Should you quit your job?

Should you quit your job?

August 20, 2021
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“If you want to be successful, it’s just this simple. Know what you are doing. Love what you are doing. And believe in what you are doing.” – Will Rodgers

Deciding to leave a particular job can be a whirlwind of thoughts and emotions. Most of us make these career choices at such a young age when we really don’t know what we want. Typically, we will choose something that we think we are good at or maybe we feel pressure from friends and family to go into a particular field.

But one of the most liberating choices you can make is leaving a job where you are truly not happy. When you are living a life that is so dissatisfying that it is almost painful, when you don’t want to wake up in the morning, that is a sign that change is needed.

We all have obligations and debts to pay which may makes us feel trapped and feel like we can’t leave a particular job. But I promise you that there is a path out there where not only will you be happy with what you are doing, but you can also make some good money doing it. It all starts with formulating a plan. 

One thing to note when deciding to leave a job to pursue something else is that the grass isn’t always greener on the other side. Some people expect to be in a C-Suite position by the age of 28. While that goal and passion can be a great thing, we must be realistic and willing to put in the time and effort to learn from the ground up. We need to be exposed to situations where we are constantly learning and being exposed to all sorts of uncomfortable situations.

Once you begin to handle these situations where you don’t know what you are doing and you aren’t 100% confident, that’s when you will truly grow.

Consider the benefits the come with each job. Do they offer a flexible work environment? Will you have the ability to learn and grow? Do you know anyone within that company or industry that can give you the breakdown of their typical day and how they like it?

Most of us have a dream job or even a dream employer. But many more people will refrain from pursuing a job in that career or will not apply for a position at their dream employer because they feel discouraged or not qualified. Even if the company is asking for 20 years of experience for an entry level position, why not apply?

What happens if you leave your job?

One thing that some people may not want to deal with when leaving a job is the financial decisions that come with it.

Most, if not all, companies offer a 401(k) plan. When you leave a company, you have a few options when it comes to your account. First, you can simply leave the account where it is. You won’t be contributing to that specific plan anymore, but it will still be invested in the same funds you had when you worked there. Although, some people do like to have all their money in one place.

Another option is to do a tax-free rollover. Generally, your 401(k) plan is funded with pre-tax money so you can roll that account into another traditional IRA account or your new retirement plan at your new employer. If you do not have a traditional IRA already, you can simply open one up and then roll that money into your new account.

One thing to keep in mind is that if you leave your job within the first few years, you can have a portion of your account be considered ‘unvested’. Therefore, you could lose out on some money. So, even if there is a remote chance that you return to your old employer, hold off on doing a rollover until you are 100% sure you are not going back.

Also, be cognizant that if you receive a check payable to you, then you have 60-days to put this money into a new plan or an IRA otherwise you will be subject to tax and could face a 10% penalty if you are under the age of 59 ½.

People can convince us to do a lot of things. But when it comes to your career, that should ultimately be your decision. Do not let someone else convince you to leave a certain position or to take another position. Do what makes you happy and the rest will take care of itself.

Disclosure: This material is for general information only and is not intended to provide specific advice or recommendations for any individual.