Can You Afford To Quit Your Job?
It is a dream for many to quit their 9-to-5 jobs.
Whether pursuing an entrepreneurial venture, supporting yourself as a freelancer, becoming a stay-at-home parent, or simply taking a break, it is important to take make sure you are financially prepared. Here is what to take into consideration before taking this exciting (but risky) step.
Make a Game Plan
Quitting should never be a spur-of-the-moment decision. Before leaving your job, there are a number of preparations you’ll need to make weeks, or even months, in advance. For example, what are your plans for health insurance? How will you continue to save for retirement?
Do you plan to have an alternative source of income or will your spouse be supporting you? Are you simply taking a break or is this a more permanent change? Will you need to make new living arrangements or apply for new credit in the near future?