Whether you fear to spend your life doing a job that you have no passion for or you have been in the workforce for a while and are entering a mid-life crisis, it is common to consider a career change.
You may be ready to throw caution to the wind and give up the security of your day job to chase your dreams.
Gone are the days where people stay at one company for decades and retire with a hefty 401K. With smaller incentives to stay at a job, people are more inclined to look around for another shot.
Before taking that leap of faith and quitting your day job, however, it is important to take a few things into consideration in order to make sure you will be financially secure in the long run.
Here are 7 things that you should stop and think about before taking a chance on your career.
Before you leave to explore uncharted territory, take some time to contemplate about if this is what you really want. Be sure that quitting to chase your dream isn’t just a creative way to leave your current job.
Many people silently suffer in their job but, before leaving it, think about if you will be happier in your overall life with the added responsibilities.
What are you really unhappy about in your current position? Is it the lack of recognition for your efforts?
Try to get to the bottom of what will really make you satisfied in a career before jumping ship.
If you currently have a high-paying job that is supporting your family, you better have a large safety net to fall into in case your new venture fails. Aim for having at least 12 months’ worth of living expenses saved up before quitting your day job.
Think about everything that you will need to do once you quit your job.
Make backup plans in case something fails.
Before leaving a secure situation, make sure to ask the people that you trust the most if they believe you are well-suited for this new opportunity.
This can help you realize if you are trying to escape your current situation or if you are doing something that is realistic for you.
It is important to not only talk to the dreamers in your life who will tell you to go for it, but to also talk to those who you know will be honest with you and lead you on the right path.
If you are in the midst of making big life changes, like buying a house, it probably is not the best time to leave a secure and established job to pursue your dreams. Show integrity to yourself. Be honest about your current situation and be realistic about your financial commitments. Use these factors to make an informed decision.
While people may think that being their own boss is the easiest way to go, that is not always the case.
Entrepreneurs can come from all different backgrounds, but they often share important traits such as good leadership skills and stringent self-discipline to get work accomplished.
Think about what your non-negotiables are and make sure that you will not have to sacrifice them.
For example, maybe fitness and time with your family are things that you will not give up, no matter what.
Is this going to work with your new venture?
You may have to make new sacrifices like not taking family vacations or not being home for dinner every night. Think about what you may have to give up in your new career that you are currently used to having on a regular basis.
Are you willing to make this change? Or are you willing to sacrifice all these?
The most important thing here is to have a well thought out plan and to not just quit your job hoping that everything will turn out fine. Have backups for your backups so in case all else fails, you will still be able to provide for yourself and your family.
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