Finding Joy and Opportunity in Financial Freedom: an interview with Carolyn Jungclas, entrepreneur

Carolyn Jungclas is a broadly experienced leader with a 25+ year career in supply chain, engineering, maintenance and operations. Her corporate career included management roles in both power plants and financial services, and spanned locations from Boston to North Carolina.Carolyn shared that both she and her husband, Jeff, attended University of Michigan's engineering school. Though they both worked full time, they shifted into traditional roles when it came to their finances. Carolyn bought the family groceries and clothes, while Jeff managed the money. As Carolyn described it, Jeff was managing the books, while she was spending the money.Carolyn began her career as a turbine engineer working on steam turbines at a power company, and quickly moved up the management ranks, ultimately becoming a power plant manager. In the mid-nineties, after the deregulation of the power industry, she moved the family to the Carolinas and became the plant manager of the tenth largest coal-fired plant in the United States.It was a great move for them financially, since the cost of living was much lower in North Carolina than it had been in Boston, where they were living. She knew her position would require her to work 60 to 70 hours a week, so Jeff, who had more flexibility, was around for their young kids.Carolyn's work started to take a toll on her family, her health and her marriage. She took a severance package and left the power company in 2007. Soon after, she was approached by First Citizen's Bank, for whom she had done a vendor management presentation while still working for the power company. She agreed to work for them as as a part time consultant, and stayed on for fourteen years!"You're trying to figure it out. You don't have to have all the answers. You can go and make a choice, and if it doesn't work out, do something different. Unfortunately, a lot of times we get so involved that we say, I have to know the answer." - Carolyn JungclasKey takeaways:- Recognize that a good partnership involves give and take on the part of each of the partners. Sometimes, as Carolyn describes in her relationship with her husband, Jeff - sometimes decisions were made to benefit her career, and sometimes decisions were made to benefit his career. And a good partnership also means creating a framework to talk about money, as she and Jeff did only about ten years ago. This framework, and the relationship with their financial advisor, helped them make a huge course correction in their finances, and have more internal peace- You don’t have to have all the answers when you’re just starting your career or, frankly,  at any age. You’re just trying to figure it out. You try something, it doesn’t work out, you try something else. No decision is irrevocable. And, don’t make decisions on the basis of money alone. It’s the whole package - ask: does it work for my family? Is it the right step at this time in my life?- Networking is so important. It’s through her relationships that Carolyn was able to move from her high intensity job managing a power plant to working 8 to noon in financial services, for First Citizen’s Bank. - Know your skills and how they’d be used when considering careers. Carolyn knows herself to be a high extrovert, who enjoys cultivating teams and growing people, problem solving and strategic thinking, and is also a good negotiator! As she puts it: She enjoys bringing people together to solve problems. A career in procurement which incorporates all of these skills suits her well.About the guest:Carolyn Jungclas is a recognized expert in Procurement Strategy and Execution with more than 25 years of leadership experience in Financial Services and Public Utilities. Carolyn led the procurement strategy and execution for a nationwide bank, delivering year over year cost savings for commodities, software and services.  She also developed the Third-Party Risk Management (TPRM), Procurement, Contract Management and Software Asset Management programs and managed them successfully for 14 years. At the utility, Carolyn managed the supply chain program, led the Combustion Turbine Operations fleet and managed the 10th largest coal fired power plant in the United States, ensuring cost effective plant operations with high reliability. Carolyn has a BS in Mechanical Engineering from the University of Michigan and an executive MBA from University of North Carolina. Linkedin:- http://www.linkedin.com/in/carolyn-jungclas-mba-cpsm-2551285 Interested in booking a free consultation? Schedule a call.Stay connected:Connect with Laura on LinkedIn@Rotters5 on TwitterConnect with Laura on FacebookSubscribe to my YouTube channelSubscribe to my newsletterGet your free copy of Unlock Your Money Blocks Workbook : Your step-by-step guide to unlocking your blocks to financial freedom.Disclaimer: Please remember that the information shared on this podcast does not constitute accounting, legal, tax, investment or financial advice. It’s for informational purposes only. You should seek appropriate professional advice for your specific information.