Today, people are selling their houses for modified vans and RVs to travel around the world. Having a 9 to 5 is now seen as a less favored option, and most people who generally opt for these jobs are either saving up for their side hustle or enjoying the comfort that it provides. However, if you are someone who is currently working a corporate job to fund your side hustle projects, then you should know when it’s the right time to quit!
Believe it or not, some people leave their well-established jobs behind for projects, but they have to return to jobs since it doesn’t work as expected. Unfortunately, for some people, troubles don’t end there; they are unable to resume back from where they left off, which means they have to start from scratch when it comes to their careers. Daniella Flores, a former software engineer, shares her experience about how her financial profits started meeting her corporate job salary. So, Flores set a few markers before saying goodbye to her corporate job.
1. Paying Off The Debt And Setting Financial Goals
Debts are like traps; the longer you stay in them, the more you struggle to get rid of them, which is why it is suggested that you pay off your debt as soon as you can. Flores set her financial milestone, which meant that she had paid off all of her debt, whether it was credit card debt, student loans, or any personal loan(s). On the side, she also started saving up for an emergency fund, which depends on whatever you think works for you. Flores also decided to make saving goals a critical task.
2. The Benefits
Usually, corporate jobs provide several employee benefits, which a self-employed person doesn’t receive. This situation inspired Flores to start planning to cover up for the benefits she’d lose. This means that you have to make enough to cover your health insurance, travel insurance, retirement accounts, and paid time off.
3. Task List For Leaving
Once you’ve hit the above two milestones, it’s time to finally say goodbye to the corporate job, which will not be a simple job. You will have to draft a two-week notice. You will have to gather all the information about any retirement plan that the employer may have started. One thing Flores did is that she also availed all of her paid time off before resigning from work.
Last but not least, you must realign your mindset with your new goals.
So, what do you think of these milestones? They are simple and straight to the point.