Can you have it all?
Collette Dinnigan has a lot of things most of us would only dream of…
Dream 1: A profitable business
Collette’s business is projected to have sales of $14 million this year.
Dream 2: Numerous properties
Collette owns multiple properties in Sydney, both business and personal, including the quintessential rich person’s holiday house (in Palm Beach).
Collette is closing her business
But Collette Dinnigan has announced that she is closing down her business. Collette’s business is not struggling, or losing ground (unlike a number of other fashion businesses which have gone broke over the last few years). You might have guessed it from the title…Collette just wants more family time.
How important is family?
In the interview discussed in the Australian Financial Review, Collette quoted her daughter – “Mummy this is only the second time ever you’ve picked me up from school. Does that mean that you are taking a year off work?”
Collette’s nine year old had remembered her mother’s promise to her when she was five to take a year off work.
The best decision – family before profits
Collette tried to bring on someone to run the more intensive part of her business, even offering up to a 50% stake in the business. However, after two years they couldn’t find the right person. Collette has made the best decision to focus on her family and quit chasing the dream of growing a business, or selling out and making a lot of money.
The best of both worlds
The upside for Collette is, of course, that while her “business may be shutting down”, she will keep producing clothes for David Jones. So with the businesses that she keeps open, Collette may still be able to earn a large amount of money, while spending more time with her young family.
The decision you can make
While you and I aren’t blessed with Collette’s fashion and business successes, we too can make choices.
A little less money may mean a lot less stress and a much happier life. Whether that means working in a less challenging job, working four days a week/part time, or even taking time off.
If you are working full time and have enough, my formula is 0.75 money = 1.30 life.
Meaning – a drop in income could have a greater positive effect on your life.
For example, working four days a week doesn’t mean 80% of your take home pay, it means a bit more (because you will pay less tax), and just imagine what you could do on your day off!