Every day people are taught about the benefits of being employed but hardly anyone talks about the benefits of quitting one’s day job. As strange as it may sound, several advantages come with quitting a day job. For instance, while paid employment may come with several benefits such as a steady income, health insurance among others, resigning from a 9-5 job automatically frees up time for one to take care of their friends, family, and passions.
It’s erroneous to assume that quitting one’s day job, would immediately translate to being broke, sick, and homeless. There are several non-traditional ways to make and save money asides from a 9-5 job and you may never find out about these, if you spend the majority of your adult life, working for an employer.
4 Great Reasons to Quit Your Day Job
You should know it is time to quit your job when
1. You Are Having Too Many Conflicts in the Workplace
Conflicts in the workplace are somewhat inevitable, but when they aggravate to an extent where they start to affect your health and peace of mind, then it’s time to leave that job. Some ways to identify a toxic work environment include stifled growth, gossip, no enthusiasm for work, illness, and fatigue.
Sometimes negativity in the workplace is so extreme that it can lead to workplace accidents and subsequently physical injury. If you suffer illness and injuries due to your work, you should not only resign but seek compensation.
According to the workers comp lawyer at The Law Office of Todd, D, Beauregard, “The benefits due to an injured employee may include medical treatment, rehabilitation, and financial compensation for wage loss for the time you were incapacitated.”
- You have a Dream and Sufficient Savings to Back It Up
You may have had a dream to be a baker but due to lack of finances, you decided you’ll work at a bank for a few years to save up some capital for your bakery. It’s amazing how quickly a few years can turn to a few decades. This is the story of many people’s lives.
If you are currently working a standard 9-5 job that you’re not passionate about, it may be time to get up and chase your true passions. But first, you must assess whether you have saved sufficient capital to follow your dreams.
If you do not have enough sufficient capital, there are also many creative ways to quickly raise capital for a new business. Some great ideas to raise business capital include; finding a partner that’s got the cash, finding angel investors, applying for a small business grant, selling off some property, trying crowdfunding, approaching your bank, or applying for government low-interest loans, grants and subsidies.
- You Need to Stay at Home for Your Loved Ones
Sometimes caring for a sick family member can get so expensive that you’re spending a lot more than you’re earning trying to take care of them. Before you quit your job to stay home for a loved one, you must first determine if you have enough savings to continue to support yourself and your loved ones while at home.
Also, have a financial plan in place to ensure you do not run out of money while being a caregiver to your loved one.
It is recommended that you should have saved up at least a year’s worth of expenses before resigning from your job. You should also create a budget so that you do not spend more than necessary while out of a job.
Working from home to keep an income coming in, is also a great option. If you have any sellable skills, you can pick up a freelance gig and spend a few hours daily making money while also being home and close to your sick loved one.
- You Need Further Education for Career Growth
Many times people are stuck in dead-end jobs, for no other reason than they are afraid to quit their jobs and go earn a higher degree that could advance their careers.
There are a few organizations that provide support for employees who want to go back to school, creating a schedule that helps them either work while studying or go off to study and return to their jobs after study.
However, if your employer does not have any of such programs in place, you may have to save up some money then quit and sign up for higher education, otherwise you’ll risk feeling stagnant and unfulfilled in a job that no more room for growth.
Research has shown that one sure way for employers to reduce employee turnover is to respect employee autonomy, benefits, and wellbeing; until this happens at your job, you may consider taking some time off for self-development.