Should You Quit Your Job? 7 Things to Seriously Consider First

Feeling unfulfilled and bored at your office job? Fantasizing about waking up late, working for yourself, and never having to sit in a gray cubicle again? 

The urge to quit is understandable. But handing in your resignation without a plan can be risky. Here are 7 things to carefully consider before you quit your job:

1. Determine if This is a Long-Term Feeling or Just a Temporary Slump

First, analyze whether your desire to quit is due to a temporary work slump or a deeper long-term issue.  

Maybe you’ve just had a few bad weeks with difficult projects and unreasonable deadlines. Or your workload has spiked and is leaving you drained. These types of short-term challenges happen to everyone.  

Before doing anything drastic, see if you can alleviate any work frustrations first. Talk to your manager about adjusting projects or deadlines. Take a few days off to decompress. Shift your mindset around daily tasks. Small tweaks could make your job tolerable again.

But if you’ve consistently felt unfulfilled, bored, or stagnant in your role for over a year, despite trying to improve things, then your dissatisfaction is likely deeper. Pay attention to these persistent feelings over time rather than making a decision in the heat of the moment after one bad day.

2. Determine if You’re Running Towards Something Rather Than Just Away From Your Job 

It’s easy to obsess about everything you hate about your current job. But just running away from something difficult is usually not sustainable long-term. You need positive momentum towards something new to maintain satisfaction.

Before formally quitting, brainstorm what you’d like to do next. Maybe you want to:

• Start your own business
• Go freelance in your field 
• Completely change careers 
• Go back to school to gain new skills
• Work or volunteer for a cause you care about

Having clarity around what’s next provides direction and helps ensure you transition positively towards something rather than just escaping your job. 

Sit down and map out your ideal future career and lifestyle. What gets you excited? What types of activities energize you? Do you want flexibility or structure? Identify your must-haves. 

This visioning exercise gives you crucial insight before altering your employment status. It helps position a potential job quitting as a step forward towards something rather than just a step away.

3. Thoroughly Calculate Your Financial Ability to Quit

Take an honest look at your current financial situation to determine if you can realistically afford to quit your job without another one lined up. Here are some questions to ask yourself:

– Do I have an emergency fund? Experts recommend having 3-6 months of living expenses saved as a bare minimum before quitting. But ideally you want closer to 12 months of savings to allow ample time to transition. Tally up recurring bills like rent, debt payments, transportation, utilities, food, insurance, etc. Then calculate how long your current savings would cover all of those costs.

– What assets or other income streams do I have? Do you have a working spouse or second source of income from a side business that could help support you? Take inventory of all your assets and possible revenue streams beyond your primary salary.

– Am I willing to adjust my lifestyle? You may need to downsize your apartment, cut back discretionary spending, drive an older car, take staycations instead of vacations, and limit eating out to make savings last longer. If you’ve gotten accustomed to more lifestyle inflation, can you comfortably adjust to live below your means?

– What fixed debts do I have? Evaluate all outstanding debts, their interest rates, minimum payments, and payoff timelines. It may make sense to aggressively pay down high-interest debts before quitting. The less fixed monthly debt payments you owe each month, the better.

Really scrutinize your budget to see what’s feasible. Quitting without adequate savings is extremely risky and can jeopardize your ability to cover basic expenses. Give yourself the financial breathing room to fully pursue new opportunities.

4. Discuss With Your Partner or Spouse First

If you’re in a serious relationship, have an in-depth discussion with your spouse or partner before making any definitive job changes. Express why you are unhappy at your current job and your desire to make a change. But explain this is a consideration, not a done deal.

Discuss how quitting could impact your household finances, insurance, retirement contributions, and daily life. Get their honest feedback. 

Make sure your partner understands why you are contemplating this move and has a chance to ask questions and share any concerns. While it’s ultimately your career decision, completely altering your employment status affects them too. Keeping your partner in the loop from the beginning prevents shock and gives them time to process the changes.

5. Develop Alternative Income Streams First

To provide more of a financial cushion, focus on establishing supplemental income streams before entirely walking away from your stable paycheck. Here are some options to consider:

– Freelancing on the side: Use evenings and weekends to start doing freelance projects in your field. This lets you earn extra money while keeping the reliability of your full-time job. Once you build up steady freelance clients, you can more seamlessly transition into full-time self-employment. 

– Launching an online business: Start a side business online in your spare time while maintaining your day job. Once the business generates consistent revenue, you’ll have proof of concept and another income stream to rely on if you leave your regular employment.

– Monetizing a hobby: Turn a hobby like photography, writing, baking, crafts, graphic design, etc. into supplemental income. Sell products or services related to your hobby online or locally. Over time, you may be able to replace your full salary with hobby income.

– Driving for a rideshare app: Sign up for Uber, Lyft, or other ridesharing platforms. You can drive during nights and weekends for extra cash without interfering with your day job. This provides a safety net if you quit.

Having multiple income streams smoothing the transition from traditional employment provides more security and less financial stress.

6. Keep Your Resume Updated and Maintain Your Professional Network

Even if everything goes well after quitting your job, have a backup plan in place just in case. Keep your resume updated and professional network active, so you can tap into job opportunities if ever needed.

– Set a calendar reminder to update your resume every 4-6 months. Tweak wording, add new skills/programs, tailor to different types of roles. Keep the document polished.

– Connect regularly with former colleagues, mentors, supervisors and stay up-to-date on openings at your old company and competitors. Maintain those relationships even after leaving.

– Connect with professionals in the industry you want to transition into and learn about opportunities and skill requirements.

– Monitor job boards and listings related to your experience and credentials. Understand the employment landscape.

You likely won’t need to use your backup plan. But if circumstances change, you’ll be prepared to smoothly re-enter the job market. Having options reduces stress.

7. Focus on Meaningful Activities Outside of Work 

A career shift provides more time for non-work activities. But don’t underestimate the importance of staying active and engaged in other meaningful pursuits outside of your job. 

Make time for hobbies, volunteering, taking classes, visiting family and friends, joining clubs, exercising, traveling, and anything else that fuels you. 

Having diverse social connections and interests beyond your career provides balance and happiness. If you quit your job but then just sit at home watching TV all day feeling unfulfilled again, then the underlying problem isn’t your work.

Figure out your passions outside of an office environment. Divvy up your newfound free time wisely if you leave your job. Don’t overlook non-career sources of joy and meaning.

Summary

Quitting a stable job to pursue more freedom is life-changing. But don’t leap before carefully examining factors like long-term career fulfillment, financial readiness, supplemental income, effects on your partner, backup options, and non-work activities. 

With prudent planning and preparation, you can transition successfully into a more rewarding career aligned with your passions. But the grass isn’t always greener, so reflect thoroughly before giving notice.

Don’t just fantasize about the positives of quitting your job. Seriously weigh the risks and logistics too. But if you still feel ready after considering everything, then take the brave step forward. A more meaningful and balanced life awaits!