5 Things You Need to Know Before Quitting Your Job
Taking time off from work may sound like a pipe dream, but if you want to make that dream come true, here's what you need to know.
Illustration: Sari Cohen
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Can I Afford It?
You can't predict your financial future, but you can minimize your economic burdens. "Focus on what's in your control—your spending and your safety net," says Manisha Thakor, director of wealth strategies for women at the BAM Alliance, a community of wealth management advisers. Analyze your monthly expenses to see where you can cut back. Living frugally while saving up for your leap is great practice for the more modest lifestyle you'll likely have when you're not working. Ideally, you should be able to afford the basics without relying on credit cards or falling behind on bills.
Before you quit, make sure you're nodding yes to these statements:
- I have enough to cover at least six months of living expenses.
- I’m willing to give up extras for a while: cable, green juices, massages.
- I can make some money in a pinch, either through side jobs or online
(pet sitting, Airbnb-ing a second bedroom, etc.).
- My debt is under control.