Wednesday, February 1, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Personal Finance

3 Tips for Anyone Who’s Thinking About Quitting Their Job Right Now

MtR by MtR
June 14, 2021
in Personal Finance
0
3 Tips for Anyone Who’s Thinking About Quitting Their Job Right Now


Before the pandemic, many professionals believed working remotely would help them find more balance. They craved increased autonomy, believing it would help provide renewed zest for their professions and lives. 

Then came the pandemic and the realities of remote work. For some people, it wasn’t as glamorous as it sounded. They’re hardly alone. In fact, many professionals are now quitting their stable — but stressful — jobs in favor of pursuing other opportunities, self-employment, starting businesses, or even early retirement and travel. If you’re among them, consider three things before making your next move.

1. See if you can get more money or a promotion at your current job

Manhattan-based career therapist Bryn Johnson has worked with mid-career professionals for well over a decade, and has seen an increased interest in people looking to use the pandemic as a launching pad into something new. 

For some of Johnson’s clients, this begins with revamping the way they are packaging themselves internally at work. Instead of rage-quitting a job, they’re looking to leverage the changes they made during the pandemic to secure better opportunities at work.

What pivots did you make during the pandemic that are worthy of a promotion, more compensation, or a different job? If dramatic changes were required for your job, it may be something you can leverage. One of Johnson’s clients had to produce live TV from his home. He was accustomed to a full studio, and is now producing on his own. He thrived with the added challenge, and has used it to his advantage to negotiate for more compensation and a promotion. 

The action you take doesn’t have to be monumental. Small steps add up, and a $5,000 to $10,000 raise can equate to hundreds of thousands of dollars over the course of your career. Personal finance guru Ramit Sethi offers a helpful guide to boosting your salary. 

2. Assess your current benefits

It’s equally important to review the benefits you currently enjoy with your employer and evaluate what is necessary, nice to have, and not as valuable to your household. 

Have you vested in your company’s retirement benefits and stock options? How much wealth can you reasonably accumulate? What do you pay for health insurance, and what is the quality of the plan? How much vacation and sick time do you have, want, and value? Does the plan offer any portability of insurance benefits? What do the benefits, or lack thereof, say about the viability of the company? 

In other words, what perks could you be leaving on the table, and when does it make sense to do so? These are all questions to consider, as they will also help you formulate a negotiation strategy if you’re exploring career options. Most companies’ human resource departments can readily provide you with a breakdown of your total compensation package. Be sure to reference this when you assess what’s important to you and what it would cost to replace. 

3. Measure twice, cut once 

Prior to making a move, it’s wise to think through your specific scenario to see what strategic moves you could make. For example, if you are contemplating leaving your job, it may be wise to accelerate your deferred compensation in order to exercise some of your stock options and stay within a certain tax bracket. Or you may decide to save more cash to leave corporate America and strike out on your own, forgoing a high-income year. Perhaps Roth conversions are something you should look into. If you own your home, maybe you need to establish a line of credit prior to your next move, just in case. 

Whatever your situation, there are often several things to think through to determine what is best for your household financially. It’s always wise to get professional help, as there may be significant tax ramifications or strategic moves that are best to make while a W-2 employee. 

With a little work and planning, the pandemic may turn out to be a launching pad into something much greater than you imagined.

Anika Hedstrom, MBA, CFP, co-founded Uplevel Wealth, a boutique wealth management firm serving women and professional families.

More Financial Planner Coverage



Source link

Related articles

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

August 10, 2022

Should your child do chores to earn an allowance?

August 9, 2022

Related Posts

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

by MtR
August 10, 2022
0

New Jersey, United States – Verified Market Research recently released a new report titled Personal Finance Software Market Insights, Size, Forecast to...

Should your child do chores to earn an allowance?

by MtR
August 9, 2022
0

Few topics in personal finance evoke such strong emotions as the question of whether or not a kid’s allowance should...

On rare days, markets rise 10%. How to make sure you’re there for it

by MtR
August 9, 2022
0

Gzorgz | Istock | Getty Images"It was the best of times, it was the worst of times." With those classic...

Kora, the Personal Finance App Just for College Students, Reaches 100,000 Active Users on Budgeting Tool

by MtR
August 9, 2022
0

CHICAGO--(BUSINESS WIRE)--Kora, a financial technology company exclusively serving college students, announced they’ve reached 100,000 active users on their Kora Insights...

Finance Services Sector Stock Recommends Bonus Issue, Rises 770% In 3-Years

by MtR
August 9, 2022
0

1. Choice International Limited Recommends Bonus Share In 1:1 Ratio The board of directors of the company in their regulatory...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter