Quitting Your Job
Quitting your job may be a difficult decision, but sometimes, you may get so upset and stressed at work that continuing on for that sum of money may be extremely detrimental to your mental and physical health. You may not have a job waiting for you, but you really have to quit. Before you take that step to submit the letter of resignation, take a look at your finances first.
Do you have any fixed monthly payments that need to be serviced? For example, you may need to make car and housing payments. You may also have insurance payments. These are fixed amounts that could be planned in advance. What you need is whether you have enough money to pay these loans for at least 3 – 6 months, depending on the state of the economy, on whether it is easy for you to find another job.
Do you have any outstanding credit card bills that need to be cleared? If you still owe the bank money for credit card bills, you have to be careful that it does not roll over to the next month. The interest rates can paralyse a person’s financial health.
Do you have at least 3 to 6 months worth of salary in liquidity? You may have a lot of money, but if they are tied up in investments that cannot be easily liquidified, then these sums of money should not be counted. If you have this amount in pure savings or funds that could be taken out within a week, then you are on the safe side.
For those without this buffer of money to tide you over your job finding period, then you may really have to grit your teeth and bear with it until your finances are solvent. If you feel that you are the breaking point, talk to your family members and see whether they have enough to keep the family going or to help you while you find your job.
Hence, it is important to have financial freedom. It is best to have multiple streams of income, so that you are not solely dependent on just one source of income for your many streams of expenses. It’s just like a car with four wheels. You cannot expect to drive your car when you only have one wheel.
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how I wish I can quit and don’t have to face all the stress at work. However that is not possible, unless I totally change my lifestyle. I have my housing loan, maintenance fee, utility bills, subscription to all kind of things (haha), patrol, and not to forget my once or twice overseas holiday trips every year…
What coincidence! I was struggling with the thought of “firing my boss” all week long, after facing all those frustrations and emotional drains at work. It is coming to a point that at looking at the biger picture, I am trading my life for money! But in any aspect, I need to cool down and not make any impulsive decision without putting the financial aspect into proper consideration! *sigh*
Hi Xiaogu
We definitely have too many recurring payments that take up too much of our money. I also subscribe to too many magazines and other things. Must think of ways to cut down.
Hi Bernard. Work can be really draining. Of course, there are people who says that if you don’t take the drastic action of firing the boss or getting yourself fired, you will be stuck in the dead end job that sucks up your life for a long time. If you really want to move on, bear for that 3 more months while you save up and find a better job. Good luck with your decision!
i am hopping that with very hard work on Affiliate marketing, maybe i would be able to achieve Financial Freedom in 2 years time.~**
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