Author Topic: Should I quit my job?  (Read 1348 times)

soulrider

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Should I quit my job?
« on: December 11, 2018, 05:58:55 AM »
Dear mustachians,

I am facing a life dilemma and need to make a decision. Would love to hear your input about this.

I have not been happy at work. Not because of the people I work with or the people I work for, but because of the time I spend at work and the compensation I get for it.

I am employed and currently am making about 50% less than the average american in my field makes. This is due to the place I live in. There is the promise of making 50% more in 5 years. I feel like I don't have any time for my wife and I find myself constantly complaining of the time I need to be at work.

Initially I thought It would all be ok and I'd have no problems waiting the 5 years and things would make sense financially after several years. The problem is that I am extremely burned out and I cannot fathom a 30 year career doing what I am doing. I'd like to get out of this rat race in 10-15 years max.

One of my options is moving and finding another job somewhere that would pay me more.

My other option, and the one I like the most because it doesn't require me to leave my city, is to become self employed and work for twice the hourly wage that I get now. This would allow me to literally go part time now to fight this burn out. It would however mean traveling for work for 7-12 days a month. It would allow me to reach FI in 8 years (if I worked 12 days) or 12 years (if I worked 7 days).

What would you do? Stay in the job knowing you are making much less money than you probably could, working more days than you want and delay FI, or risk it and become self employed and travel for work? 

FLBiker

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Re: Should I quit my job?
« Reply #1 on: December 11, 2018, 06:36:06 AM »
For me, nothing is worth a job that is making me miserable now.  While I certainly save a good percentage of my income, I don't think it's a good idea to live for the future.  Who knows what will happen?  I need to enjoy the present as well.

Freedomin5

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Re: Should I quit my job?
« Reply #2 on: December 11, 2018, 07:01:50 AM »
Most people need to job hop to increase income significantly. So I would look for a new job with the corresponding bump in pay.

With regard to becoming self-employed, do you already have a client base? Itís all well and good to say youíre going to charge a certain rate, but you need to be sure that the market will pay you that rate and that there is a demand for your services. To test that out, is there any possibility for you to start taking on clients as a side gig? Then once youíve established a client base and a name for yourself, and can live off your side gig self-employed earnings, consider giving up your full time job.

soulrider

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Re: Should I quit my job?
« Reply #3 on: December 12, 2018, 05:31:35 AM »
For me, nothing is worth a job that is making me miserable now.  While I certainly save a good percentage of my income, I don't think it's a good idea to live for the future.  Who knows what will happen?  I need to enjoy the present as well.

thank you, thats a great reminder.

soulrider

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Re: Should I quit my job?
« Reply #4 on: December 12, 2018, 05:33:06 AM »
Most people need to job hop to increase income significantly. So I would look for a new job with the corresponding bump in pay.

With regard to becoming self-employed, do you already have a client base? Itís all well and good to say youíre going to charge a certain rate, but you need to be sure that the market will pay you that rate and that there is a demand for your services. To test that out, is there any possibility for you to start taking on clients as a side gig? Then once youíve established a client base and a name for yourself, and can live off your side gig self-employed earnings, consider giving up your full time job.

yes, i am lucky that being self employed in my field is not that difficult and there are plenty of jobs in the country. you just have to be willing to go there for 5-7 days at a time.
thank you for your input!

Linea_Norway

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Re: Should I quit my job?
« Reply #5 on: December 12, 2018, 05:42:10 AM »
I am employed and currently am making about 50% less than the average american in my field makes. This is due to the place I live in.

Have you check the COL in places that pay better? Could it be that a higher salary is eaten up by a higher COL?

But as others have said, switching jobs is often the only way to get a significant paybump. So look for something else. It also sounds like you don't enjoy your current job. There you should be looking at alternatives. Don't listen to a promise of better pay in 5 years time. This is too far away and too uncertain.

Starting your own consultancy firm, is something you could work towards in the coming years. Why not find a better job first, that doesn't give you a burndown. And then prepare for your own company by building up relationships with possible customers. Prepare to move to another city if that would be more beneficial for your future, depending on whether you have a SO who needs to agree on that.

chasesfish

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Re: Should I quit my job?
« Reply #6 on: December 12, 2018, 05:47:00 AM »
For me, nothing is worth a job that is making me miserable now.  While I certainly save a good percentage of my income, I don't think it's a good idea to live for the future.  Who knows what will happen?  I need to enjoy the present as well.

I'll second this.  Its the best job market in my lifetime and technology continues to improve to allow you to work from anywhere.  If you're not happy in your work, leave and leave quickly.  The economy/market may not always be this good for job seekers

soulrider

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Re: Should I quit my job?
« Reply #7 on: December 14, 2018, 05:35:32 AM »
I am employed and currently am making about 50% less than the average american in my field makes. This is due to the place I live in.

Have you check the COL in places that pay better? Could it be that a higher salary is eaten up by a higher COL?

But as others have said, switching jobs is often the only way to get a significant paybump. So look for something else. It also sounds like you don't enjoy your current job. There you should be looking at alternatives. Don't listen to a promise of better pay in 5 years time. This is too far away and too uncertain.

Starting your own consultancy firm, is something you could work towards in the coming years. Why not find a better job first, that doesn't give you a burndown. And then prepare for your own company by building up relationships with possible customers. Prepare to move to another city if that would be more beneficial for your future, depending on whether you have a SO who needs to agree on that.


Great points.
i am in health care, so the cities with higher cost of living actually pay less. my SO agrees with moving but she'd like to stay in this city for at least another 1-2 years and i agree with her. in the mean time, i can travel for work. i don't have to open my own firm; i'd just get hired by companies to go do my work and i am fortunate there are lots of jobs for my area out there. i dont think its a long term solution as i will prob get tired of traveling. hopefully i can do this for a year or two and by then we'd be ready to move and i'd find a new "permanent" job - although i have long given up on the idea of finding a "forever" job. thanks for your input!

soulrider

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Re: Should I quit my job?
« Reply #8 on: December 14, 2018, 05:36:58 AM »
For me, nothing is worth a job that is making me miserable now.  While I certainly save a good percentage of my income, I don't think it's a good idea to live for the future.  Who knows what will happen?  I need to enjoy the present as well.

I'll second this.  Its the best job market in my lifetime and technology continues to improve to allow you to work from anywhere.  If you're not happy in your work, leave and leave quickly.  The economy/market may not always be this good for job seekers

Love the "leave and leave quickly". Its exactly my idea. gotta cut my losses before i end up wasting more of everybody's time

Gronnie

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Re: Should I quit my job?
« Reply #9 on: December 14, 2018, 10:10:58 AM »
A promise of more compensation in several years is worth pretty much nothing. I certainly wouldn't count on that.

soccerluvof4

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Re: Should I quit my job?
« Reply #10 on: December 15, 2018, 10:23:41 AM »
5 years to make the 50% more you should be making is 50% your losing for the next 5 years not to mention the money your losing by not investing. And that is an odd surety?! that i don't think I would rely on.

Like others I wouldn't stay at a job that made me miserable BUT my suggestion would be to apply while your working and don't leave till you find another option. And 2 if your thinking on starting your own business then ask your family to be supportive and start your own on the side till it gets going and offsets what your making now. If you make twice as much you only need to work half as much and your basically even.