Playing the game like it matters

Tonight at my men's team meeting we took a break and played a game of street hockey.

I did not want to play. It was cold, I was feeling stiff, I wasn't feeling up to playing.

I didn't want to be a suck either so I agreed to play goalie. At least I wouldn't have to move around too much, wouldn't have to chase the ball down the road in the dark, wouldn't be getting jostled and bumped by guys bigger than me trying to get the ball away from me, or me futilely trying to get the ball away from them.

For a good three quarters of the game I had a really sucky context - how much longer will we be playing?

The opposing side scored at least four goals on me where I was just moving too slow to block the ball. A few of them just went right between my feet and through the goal line. How much longer will we be playing?

When I heard one of the men call out "Next goal wins!" I felt relief. At least the game would end soon. I didn't care which side scored that winning goal because either way would mean that the best team won.

Then I started thinking, what if I played this game as if it did really matter? What if I played it as if I really did have something on the line? There is a saying that the way we do anything is the way we do everything. I have a revenue target of $180,000+ for 2011. I have a fund raising target of $8,000 that I'm raising to help find a cure for arthritis which affects 4 million Canadians. Am I going to play the revenue game, the fundraising game, the way I've been playing this hockey game?

And then the hockey game did begin to matter, and it mattered which side got the winning goal. It mattered because now I had something on the line. I had $180,000+ revenue on the line. I had $8,000 fundraising on the line. I had 4 million Canadians with arthritis on the line.

Once I shifted those thoughts into my mindset I started noticing different results. The ball didn't just roll through my feet over the goal line, it bounced off my stick. Or it landed right under my foot and stopped. I noticed that the big guy who had been repeatedly scoring against me was losing control of the ball more often when he came near me.

Yes, the game was taking longer to finish now and that was okay because now it mattered. And in the end it was our side that scored the next goal and thereby won the game.

It makes a difference to play the game like it really matters. For those 4 million Canadians with arthritis it matters.

Behold! The tax man cometh

Having signed off on the release form regarding how much severance payout I will receive and agreeing not to sue my former employer, my next hurdle was to protect my severance from the tax man. I learned that were I to elect to receive my severance as a lump sum payment, I would lose about 45% of it to withholding taxes. That's no good!

My best option to protect it would be to flow it into an RRSP. That way I would receive the full amount. Yes, I will still pay taxes on it when I take it out of my RRSP but if I can avoid doing that until at 2009 then at least I will have greater control over the timing, and more options available for planning a tax strategy.

I considered holding back enough out of my RRSP to cover the next 2-3 months of expenses. However, any amount that I don't flow into my RRSP is subject to taxation. On the other hand, one of the credit card companies offered me a great promotional rate plus a lowered transaction fee on a balance transfer. It turns out that it's cheaper for me to pay the balance transfer fee plus the interest rate than it is for me to pay the tax man.

So my course of action then is to put my entire severance into an RRSP and take out a balance transfer to cover a few months of expenses. This way I have a safety net for the next three months and I don't have to feel so rushed to get a replacement source of income.