How to Decide When to Quit Your Day Job

By eHow Business Editor

Rate: (10 Ratings)

How do you decide when to take the leap and quit your job to pursue something you really want to do instead? Follow these useful tips to help you make the big decision.

Instructions

Difficulty: Moderate

Things You’ll Need:

  • Accounting Services
  • Checking Accounts
  • Savings Accounts

Step1
Discuss your thoughts about quitting your job with your spouse or other important family members.
Step2
Create a plan for how to make your life work financially if you quit your job.
Step3
Decide whether you need to line up some other steady income before you can quit your present job, and if so, how much.
Step4
Research alternatives to your job that interest you before you quit your job.
Step5
Exhaust all options for making your current job work, if there is any prospect for making it more acceptable. That might include speaking with your boss or the company's human resources department, or applying for another job within the company.
Step6
Reduce your living expenses as much as you can.

Tips & Warnings

  • Sometimes your job is causing you so much grief that you have to leave even if you aren't financially prepared. In that case, believe that something better will show up once you leave the current negative situation.
  • If you are quitting your day job to start your own business, double the amount of money you think you'll need to invest, and triple the amount of time you think it will take.
  • If possible, have six months of living expenses saved up, or good (and extensive) credit.
  • Try to bring your significant other on board before quitting your job.
  • The grass often looks greener somewhere else, so be sure you know exactly what you're getting yourself into.

Comments

| View All Comments

Chaddy said

Flag This Comment

on 12/4/2007 I have a little bit of a different situation - I quit my job - everyday! (At least in my mind - and have been doing so for about six years, now)! In reality - it is not at all easy! Or even moderate - when you work for a company that has excellent benefits (esp health and retirement). My advice is to hang on as long as you possibly can - pursuing your REAL interests on a free-lance basis (this may take some persistence and self-discipline) - but if you need health insurance - it is really tough to ge a policy for close to the price you are getting through your employer - at least I have found that to be true when comparing policies side-by-side! I know that I have done some real soul searching and have decided to treat my 9-5 (or in my case, 7:00-3:30) as a job and all the rest that I do, my career! I out my headphones on at work and just "do my job - which is unlike me but....

Marius said

Flag This Comment

on 11/3/2006 Hi,

These are some really good and short comments.
In reality it is little bit more difficult to pursue the advice - because of the time pressure, or some other factors.

I have tried to do the same, and not even quit the job, but then also go to Asia for a year or so, just to take the time off and be with myself (and a few friends :)

More on that - on Cringel travellers:

www.cringel.com

Marius

View All

Post a Comment

POST A COMMENT

Request a New How-To Article

Looking for more How To information? Chances are there’s an eHow member who knows how to do what you’re looking to do. Submit an article request now!

eHow Article:  How to Decide When to Quit Your Day Job

eHow Business Editor

eHow Business Editor

Category: Business

Articles: See my other articles

Related Ads