There are a lot of reasons why someone would want to quit their job: perhaps they want to find a better opportunity, start their own business, or stay at home to spend time with their kids. If you’ve seriously contemplated quitting your job, consider the following first:
One of the biggest things you need to consider before you quit is how you’ll support yourself financially. If you’re married, figure out if your spouse’s income will be enough to pay the bills. If you have money saved up, make sure it’s enough to support yourself for several months. It can take some time for you to start making money again, whether from a new job or your own business. You’ll want to be prepared for the worst, so the more you can have saved up, the better. Ideally, if you can also pay off as much of your debt as possible, you’ll have less to worry about when you do quit.
Your next job
Whether you want to start a new job or your own business, you’ll want to make that gap from one paying job to the next as small as possible. If you can, line it up so that you transition right into the next thing so that you don’t miss a paycheck. Because a business can take a while before it begins generating revenue, try to start it before you quit your job. Although it can be difficult to give it the attention it might need, getting some things taken care of before you quit will give you fewer tasks to think about once you do. Similarly, if you’d rather just switch to a new job, begin applying for jobs before quitting. Interviewing for a new position and accepting a job offer while you’re still employed is best, because if you just quit your job and then begin looking for a new one, it can be a while before you’re working again.
Why you want to quit
Carefully think about the reasons why you want to quit your job, and ask yourself if it’s worth doing. It’s one thing if you’ve thought about it for some time, and you want a career switch or you’d rather go into business for yourself. But maybe you like your job and you’re not thinking the decision through, and you’re just angry at someone or at a particular situation. If that’s the case, re-consider quitting and try to find a more practical solution. On the other hand, maybe you really like the company you work at, but you’re just unhappy with your specific role. If that’s the case, find out if there are other open positions that would be a good fit for you, or that you could train in.
You’ll need to give notice
If you do decide to quit, it’s important that you don’t quit impulsively and without any notice. Without giving a two-week notice, it makes you seem unprofessional and can tarnish any future working relationships with your employer and co-workers. If you don’t give proper notice, you could end up regretting that decision later on. If you accepted a new job, it’s okay to tell your new employer that you can start in two weeks. Not only will your new employer understand, but they will appreciate the fact that you’re professional enough to give your current employer appropriate notice.
Do you need extra cash to start your own business? Peachtree Financial Solutions can help if you’re receiving long-term payments from an annuity or structured settlement. Contact us today to learn how you can sell future payments for a lump sum of cash.
Nothing above is meant to provide financial, legal, or tax advice. You should meet with appropriate professionals for such services.