An Exit Plan

Of all the career and finance related questions that I get, the most frequently asked question comes from people wanting to know how they should quit the job they hate.  For many people, the questions are when? how? is it okay? will I be able to survive without a job?  When I made the plunge and exited the corporate world nearly a decade ago, I recall being plagued with uncertainty.  The downward path of increasing stress, fear of financial catastrophe, and general uncertainty, made the choice more difficult than it needed to be.  Here are some thoughts, many years on:

–Have a plan — this is really key, as not having a plan is the major reason most people end up treading water for years on end.  For me, I plotted an exit plan about a year before actually departing. This allowed me to leave on positive terms with most people, train my replacement, and squirrel away savings.  Once I moved to active-exit planning, the year went by rather quickly.

–Save as much as possible — this goes without saying, but one of the ways to be calmer and more clear-headed as you move toward leaving your job is to have a nice emergency fund.  If you are planning on taking a block of time off and then re-entering the job market rather than starting your own company or looking for something completely new, be sure to plan for extra time to find your next gig.  In the current job market, the search process is longer than in previous years.

–Stay on good terms with everyone as much as possible — in my 20′s (and early 30′s), I was naive about the importance of a strong professional network. Even if you dislike your boss strongly, try to exit in a professional, cordial way.

–Be prepared for surprises — both good and bad.  Many things can happen before or immediately after an exit from an unpleasant job, including financial surprises, fresh opportunities, and new friends or acquaintances. Be prepared to adjust your expectations as necessary and to take advantage of new opportunities that arise.

–Most of all, remember the importance of self permission –  Permission to try new things, not to feel guilty, and mostly to pursue what you want.

shared at this week’s Carnival of Personal Finance