Author Topic: It's Time: I'm going to quit my job and take a year off  (Read 894 times)

teltic

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It's Time: I'm going to quit my job and take a year off
« on: July 16, 2019, 12:20:27 AM »
Hello Mustashians!  It's me, that annoying guy who always complains about his job.

Below are some posts I've made over the course of 4 years.

10/24/2015: https://forum.mrmoneymustache.com/ask-a-mustachian/career-advise!-currently-graduate-student-for-finance/msg847409/#msg847409
TL:DR = Loved my first job for 6 months, then I automated it and it was boring

11/17/2015: https://forum.mrmoneymustache.com/ask-a-mustachian/career-advise/msg873822/#msg873822
TL:DR = Still bored.  Lack of satisfaction.

3/18/2018: https://forum.mrmoneymustache.com/ask-a-mustachian/career-change-from-finance-to-computer-science/msg1938292/#msg1938292
TL:DR = Bored in newer job since last post.  I do notice I'm more interested in writing VBA to automate, rather than forecast numbers...

5/4/2018: https://forum.mrmoneymustache.com/ask-a-mustachian/mini-retirement/msg1995699/#msg1995699
TL:DR = Bored.  "Passion is fading"

5/29/2018: https://forum.mrmoneymustache.com/ask-a-mustachian/burned-out-of-work-help!/msg2021556/#msg2021556
TL:DR = "Burned out.  Lost Passion in corporate finance" "I don't give a shit about the industry anymore"

11/20/2018: https://forum.mrmoneymustache.com/ask-a-mustachian/finance-career-advice-what-jobs-did-you-love/msg2207156/#msg2207156
TL:DR = Bored in my work.

1/9/2019: https://forum.mrmoneymustache.com/share-your-badassity/take-3-12-month-break-from-work-101168/msg2254706/#msg2254706
TL:DR = Take a mini break from work? Bored at work.

3/20/2019: https://forum.mrmoneymustache.com/ask-a-mustachian/job-offer-review-do-i-take-it-should-i-move-closer-103638/msg2327871/#msg2327871
TL:DR = New Job! ~30% pay bump

5/28/2019: https://forum.mrmoneymustache.com/ask-a-mustachian/the-sad-reality-that-work-simply-sucks/msg2383308/#msg2383308
TL:DR = The sad reality work simply sucks? New job is boring as well.



I think it's time. I've been in a boring/not fulfilling career for 4 years.  It's... time.  I need your help!

Age: 28 (male)
Salary: $101k
Net Worth = $270k
Expenses: $20k (3 years to FI)


Plan:
1. I've been writing a bucketlist of things I want to do.... Lots of traveling. learning skills (cooking, python, MMA), and other random shit.
2. I plan to not work for 12 months.   This will allow me to be in lower income brackets for 2019 & 2020? I dunno
3. First 3-6 months I won't really stress over what to do with my career... Maybe I simply need a break to get rejuvenated to get back into finance.
4. I need to go to the dentist & get new eye contacts before quitting... Anything else I should do before quitting?
5. I get my quarterly bonus by the end of this month.. Once I get that bonus, that is when I plan on putting my 2 weeks notice in.


I'm nervous about my resume gap, what others will think, and other stupid shit. 

https://livingafi.com/2015/08/04/taking-a-gap-year/
https://forum.mrmoneymustache.com/post-fire/early-retirement-vs-serial-mini-retirements/
(^^ Still reading the forum, lots of comments).

Please share any wisdom/advice regarding taking mini retirements / small breaks in a career.  I understand I'm not FI and this will delay that date... But I do not believe I can survive 3 more years of unfulfilling work.

MonkeyJenga

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #1 on: July 16, 2019, 01:04:08 AM »
Good luck! This checklist is built for full fire, but will have useful things to consider: https://forum.mrmoneymustache.com/post-fire/pre-fire-checklist

I took about half a year off between my last two jobs. It wasn't a real barrier, but I had ongoing volunteer activities and a rare mix of skills and field experience. If you have in demand skills, you'll probably find something without too much trouble.

I would update your resume with your current job now, not when you're applying in a year, so you remember things better. When you do interview, build a narrative around your year off that focuses on learning new relevant skills.
« Last Edit: July 16, 2019, 01:06:27 AM by MonkeyJenga »

insufFIcientfunds

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #2 on: July 16, 2019, 06:40:25 AM »
Your plan sounds amazing. I work in finance too. It's boring, but I don't mind being bored...too much. It's that mix of: Do I want to run around with a chicken with my head cut off, or be slow a lot? The ideal mix is probably somewhere in between. The gaps in between are filled with other things: lunch/relationships with co-workers; working out/physical exercise; etc. Finding that mix is important to me. I seem to have it and am fulfilled.

I doubt taking a year off will hurt your prospects. Reading, blogging, going to classes at the local library, etc. will keep you sharp. Offer to volunteer at your local animal shelter and maybe get into helping with the business side - i.e. resume builder and reduction in gap of employment. Then if/when you want to go back to work, find a start-up that's small and energetic where you can wear jeans and a t-shirt to work. Or get into government. Tons of people your age in your career field and you can TDY to cool places and use PT whenever you want. Skimming your last threads you've moved up fairly quickly. If you take a year off, you probably won't come back quite at what you left at. I may be wrong.

If you get bored because your sense of fulfillment is somehow inherently tied to your work life, then you should consider finding something in your personal life to fill that gap and use your job just as a means to support that outside fulfillment. I don't hate my job, but it pays for the really fun stuff I like to do in my life (which is pretty much anything with my kids.)

Good luck and have fun!




red_pill

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #3 on: July 16, 2019, 06:47:31 AM »
Does your employer have a Leave Without Pay option?  Always nice to keep the door open if something unexpected happens. 

Hirondelle

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #4 on: July 16, 2019, 07:55:29 AM »
Regarding the resume gap; when I took a gap year I was afraid of this too. Guess what? Once I started sending applications I got invited for an interview for every single one I sent (4/4). I got hired at 2 of them regardless of the disadvantage of doing a first interview over Skype on spotty WIFI, didn't interview at the other 2 anymore.

My gap year situation was a bit different from yours though. I took the year of straight after my masters. The first half was spent traveling, the second half in a job abroad that was relevant on the soft skills yet not on the content. After one year I found a few positions I liked and as I was worried about the resume gap I decided to go for it. If I'd known how easy it was to get a position in my case I would've waited another 6 months.

Note; I'm also on a different continent than you and from what I read on the forums here the USA is WAY more judgemental on resume gaps (people worrying after 2 mos of job search, really?!).

MoneyRx

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #5 on: July 16, 2019, 09:01:01 AM »
If you are choosing when to quit, I think shortly after the beginning of a calendar year is the optimal time - max out retirement accounts, HSA, and take advantage of yearly benefits without paying the premiums for a full year (eye, dental, Max limited FSA and/or child care and won't have to pay the balance throughout the year).

TartanTallulah

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #6 on: July 16, 2019, 09:05:20 AM »
No advice to offer, just wishing you the best of times in your year off.

teltic

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #7 on: July 16, 2019, 09:31:25 AM »
I would update your resume with your current job now, not when you're applying in a year, so you remember things better. When you do interview, build a narrative around your year off that focuses on learning new relevant skills.

This is a good idea!  Thank you. I'll read that pre-FIRE checklist too.

Does your employer have a Leave Without Pay option?  Always nice to keep the door open if something unexpected happens. 

Just checked.  They will hold my position for 2 weeks. HAHA!  They do have a medical leave of absence that is up to 12 weeks... But I feel like I'll still feel locked in doing this route.

Regarding the resume gap; when I took a gap year I was afraid of this too. Guess what? Once I started sending applications I got invited for an interview for every single one I sent (4/4).

This is great to hear!  The US is very judgmental over resume gaps (or at least there is fear or anything non traditional like gap years)... But there is a local tech city, which is full of millennials, which I would believe they'd understand.


If you are choosing when to quit, I think shortly after the beginning of a calendar year is the optimal time - max out retirement accounts, HSA, and take advantage of yearly benefits without paying the premiums for a full year (eye, dental, Max limited FSA and/or child care and won't have to pay the balance throughout the year).

I 100% agree.  I can contribute 90% of my paycheck to my 401k as well, meaning I can max my HSA, 401k, and earn $12k in taxable income and take the standard deduction (no tax).  It's optimal to wait... I don't think I have it in me to wait that long.  Quitting mid year isn't the worst route tax wise.

No advice to offer, just wishing you the best of times in your year off.
Thank you!  It's honestly nerve wracking to do it... But so exciting to kind of "restart" my life.  Maybe I'll get refreshed and jump back into finance... Maybe I do something totally different.

Skimming your last threads you've moved up fairly quickly. If you take a year off, you probably won't come back quite at what you left at. I may be wrong.

I am currently being overpaid according to glassdoor/payscale/talking to coworkers, by about $20k. It'll be sad to pass that up... But I think I'd be even more disappointed if I stayed (Bahhh but I see the potential of grinding for 3 more years to quit, forever).


I bet I'll still be here for about a month.  Want to make sure I execute everything properly.

mozar

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #8 on: July 16, 2019, 11:39:00 AM »
My advice is to really stop thinking about a career during this time and let your interests guide you. It may be tempting to get a part time job or start a study program, but this is your time to think about who you are and what you want in life.

Valvore

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #9 on: July 16, 2019, 12:57:46 PM »
I'm so excited for you!! Keep us updated!! You're doing what many a-lurker here would love to do (myself included). I'm a firm believer that life is what you make it and there are so many paths you can take, so go explore this one.

(I would see if you can try to get leave without pay or a sabatical first. You never know what they might say and you literally have nothing to lose because your leaving any way)

spartana

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Re: It's Time: I'm going to quit my job and take a year off
« Reply #10 on: July 16, 2019, 02:35:52 PM »
Don't burn any bridges as you might decide your job isn't quite as boring as you thought it was and decide to go back.

I took 2 years off work pre-FIRE in my late-ish 30s. Newly separated after a long marriage and, even though I liked my job, I really just wanted to be free to follow some passions and explore my new single life. It was great and I highly recommend it. I did go back to my old government job and stayed until I FIREd a few years later at 42. I kept all my required certifications and licenses current for my weird job, and also came back in time to re-activate my extremely hard to get security clearances.   So keep updated on everything you may need in the future and keep in touch with former co-workers or bosses cause you never know!

 FWI if I was your age with only 3 years left until full FIRE I'd stick it out.