Before You Quit Your Job

Incidentally during the past week three different people have called; seeking advice on quitting their respective jobs. Let’s call these gentlemen A, B and C. Mr A is stuck in a bad job with a very bad boss (common scenario :-)). Mr B is also unhappy with his current job and is inspired by his distant cousin who according to him is a full time investor. He too wants to follow his footsteps and attain financial freedom. And last but not the least Mr C wants to follow his passion- photography. As for Mr A and Mr B I agree one hundred percent that getting stuck in job which you don’t like can be quite frustrating and painful but decisions taken in frustration are seldom good ones. Mr C was very candid when he said “enough is enough”. “I want to be happy; do whatever I want and whenever I want; not whenever my boss permits”.

 This makes me worried. Not that I mind playing the devil’s advocate but quitting a job is one of the most important decisions of one’s life especially if you have dependents; and secondly quitting a job to follow your passion might be a lovely thought except when it comes to your finances. There is no dearth of people who want to be their own bosses and do bigger and better things with their little time on this planet; but again there is no dearth of people who take this decision in haste and then regret. I am concerned about the latter. Nevertheless if you have decided to quit; please do so but ask yourself following questions.

1.      Do you really want to quit?

Can you follow your passion along with your work?  If yes, then do not quit. In fact read somewhere that ignoring your passion is slow suicide. Never ignore what your heart pumps for. Mould your career around your lifestyle not your lifestyle around your career. But instead of quitting your job right away, try freelancing on the side, testing the waters. See if you can actually monetise that and create a business / enterprise out of it. You may learn new skills and acquire better qualifications if you have to. In other words have a plan B. Quitting the job must be the last resort when the burden is unbearable. In our case Mr C can certainly follow his passion alongside and be happy.  

2.      Do I have the family’s support?

Quitting your job must be an informed decision and should not come as a shock or surprise at home. I know somebody who did not tell his wife for good two months that he had quit. Do talk about it at home. You cannot bring in turbulence in otherwise smooth sailing lives of your wife and children.  Mr A, Mr B and Mr C have school going children; while their wives are home makers. All the more reasons to have a buy into this decision from their better halves.

3.      Am I placed comfortably on my finances?

Quitting a job and living a fulfilling life is not as easy as it appears. Things get scary at times because all said and done we get used to the fixed cash inflow every month. Before you take a decision to quit, check your savings. Ideally you should have 30-35 months expenses; along with zero financial liability. Pay off all your loans before you quit. In fact it’s not a bad idea to practise lean living a year before to avoid instant compromises. Do not get inspired by a friend or an acquaintance who’s a full time investor (Mr B in our case) and makes handsome money. You need to put in money regularly to grow your wealth. Only speculation would give you instant money but then it can also take away your money instantly. In case you plan to start your own business; start saving for initial capital before quitting. And once you start, keep your expenses low till you start generating income.

If the answers to above three questions give you confidence then follow your heart; break free, get going and honour your path.  After all you have a right to live as you want and do whatever you want in your limited time on the planet Earth. Stay Blessed!!