By my calculations, out of every 100 current U.S. employees, 38 would quit their job in the next year and a half if they were asked to. Now don’t get too excited, because that means only two people are actually taking the job cut and quitting. You might want to pull that number down to two or three, but one individual leaving the same company doesn’t necessarily mean it’s not the right thing to do. The thing to remember is that unless you need a sudden raise or significant severance package, you don’t necessarily need to stay in the same job for the foreseeable future.
As cliché as it sounds, this is a smart move. Becoming more independent in your personal and professional life will allow you to live a more fulfilling life, and it won’t hurt your job prospects for the future as you look for the next position. Just make sure you take action beforehand to make this feasible. Consider the following to see if you could afford to leave your current job:
Healthcare is a huge expense that lots of people face. It’s shocking, but a lot of people don’t know just how out of control healthcare costs have become in recent years. If you do have employer-based health insurance, you should at least know your options, or at least find an alternative health insurance plan so that you can get some continuity when you quit your job. With plenty of options for selling (or leasing) vehicles, renting a place to live, and more, it may be easier to make the jump than you think. Also take time to evaluate your individual circumstances to see where your resources might be.
If you are married or recently married, make sure to educate yourself on the impact of the Affordable Care Act on your coverage. As a married or newly married individual, you may now qualify for increased healthcare benefits and you may even be able to qualify for financial assistance.
Determine your savings
Look at your current and projected income and consider what you can afford to save each month, along with how much you can afford to spend. While you may be able to afford a job cut, this isn’t so if you are financing your expenses with credit card debt, a bad loan, or bad-investment loans. Financial planning is like building a strong foundation, and knowing your strengths and weaknesses can help you build a strong personal financial foundation.
Resume- building skills
The skills and competencies you have used at your current job may be hard to replace without paying several hundred thousand dollars for a CPA or other professional organization certification. This won’t help you succeed in a new job, and there is no guarantee that your skills will be transferable.
If you are unsure what skills you have or will need in your new job, consider finding a local business that specializes in the skills you may have learned at your current job. Doing business networking at your current job is certainly worthwhile. The networking organizations and local companies you meet at work often have many potential job opportunities at hand.
Closing credit card
With the number of people struggling to pay off debt, the best advice for anyone with an unsecured debt is to close all credit cards. Refinancing credit cards is available to anyone, and may be a good option if you have a good credit score. Your credit will remain the same, and you will save a lot of money in interest. This is especially important if you are moving to a new job and spending a lot of time commuting.
However, if you have a mortgage with a certain credit card company, there are some protections to ensuring you can close a card at the right time. You may find it advantageous to ask your new employer for permission to close one of your two or three credit cards at the beginning of the new job, so you don’t get stuck with the responsibility of paying a significant amount in interest.