Before You Quit Your Job-Five Factors to Consider

Want to stop working for The Wo[Man]?

Ready to strike out on your own? Push coming to Shove?

Going on sabbatical?

What are the five most important financial factors? Answers will vary, however these five are important. A conversation at my coworking space prompted this post. Another member told me of their wish to leave their day job and I began to ruminate.

As Ben Franklin might have said, the first three questions are: [are you]

  1. healthy,
  2. wealthy,
  3. and wise (human capital)?

Two factors added from the intangibles column makes five.

4. Go towards the next destination, instead of “getting out of Dodge in a hurry.”

5. Use a road map, instead of wandering aimlessly on the side of the road, trying to hitch a ride. As Lewis Carroll wrote and George Harrison sang,

“If you don’t know where you are going, any road will get you there.”

One by one, here’s how to assess your readiness to move forward. A worksheet that I like to use with my clients can get you started on the big picture.

Health: Know what your options are! COBRA, a plan with catastrophic coverage only, an HSA (Health Savings Account), go without, opt into small group of one coverage available in your state. Going without health coverage, despite your immortality, could derail your next venture in a hurry. (2013 Update-check out the options under the Affordable Care Act).

Wealth: Do you have at least nine months of income or expenses (whichever is greater) set aside? 12 -15 months times that number would be better, or a working spouse that can supply the income and benefits to cover you or your family as you move forward.

Human Capital (Wisdom) How well prepared are you to meet the intellectual, technical, and emotional challenges of your new venture? Who will be on your support team, business advisory board, or client list? Are your social media sites ready to go? What about certifications, continuing education or licensing? Can those be obtained before you make the big leap? Do you have that volunteer position lined up? Who will be your new community? (check out coworking for some ideas)

Running Forward  Want to craft your own destiny? Can you go on a leave from your current job? This could keep your options for a few months…What are your strengths? I left a job once [or twice] because to be successful in the eyes of others I had to be good at what I was bad at, and bad at what I was good at.

Do you have a side job that is begging to sit at the grownups table? Is it ready to support you-or still an awkward adolescent?  Create a list of what your preferences are in a career, (this might be harder than the dislikes) to leverage those in the next venture.

Roadmap Use your own! I cannot stress this enough. Another’s map can be seductive.  Yes, use benchmarks, but don’t be afraid to design your own.  Your next venture has to come from a desire deep within, so that when you are stuck at the side of the road, whether in Tacoma or Timbuktu, you have the courage to keep going to the destination you chose.


1 Comment

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One response to “Before You Quit Your Job-Five Factors to Consider

  1. Pingback: Mending Your Safety Net | No Dollar Left Behind

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