I made the decision to quit my $5k a month job today.
I have not told anyone about the decision.
Will I regret it?
A stable job that pays well but gives me no satisfaction whatsoever. Is time more important than money to me or is money more important to me than time?
With this job, I will be able to pay all my debts in maybe 20 years and be pretty well off (if nothing goes wrong). But the prospect of staying just does not excite me. I want to do something different with my life.
Is it foolish to be making such a decision during such a time as this with all the financial crisis?
What about my responsibilities to my family?
On the other hand, what if I do manage to find a job that pays just as well and gives me more satisfaction?
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Hi BK,
ReplyDeleteI think it's OK to quit if you really have to drag yourself to work every day. It's a personal decision after all, no use working for money and not enjoying one bit of it !
However, a word of caution is that you should only quit if you have secured another job. This is due to the current recession and downturn which will see many companies freeze hiring or even retrenching. Many more companies will revert to "contract" hiring which means you may miss out on "perks" which full-time staff enjoy.
So think of it carefully before proceeding.
Good luck !
Musicwhiz
Yes. I will secure a job first before quitting. Thanks for the advice. =)
ReplyDeleteHi BK, have you got into a new job yet? I quit my $8k job last month without finding another job! It took alot of courage but I just could not stand going to work for another day. I was totally burnt out and I couldnt take it anymore and finally decided to take a break.
ReplyDeleteOn my last day of work, I had mixed feelings, feelings of relieve and feelings of lost and fear. Relieved that I dont have to suffer another day of politics and stress at work. Fear that I will not have any fix income for a long time. But..... in the few weeks before I quit, I tried to cut down on my unecessary expenses, I sold my beloved car, reduced monthly investment savings plan, stopped eating at expensive places etc.
From monthly expenses of over $2000, I managed to reduced it (planning on paper) to less than $1000. Then I look at my savings and ask myself how long can my savings last if I spend $1000 every month. Ok, I was comfortable to be jobless for quite a while. So, I tendered my resignation. Now, into the first month of being unemployed, I managed to keep to my plan, total expenses totalled to $850, including utilities, phone bills, broadband, food etc. I hope I can continue this way.
Like you, I am a fanatic of investment. I remembered I started my first investment after I started work, by buying AUD and placing it in fixed deposits fetching relatively high interest. Then I started investing in unit trusts. Two years ago, I started investing in shares. Today, I trade almost everyday!
There has been horrific losses when I first dabbled in shares two years back, but I held on to these shares, and luckily due to the recent bear rally, I was able to reduce my paper loss substantially. But having diligently reading up and keeping myself updated on the markets, on the companies' corporate actions, on significant news etc, and of course, some luck and common sense, I was able to consistently make profits over past year.
Now that I have quit my job, I watch the market everyday, doing contras and making some pocket money. It is something that I love to do and which gives me a sense of satisfaction.
I find your blog interesting to read, and I am surprised and impressed that a young man like you does so much planning to achieve financial independence. Most, if not all of my friends, are spending money like there is no tomorrow. Buying branded bags and watches, eating at fanciful restuarants, taking holidays many times a year and buying lots of stuff that they dont even need.
I hope to accumulate some good stocks which can give me dividends of at least $1000 a month. I hold some shipping trusts which have been giving very good dividends, but I hope these are sustainable.
Hope we can discuss and share our investment philosophy and reach of goal of $1mio networth soon!
Hi Ocean,
ReplyDeleteThanks for dropping by. Sorry that I missed your comments and am only replying now.
Yes, we should indeed share with each other our investment journey.
Do drop by more often =)