If quitting our corporate job is easy as counting 1, 2, 3 then I would have quit a long time ago.
Some people can just quit easily and some people will have to think a million times before doing so.
Different people will have different reasons why they quit or why they are thinking of ditching their corporate lives. Whatever the reasons may be, there are still factors to consider before finally saying Goodbye to your boss and handing your nicely folded resignation letter.
Let me give you some common reasons why people quit their jobs:
No career growth
No financial growth
Difficult Boss / Colleagues
These are just some of the hundreds of reasons why employee quit but one thing is for sure, even before they decided to quit, they would have told themselves “I want to quit my job….but”. I have been working in the IT Industry for almost 15 years and the thought of jumping off the ship came to me for I don’t know how many times, but for sure, a lot of times. The thought of having to struggle in life because of being jobless makes me cringe and it’s scary. Life now is surely difficult and we have to work hard for everything we need to survive. Quitting job is like cutting the line when you’re on life support. Not unless you are born with a silver spoon then you really don’t need a job. This is the very reason why it took me 15 years before deciding to ditch my job, survival.
Below are the things to consider before ditching your job.
1. Financial Security
“I want to quit but I don’t have savings.” This will be at the top of the list for everyone who thought of quitting. I came across different sites that talk about financial consideration when before quitting your job. Some site says you have to have a savings that are equivalent to 6 times your monthly expenses, some says your savings should be equivalent to 10 times your monthly expenses, some would say 12. For me, it depends on what your plans are after you quit. Are you taking a new job? Are you retiring for good and just want to travel and explore the world? Are you going to start a business? If you are quitting and transferring to a new company then you may not need to have a lot of savings before you quit as you will be getting your paycheck in a couple of months’ time.
If you will be retiring for good and is considering on traveling then you may need more than the equivalent of your 12 months’ expenses. Same thing if you are planning to venture into a business, you need a capital so you may need to count your backup money for your expenses and for your capital as well. This also depends on what type of business you are going to start. Why do we need to have a backup money before quitting? It’s basically because we have responsibilities to take care of financially. We have to pay utility bills, credit cards, car loan, house mortgage, our children’s education, we need to buy groceries and we need money for an emergency and most important of all, we have a family. We don’t want to jump ship straight to the ocean without a life vest that can keep us afloat until the new ship arrives, otherwise, we will drown. Mine will be quitting to start a new chapter of my life as an entrepreneur so my financial consideration would be to have 12 times my monthly expenses, an emergency fund and business capital. Until I achieved these financial goals, then only I will quit. For the meantime, while I’m transitioning to entrepreneurship, I will still treat my business as my side hustle.
2. Health Insurance
“I want to quit but what if I get sick? Will I be able to manage it?” This is kind of related to financial security but I would like to give more emphasis on this as this is crucial. One of the perks of being a full-time employee especially in big companies is the Medical Benefits or Health Insurance. As an employee, I can just simply walk into any panel clinic and get checked-up for any illnesses or I can get admitted or go through surgery without any worries for I know that I am covered. Before we even write our resignation letter, we should ask ourselves if we are capable of handling medical expenses. Is our savings enough to support us in case of emergencies? If you are not confident financially maybe just give yourself more time save before you leave your job.
3.Well-prepared and thought off plan
“I want to quit but I don’t know what I will do after.” Whatever your plan after quitting your job is, it is best to think it through and come up with a well-prepared plan.
Leaving for a new company
If you think of quitting and leaving for a new company, it is best to plan the time of your exit. When do you want to start your new job? How long will your notice period be? How long will be the gap from your last salary to the first salary on your new job? Will the new company be far from where you stay? Does it require traveling? What about the shift? Are you going to work on day or night shift? These are some of the questions you need to ask yourself so you can plan properly before you leave your job. These are the same questions I asked myself before I handed over my resignation and it helped me to plan for my job in a new company.
Leaving to travel the world
Sounds exciting and wonderful, isn’t it? If you plan to leave your job and start on a journey around the world it requires crucial planning. Planning your itinerary is one thing but more importantly, ask yourself “Am I capable of funding my whole trip?”, “How long will I be traveling?”, “Is my savings enough?”, “What will I do after I finished traveling?” I recently saw a documentary about backpackers traveling across Southeast Asia and ended up being stranded and begging for money so they can go back to their home country. We don’t want to end up like them. I’m not judging them but if they have carefully planned their trips they will not end up begging money from locals to go back home.
Like me, I decided to quit my job to become an entrepreneur, but before I thought of quitting I have asked myself a gazillion of times “Can I do it?”. I wasn’t able to answer it right away and it took me a very long time to say “Yes, I can do it. I will be an entrepreneur!”. I started doing my business plan and trust me it was hard to do and took me time to come up with a draft, but it is worth it. Depending on what type of business you plan on venturing into, coming up with a plan can be easy as writing a one-page business plan or can be an excruciating and time-consuming task. When I did mine, it did require a lot of time as I have to ensure that every detail of the business is captured. Not only did I write a business plan, I also did a transition plan. My approach was to plan everything and prepare everything that has to do with business while I still have my full-time job.
If you are planning to leave your day job for whatever reason you have, it is best to consider the things I wrote in this post or maybe even more factors before you hand over your resignation. Giving your self more time to ponder on things will give you more opportunities to plan properly on what it is you want to do after you quit your day job and as well as build your confidence until you are ready to put your corporate lifestyle away.
Lots of love,