab.

3:15The conversation you're about to hear checks all of the boxes. Want the secret sauce to being a bigger player at your company? Check. Are you thinking about starting your own thing and want a formula to determine whether or not you can leave your job behind? Check. Are you raising kiddos and want help teaching them the value of a dollar? Check, check, check. The reason this conversation has everything is because it's a conversation with the incredible entrepreneur Nicole Walters. The reason Nicole can cover so much ground is because she has lived a lot of lives. She has a new book called Nothing is Missing, which she calls a Fresh Start Manual.

3:50Today, we talk about all of her fresh starts, which are jam-packed with useful advice for your career and beyond. Here's Nicole. Nicole Walters, welcome to Money Rehab. Oh my goodness, I'm so excited to be here. I'm so excited to have you. I've had a lady crush on you from afar for many, many years. I am such a huge fan of yours. I love that both of us are like open books, and now you have a new book out, nothing is missing. And so I don't want to miss anything, pun intended, in this conversation. Let's start with the moment in your life when you wanted to get a fresh start in your career. Yes.

4:29So I think a lot of those of us who started in corporate or did the more traditional background, just like you, I mean, so much of being an anchor is corporate. I don't think people even understand how much paperwork y 'all do. But all that said, when I realized that I was going to be capped, I was 28. meet. I was in my division within my company as the youngest person there. And my boss literally looked me in the face and said, yeah, you're just going to be here for a while and making money for the company and yourself. And what's interesting is I needed money. I loved the work I was doing, but I didn't feel fulfilled.

5:05And it was the first time I was faced with that question. Is my work meaningful? And is this what I want to do for the next 20 years? So I put my job live online in front of 10 ,000 people. So what I saw, you streamed the call where you quit the corporate job and you were making six figures at the time. Why did you do that? So, okay, it sounds crazy, right? But I always try to tell people, and you do this too, but I built a place for me to go, right? I had already started working my own side hustle, taking private consulting clients. So it wasn't as wild as it seemed. It was still a big, bold move, but I was prepared to be my own boss.

5:45I was prepared to pay myself my own salary. I'd made sure that I understood my budget. I knew my profit and loss and my margins and my overhead. So I was really comfortable in knowing that this was just as good as taking an offer to work for another company. Just the company was mine. Talk dirty to me about those margins. Yes. I mean, that is the part that I'd love to dig into too. It's not the fun, sexy kind. The fun, sexy thing was, it's so interesting watching you do it live, no filter whatsoever. But what about the preparing for that moment, like the squirreling away savings? What did that look like?

6:24Yeah, so I love this because a lot of people want to hear about the how did you get the confidence? How did you do something so bold? And the truth is, trust me, if you do the work that I did on the back end, you'll have it too. So one of the exercises I always tell people is I set up three columns, worst case scenario, likely scenario, and best case scenario. And then I went to find the numbers that would fall into those columns. What do I need to do to replace my salary? How little do I need to make in order for me to sustain my life while still saving in case there's a rainy day? And what is the best case scenario after testing my new product if I have blockbuster projections?

7:05So once I ran all those numbers, I realized that I could survive on half my salary, which literally was I could get a job at Target and still be OK. It would be uncomfortable. There wouldn't be as many dinners out. There wouldn't be a vacation. But I could give myself a shot at building my own thing and having some good breathing room. And once I realized that I wasn't as far away from goal as possible and I was doing pretty well, I started actually working. So I started building my dream before I quit. And I saved at that point$11 ,000 in one week. So I knew that I had proof of concept. I knew that my product was viable.

7:42And I also knew that I had some working capital to fund my business for a while before I actually brought in any revenue. But fortunately, revenue was coming in. So it all worked out. I think. Nicole, this is so, so important. And I want to double click on it a little bit more because you'll hear all these entrepreneurial experts being like, go out, YOLO, FOMO, whatever. Do it. Burn your corporate bra. Like, if not, then when? Right. You don't want to be on your deathbed regretting it. It's like, goddamn, like, there is no shame to feeding yourself and your family and like budgeting. And unless you have a trust fund, and I certainly did not.

8:20So like, And I don't hate people that do. But you have to prepare yourself. And it's so important to start doing that when you still are gainfully employed. Yes. I think that people really don't understand that part of why these companies fail in the first five years is because they aren't doing the thing they should be doing from day one, which is looking at your money. You need to fall in love with your numbers because these decisions aren't that hard. they aren't as emotionally tied as you think. If you are trying to figure out, well, when is the right time to quit? Well, I'll just ask them, when can you afford it?

8:57What do your numbers look like? Because your data will drive your decisions. And that's what I did. I just said, look, I still have this beautiful safety net of corporate, right? Even though I want out. Let me start putting things aside, paying off what I paid. So first of all, I paid off all my debt, my credit card debt. So I knew I was going into it without that pressure. and then I was like, all right, now it's just about how big can this thing go? I can give myself six months to a year before I would need to go back to corporate and if I can't do it in six months to a year, then honestly, I should go back to corporate because it's not working.

9:33And also, this whole thing that I think a lot of entrepreneurs do where there's pride in not paying yourself, I hear this all the time, I didn't take a check for 10 years, I didn't pay myself for three months, that's terrible. You are the worst boss to yourself of all time. Why would you leave your horrible nightmare boss and not cut yourself a check? Even if that check is for a dollar, shouldn't you honor the way you're showing up in your business? And so I was really proud to say that from day one of starting my business, I paid myself the same thing I made in corporate. And obviously now I pay myself significantly more, but since day one, I paid myself.

10:10I've been the best boss I've ever had. And why is that so important? Let's reiterate that to entrepreneurs to pay yourself first. Because one, I mean, if you have going concern in your business and you know that you want to be able to bring in new people and honor them with hopefully a 401k one day and benefits and grow, shouldn't you start doing that to yourself? Because as a leader in your company, everything is going to be dictated by how you behave. So if you can't give yourself a break, your team is going to feel like they can't either. If you can't pay yourself a proper salary, your team isn't going to think that either.

10:45So the habits that you start your business with are the habits that will sustain your business. So for me, you better believe that I went hard, but I also honored myself by paying myself a good salary and treating myself well, like vacations, homes, nice things, because I deserved it. I did the work. Yeah, you did. And what was your rubric around that vacations? Did you give yourself PTO? How many days was it? Did you create a structure? So one of the first things I did in my business on the front end was a kind of bonus driven structure. So if we hit certain monetary goals, I was allowed to bonus myself out.

11:20So I wasn't just sitting here saying, oh, yeah, you know, my business is my bank, you know, like, oh, my gosh, I had a great launch. Let me go buy that awesome bag as a reward. I said, no, I have to build up my working capital in my business to this amount. Why? Because what that means is I'll be able to hire teams. So my goal being, if I can take off every Friday, I can take off every Friday. I mean, I really had perspective around the long-term goals versus the short-term win. A lot of people live in that short money instead of the long money. And for me, I was like, no, I'm not pressed to be able to take a photo of my laptop on my knees in Bali tomorrow to show that I had a big launch.

11:58I would much rather show people that I'm at Target crying in joy while eating copious amounts of cheese in my passenger seat and watching old episodes of Friends in celebration. And then they can still see me here seven years later in a villa in Bali that I was able to bring my whole family to, you know, perspective. Yes. I don't know if you show these in your courses, but I'd love to see those spreadsheets that you came up with and those different scenarios. Yeah, for sure. For sure. Because they're also modifiable. I love a function and a formula, you know, so being able to say like, OK, here's where you were and then here's what we changed.

12:32And it makes you feel better. I mean, people freak out about entrepreneurship and there's tons to freak out about. Making sure your consumer loves you, making sure that you're seeing your kids enough, making sure, you know, like there's tons of stuff. But realistically, the money part and those numbers, that's been done. We have the data for that. Don't let that be the thing that makes you scared in the process. You need to look at your money and face your money so that that way you can control your money the best you can. That has helped me so much. and there's kind of this shame of like oh well I'm doing it for my passion it's like that is a very luxurious thing to do something for like sure is let's talk about the savings that you have or the money or the not fun Gary V type rhetoric right right I almost feel like people are like oh well I'm not doing it for the money it's like well then how the hell are you paying your rent or your bills.

13:28Yes. Yes. And let's just be all the way legit. You know, I have a policy that I've used for the past 10 years, which is I don't do free. I am allergic to free in freeenza by Frelecia free gives me itches like I'm not here for it, you know, and it's crazy because people are like, so you're saying you don't do charity and you go to this? No, I charge so I can do philanthropy. It's churches, charity and my children. And even the church pays the plumber. So why shouldn't I charge? Understand that money is just a tool that gives me options. So if I'm the type of person who doesn't want to charge money so good with me that I should have a lot of it so I can do good things.

14:10People who are terrible people have tons of money and have zero problem doing bad things with it. So why shouldn't we get it if we know we're going to make big changes in the world? And what I love to see you promote is how to sell. because I think whether you're in a corporate job, whether you work for yourself, whether you have a big team, everything goes back to sales and customers. You don't have any kind of business, whether you're an entrepreneur or entrepreneur, if you cannot sell that sizzle. So I would love just personally to see some magic in action. If you could, could you pitch me your 1K one day course and then break down like why you pitch it that way?

14:49Absolutely. In a heartbeat. So So I got to tell you, Nicole, I am so impressed with everything that you've built. You have built an incredible business. But what I often find is when people start building their business, they skip steps. And if you're in a position right now where you're saying to yourself, I know that there's a next level, but I'm not 100 % clear around what those steps are, how to get there. And if I have all the tools I need or where to get them, I know that 1K1Day can stand in that gap to give you what you need, give you the confidence to get it and make sure that you understand how you got it so that that way you can continue to soar.

15:271K1Day is the comprehensive course solution that teaches you your financial foundations, the importance of product development and how to execute it so you have sustainable results, not a one hit wonder. And we do it at a reasonable price for the support that you require. Sign me up, buy it now. So why did you frame it that way? What are those elements that people can take away to pitch their own anything class product? The first thing is you really do need to know your own product. That's like the no brainer. I got to tell you, whenever I work with my clients as a consultant, one of the things that I keep running into is that they, without a doubt, have built something that they thought they were supposed to build.

16:12They don't even love their own product. You know, it's, well, someone told me that this was the next hot thing, or this is what I felt was like kind of a good idea. If you don't love it, I can tell every minute when you're selling. If you don't really believe it can work or change lives, your sale's already not gonna work. So get immersed in your product, love it, have a story behind it, because that's what's gonna sell it. The next part is a lot of people talk about money too much, which sounds so weird to say here, But the truth is you want to talk about the value proposition. You want to make sure people understand what value change and transformation the product is going to bring into their life.

16:48Because at the end of the day, people are willing to spend to get the thing that they think is going to improve their life. I mean, they will figure out the money. As a mom, you know, I face cancer with my daughters. I face all sorts of crazy experiences where money really gave us more options. And I would have cut off my left arm to get them whatever they need. And people feel the same way about changes in their life. So you better believe that that's a huge part of any good sale is making sure that you understand the value proposition. And then obviously ask for the sale. At the end, if you don't tell them, here's where you go, here's where you buy it, and here's where to start, then what was the point of all the things you said before?

17:27Yeah, the call to action. Yep. And people value the stuff that they pay. They do. Or the stuff they get for free. I call it a commitment fee, right? I commit that I will show up and this will commit that you'll do the same. That's all it is. Hold on to your wallets. Money Rehab will be right back.

17:50And now for some more Money Rehab. All right, let's talk about this story behind Nicole Walters because, damn, we have a lot to get to. Let's start with your love life. Tell me about your divorce. What did you see in that marriage that made you recognize you needed to do something different? So I came into my marriage having a background of being a poor child of immigrant, you know, and I talk about that for the first time in my book. A lot of people don't know that I grew up with every single ounce of scarcity mindset because I actually had scarcity. and I knew that there was something more and I was willing to work for it.

18:32And that was so much of my life, looking for what was missing. And even in my marriage, happiness always felt like it was some mystery destination where if I worked a little harder or if I changed this thing, whether it was lose a couple pounds or move to a different home or live in a different neighborhood or something, that we might finally be positioned for the greatest of joy. And I got married really young. I was funny too. And as I grew in that marriage, I learned that no, money isn't it. When it finally came time for me to transition out after 12 years, I was like, oh, I have everything.

19:10We are taking private jets and vacationing in villas, and I am absolutely miserable. miserable. I'm unhappy. My partner's unhappy. My kids aren't seeing me being loved well. You know, I have girls. They need to understand that money isn't everything, that we value our health and love. And so I did. And I was grateful that I'd made the choices in my business and my life prior to that, that gave me the flexibility to make those moves the way that they need to be made. So this is now your fresh start to love. You have said you're in the most loving, supportive relationship now. So what was that like dating after divorce?

19:51So it's crazy because I dated in LA, which is a whole category in and of itself. I'm in it now. Oh, you're in it now. Bless it. Nicole, bless your spirit. I hope you find the right person because it is like there's the end of the dating pool. It's insane out there. So I am very grateful though, because I met an incredible guy. He's a producer and I never understood what people meant when they would talk about being in the type of partnership where you felt like it actually enhanced you and that you weren't operating as an island. I think I always thought before that in life, you know, it's kind of two people working side by side with their independent gifts towards goals.

20:31I didn't realize that there's a unifying thing that can happen when you have someone who's willing to not just support you, but also call you out, who can bring a fresh perspective, who can lend their gifts to what you're doing. And I just achieved so much more. And I feel so safe in my relationship to be flawed, to know that I could have zero dollars and he would love me. I could have billions of dollars and he would love me. And I'm just not validated by my work and how I show up the way that I was before. I feel like everything I do now really is for a purpose of changing lives. It's not just about hitting marks and hitting goals.

21:06And he's also super hot, which is like, that's a real blessing. You know, I just, I just, I'm so grateful. All the things are good. I really love this for you, Nicole. I love this for me too, girl. What's cool though, about having a fresh start is that it's so powerful to bring all the lessons that you have in your lived experience to this whole other chapter. So what are some of the lessons that you learned from your marriage that have influenced the way you approach your fiance? I think now. Yes, fiance. Yes, I'm on fields. Yes. I think that one of the things is that I shouldn't be afraid of fresh starts, right?

21:46I think that a lot of times starting over and, you know, quote unquote, failure has such a negative connotation. But my goodness, if you are still standing to start over, what a blessing. And above all else, you get to bring everything you learned before. So I'm doing this relationship, this marriage, number two, so differently. I've grown. I am more patient. I am less anxious. I'm a better partner, you know, and I don't even know if my husband would even recognize me today, you know, because I've come a long way. And I'm really grateful for that. You know, I attributed that to therapy, to prayer, to solid friendships, to taking the time to really do my own self-exploration to make sure I found someone that supported where I'd like to see myself.

22:32So yeah, I learned a lot and I'm applying everything I've learned. And of course, he will love you no matter what. It sounds like$1,$1 billion or anywhere in between. But how do you feel about prenups? Oh my God, girl, prenup it down. You know what's crazy? And you want to hear something that's really funny. So I have always felt I needed a prenup even when I was broke. And that really says something about our vision of self. And if anyone hears that and that like resonates with them as women, where you're like, oh, you know, I may not have made all my money yet. Or I feel like I'm just like full of ideas and I'm starting something.

23:07Get your prenup anyway, girl, because you know you. You know what you're capable of and you know what your future looks like. You may not have all the funds yet. Get that prenup anyway, because you still deserve to protect that. You wouldn't buy a business without a contract. You wouldn't hire an employee without a contract. You wouldn't have a nanny watch your babies without a contract. It's just a contract to make sure things are easy paperwork on the back end. Save yourself legal fees. Save yourself time and heading. Be a better, more attentive mother during the divorce process because everything is already figured out.

23:39Because custody wise, you know, get that prenup. It's the right thing to do. Marriage should have a contract also. Yeah, because yes, you're never going to get divorced. You're in love, la la la la la. But also, you don't want the state to decide. And that's a big reason. Like it's a big reason. Like, I mean, you don't want your house to catch on fire, but you still get insurance. You don't think that you're going to get sick tomorrow, but you still get insurance. It makes sense. So do it. Yeah. Listen, I have not been married, but I have my prenup ready to go all day. I'm like, he's going fine.

24:10The good part also is you get that prenup done while you are friends, while you are still at your peak hotness, because marriage can be a very long time. OK, while he is looking at you saying, I want all of that, let him sign and agree. OK, ladies, this idea, I think, is really important to reframe, especially for women, because I hear it like, oh, he's making me sign a prenup. No, I'm protecting my own things. These conversations of I have to sign this prenup because I'll only get whatever X from him. No, no, no, no, no, no, no. We have to take control. Yes, 100 percent. I think if you're on the other side of prenup signing where maybe you're not the breadwinner, girl, get your own lawyer and recognize that if you can't get through the prenup process, I don't know what you think marriage is, but it is nothing but a million of those conversations coming from someone who, when you have the first kid, like what diet are we going to have?