Time to change careers? Not sure if you are mentally, financially and emotionally prepared before you quit your job? Here are 5 things you can do before you resign.
I tried leaving the corporate life 3 times. The first time was ugly and messy. Second time was a little better. Third time was the charm.
In my mid-30s, I reached financial independence retire early (FIRE) by creating multiple income streams from investments and side hustles.
I was finally able to leave a career that was no longer a good fit. More importantly, it was time to get away from East Coast winters!
So I quit my job, sold the condo and moved across country. I gave everything away and just shipped my car. Join me in my new chapter as an independent woman in sunny California!
We all know it's not an easy journey to financial freedom, let alone change careers. Those golden handcuffs are no joke!
That's why this site focuses on personal finance & money mindset tips that helped me reach financial independence before I resigned.
Here's my story...
In 2019, I became a Corporate Dropout. Now I help future dropouts get their financial ducks in a row before they quit.
Ready to dropout of corporate too? Maybe you have no idea what you want to do next. Perhaps you want to take a year off to reset. Or start a business.
But right now, you don't know up from down. I get it. In the midst of office politics and work frustrations, it's hard to figure out the next step.
So join our community where we'll cover personal finance, career pivots and money mindset tips!
Ready to get your show on the road? Here are 5 things you must do before you resign...
1. Diversify your identity.
When it comes to job changes, there is usually an existential crisis that follows too. Many of us derive a sense of identity from our careers. The solution?
Diversify your identity. For instance, outside of my 9-5 job, I’m a blogger, yoga teacher, SEO nerd, Pinterest fanatic, Reiki Master, friend, mentor, entrepreneur, and so forth.
Not sure who you are without your “career identity”? No worries. Like the “fluid” roadmap, your identity evolves too.
Allot some time to job search, explore different career tracks, experiment with different side hustles, spend time with family and friends, attend networking events, travel, and so forth.
2. Build a sufficient runway.
Establish a solid financial runway and time your career pivot according to what makes most sense for you.
Understand your financial position in order to prepare yourself for the months following your resignation. This includes having a plan for debt management to planning ways to create positive cash flow.
Get creative with ideas in this gig economy. The gig economy centers around the concept of creating an income from short-term tasks.
This encompasses those who are full-time independent contractors to those who moonlight by driving for Uber or Lyft several hours a week.
Are there any part-time opportunities that you may consider taking on in order to explore a different industry? Any fun side hustles you’ve been thinking about trying?
Read my free E-Book. Corporate Dropout: How I Got My Finances in Order Before I Resigned
3. Build a solid support network.
When I quit each time, I didn’t tell my parents and some of my closest friends. I knew that telling them I was choosing to be unemployed would lead to too much unnecessary concern and nagging.
Instead, I told them after the fact. It wasn’t easy for them to hear and accept but they eventually got it.
Having a solid support network is probably the most important yet most overlooked key to the transition. The key to getting to where you want to go in life is to be in vibrational alignment with where you want to be.
Most times we focus on tackling our challenges on a physical, emotional, and mental level. Rarely do we approach challenges from an energetic angle.
Assess the people you currently spend the most time with. Are they people who are going to support you along the journey to the next chapter in your career?
Sometimes the people we love can be emotionally depleting even if they have the best of intentions. Perhaps it’s time to set some energetic boundaries and start building a stronger support network.
4. Time it based on what’s right for you.
Things can get sticky. Fast. Managers may take it personally, colleagues may feel like you’re weak sauce for abandoning ship.
Other times, people may just be jealous and take it out on you for having guts to do what they wish they longed to do. That’s why the timing of your resignation ought to be well thought out.
Sure, there is no perfect solution but what you don’t want is a long period of awkward tension or abruptly leaving people high and dry.
Figure that a middle ground.
Most people feel that two weeks advance notice is amicable but even if that’s the company’s standard, it doesn’t equate to an amicable resignation. When I gave two weeks notice at my last job, my boss asked if I would be willing to stay until the end of the month.
That would have been an extra 6 awkward hellish weeks. Some may be able to stomach that but I was not. In fact, I didn’t have much respect for her so why not twist the knife and say “hells no”?
Well without a Plan B lined up, what was the point in leaving so soon? Plus, it would only benefit me to leave on amicable terms.
5. Get your financial ducks in a row.
First, get clear on your short-term financial goals. What are your short-term goals (5-10 years)?
Specifically, what’s your planned timeline to re-enter the workforce? Do you plan to buy a home in which you would need more liquidity in assets for that down payment?
Also, have a rough idea of your long-term financial goals.
It’s hard to plan so far out in advance. Anything can happen in the next few months. But it’s still important to have a rough idea of your long-term financial goals in order to have a foundation for your future.
What are your long-term goals (10 plus years)? Do you see yourself staying in the same industry? Same city? Starting a family?