Can You Really Quit Your Job And Survive?
Let’s break the ice with a bit of honesty. I hated almost everything about my job. The long hours, my boss, the annoying coworkers (some of which enjoyed pretending to be my boss), the customers(not all of them). The only thing decent I can say about my job is that they paid me every two weeks like clockwork.
Sometimes I just had to find a private place to scream. That’s neither here nor there, but I figured I would share.
The thought of quitting your job can be very intimidating. We may talk about it all of the time, but doing it is something else entirely. The thought not having the security of a paycheck makes most people cringe.
Well have no fear, it’s easier to quit your job and survive than you may think.
While I say it’s easier than you may think, it’s definitely not the simplest thing in the world to do. You will of course need an income plan. Im not going to say you can quit your job, do nothing and survive.
Anyhow, exiting a job is a pretty tough subject to tackle from any persons perspective. It is however, mostly fear and uncertainty that stops us from quitting.
So I say we break this into steps. Let’s call them the 5 steps to freedom.
Step 1: Evaluate
Anytime you take an action that severely effects your financial life you need a plan. Quitting your job is obviously one of those severe actions.
So we begin by evaluating your cost of living. How much it costs you to “survive.” It’s easiest to scale this down to a month of survival. These are also known as your Expenses.
I always figure is best to show by example so let’s assume we have John here. We’ll look at things like rent, food, debt, and other bills that he has to pay every month. Below are the expenses John pay’s every month. Your mileage may vary.
So from this we can see John needs $1960.00 a month to survive. I also advise that when you make this estimate round up, it’s always best to cover the unforeseen.
Step 2: Minimize
Ok, so $1960.00 a month might be doable, but we can always try to do better. Let’s look at a few things.
First on the list we can probably bring down is the cable bill. Let’s cut some channels we don’t watch and features we don’t need. Let’s say that brings it down to $40.00 a month.
Next, how about he gets rid of the gardener and invests in a lawn mower to cut his own grass.
Also, that high cell phone bill. He can use less minutes and data and bring that down to $60 a month.
Food can also take a cut. Less eating out will bring his food bill down to an even $100.
Finally day care, his sister can watch the kids and for half the price!
Here are John’s minimized expenses:
John’s Minimized Expenses
You can see John shaved $450 off of his monthly debt. That’s $5,400 a year!
Step 3: Dues Paid
The next thing we want to do is pay our dues and eliminate our debt.
I know this is easier said than done, but debt is the one major thing that holds us back from freedom.
If John was able to pay off his loan and his visa card, that’s another $210 a month! Let’s look at johns new expenses.
John’s Debt-Free Minimized Expenses
Isn’t that a breath of fresh air, it might not be the easiest thing to do, but getting rid of debt will decrease the monthly struggle.
Step 4: Saving
I’ve read a lot that saving isn’t going to get you anywhere. That if you plan to save a certain amount of money before you quit, you’ll never actually do it. I disagree.
I believe that you should have at least 3-4 months of expenses saved up.
Seeing that John needs $1,300.00 a month to make it, I would advise that he has at least $3,900 in savings to last through the rough patch.
Step 5: Action
So here we are, we’ve taken care of finances and we’re ready to get this done. So you go into your bosses office and you hand him your resignation letter and your on your way out the door.
Your heart is probably pounding, you may even be short of breath, but you’ve done it!
You’re ready to be off on your adventure. To become your own boss. Let’s look at why this is more likely to work for you at this point:
- You have much more time to focus on YOUR business.
- You’ve left the stress of work in your rear view.
- Your mind is free to pursue the things that interest you.
- You have no choice but to succeed now, your last paycheck is coming soon.
While that last bullet might seem a bit scary, that’s great. Sometimes we as human beings need that sink or swim, fight-or-flight situation to push us to the next level.
So what is it that you plan to do now? You have the necessary steps right here. There’s no guarantee that this will work out for you. It’s one of those things that either will be or won’t be based on who YOU are.
Are you ready to change your life? Will you quit your job and survive?