Author Topic: Ready to quit?  (Read 6398 times)

iamsoners

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Ready to quit?
« on: October 16, 2012, 04:53:20 PM »
Iím about to quit my job and just want to game out the scenario and see if anyone sees any reason I shouldnít leave my mind-numbing soul-sucking desk job.  We're not FI yet, but we're in a strong position and I'm just not sure I can take any more of this.

Our current monthly expenses are about $3k a month.  Iím sure we could get lower but weíve been travelling a lot (figuring we canít do that when we start a family).  Take home pay while Iím working is about $5600.  If/when I quit, that will drop to 2600 for the rest of the year but will go up to 3300 at the beginning of the year (we got behind on his 401k this year so are doing some ridiculous withholding to catch up).

Leaving work will mean an additional $330/mo healthcare expense for me.  With a possible additional $4k deductible we would have to pay next June.  Healthcare is not optional and getting a private plan is not optional, as Iím pregnant.  Hopefully I can join my husbandís healthcare plan instead of Cobra-ing this ridiculously expensive high deductible plan but thatís not something weíll have clarity about for a few more weeks.

So, when he gets back up to 3300/mo at the beginning of the year, weíll be basically at the breakeven point every month.  We also have $80k in cash/bonds so have a sizable cushion to fall back on to.

My assumptions are that I can reduce expenses a good bit by being home and not needing some of the crutches that stressful jobs require (less driving and eating out, cut the gym membership, etc.) and that I can always find ways to make some money on the side.  My intention with this time is to explore things/jobs that I actually enjoy and find a way to make profit from them.  Iíve always, always been the type of person that just finds ways to make money so Iím not worried.  Perhaps thatís arrogant or naÔve given the economy but MMM seems to make it work?  So between less expenses and some found money every month, hopefully we maintain a cushionóright?

Firecalc tells me that weíre covered for traditional retirement (just leaving what we have in there and not touching it until 60) and donít need to worry about contributing more on that front.  Obviously I want us to be financially free way before 60 (Iím 29, FYI) but weíre minimally covered on the traditional retirement savings.

The rational, responsible side of me says that I should really stick this job out through the end of the year.  Iíll have a much better health insurance option then (same monthly rate but no $4000k deductible), will make my employer happier and will have the added bonus of a few months more in saved pay.  BUT, I canít handle the job anymore.  And Iím not doing it well anymore, and Iím going to get caught sometime soon and end up souring good working relationships because of it.

So, do I have permission to jump?  Or do I put my big girl pants on and stay another 81 days?  Or put on my even bigger pants and stay until this baby comes (late spring)?

Self-employed-swami

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Re: Ready to quit?
« Reply #1 on: October 16, 2012, 05:08:09 PM »
Well,

2 years ago, I quit my desk job, without another job to move to.  My husband had just gone back to school, and I was the only person with a job.  I worried that it would ruin us financially, but instead, I found self-employment, and I haven't looked back since.  However, I wasn't pregnant at the time, and we live in Canada, so healthcare isn't such an issue.

I'd say wait it out as long as you can, but at least until the new year, to get that extra $$$ saved, and get that $4000 deductible taken care of.

Best of luck though, with whatever you chose, and congratulations on the new addition!

$_gone_amok

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Re: Ready to quit?
« Reply #2 on: October 16, 2012, 05:09:17 PM »
Congratulations on the baby. Do you get paid leave from work after the baby is born?  If so I think it is wise to stick it out and leave after you've used up all the paid leave benefits from work first. This way you and your baby will be covered under your current insurance even if complications happen during delivery (knock on wood).


JohnGalt

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Re: Ready to quit?
« Reply #3 on: October 16, 2012, 05:34:36 PM »
Congratulations on the baby. Do you get paid leave from work after the baby is born?  If so I think it is wise to stick it out and leave after you've used up all the paid leave benefits from work first. This way you and your baby will be covered under your current insurance even if complications happen during delivery (knock on wood).

I'd second this.  Stick it out through the pregnancy and just don't go back after maternity leave.  You'll have more money in the bank, leave on good terms, and the income hit won't feel as bad because you'd also be saving what you would have paid in daycare had you gone back to work. 

freelancerNfulltimer

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Re: Ready to quit?
« Reply #4 on: October 16, 2012, 05:38:56 PM »
Find a way to stay until after the baby is born. Take the paid leave and then tell them you just can't bare to leave baby at home and regretfully you won't be coming back.

KulshanGirl

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Re: Ready to quit?
« Reply #5 on: October 16, 2012, 05:42:52 PM »
I agree with the above posters.  Stay until you take your maternity leave so your insurance is in place for the birth of the baby.  An unexpected C-section without good coverage could be financially disastrous.  ($30K +)  Stick it out, you can do it for a little while longer!

jawisco

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Re: Ready to quit?
« Reply #6 on: October 16, 2012, 07:16:46 PM »
I think if you are doing your job badly, you either have to quit or do your job better.  If you stay on your current course, you are not going to be happy and you will probably hurt your work relationships.  If you can't do the job well, I say quit and move on and be happy with your change.  How much do you have/make? - that really matters how much those extra expenses and lost income matter in the big picture.

debthater

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Re: Ready to quit?
« Reply #7 on: October 16, 2012, 08:57:10 PM »
Hi.  I have a very similar thread on here!  I think that I am in the same boat-emotionally wanting to quit but rationally thinking it is the wrong answer (which it may not be).  You don't actually have 80 days left until the end of the year.  Calculate your working days (excluding weekends, sick time, and vacation).   This is highly motivating if you then calculate your new working rate (earnings including bonus/health benefits divided by hours you actually must work).  If you rationally feel like you have to stay, I would focus on this.  I would then just focus on making it until the end of the year.  You can then look at the situation again (this time with the health care/ paid materinity leave as the bonus).  Based on the new view of the working world does it make sense to stay?  Maybe but maybe not.   

I did find that these mind tricks are very helpful for me in my similar situation (doing the same thing-stay until bonus and then determine if I should stay until I am likely eliminated with severance).  I also found implementing change I could control helpful (e.g. working out, reducing my daily commute, focusing on my personal life and doing my best to ignore the stresses, etc.). 

Good luck and I know you will decide what is right for you!

iamsoners

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Re: Ready to quit?
« Reply #8 on: October 16, 2012, 09:35:10 PM »
Yes debthater, I gave your thread a thorough review before posting mine.  Congrats on making things more manageable and being almost.there.  You're totally right about doing the things that help you stay sane in the midst of it all--I can do better at that.

I hear ya'll.  2 months seems doable and I need to suck it up and do it and do it well.  My cost benefit analysis of staying until baby is born is not as strong though.  Between maternity leave and vacation time I would get about 2 weeks paid.  That has a take home value of about $1600.  And having the healthcare taken care of Jan-birth would save another $2000.  Honestly 3600 isn't a strong enough case to make me crazy for several more months.  It's just not worth it to me.  (I realize there would be additional savings from my salary over that time but not taking those into account because that's not really the argument people are making--if that were the argument the logical answer would be to stay employed forever).

And just to be clear, I will definitely COBRA or have health insurance of some sort throughout--no way am I risking that.

Thanks for the thoughts and talking me down--def. appreciate any thoughts others have!

JJ

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Re: Ready to quit?
« Reply #9 on: October 16, 2012, 11:22:12 PM »
The other mental game you can play at a mind-numbing desk job is to see how many folks you can send home with a smile on their face at the end of each day.  You aren't the only one in the same position there, so provide a bit of relief for the folks who won't be able to jump ship quite so soon.  You could even shoot for some significant culture change in your office all done below the radar.  If you go to work with that as your goal, and your actual job as a secondary issue, life at work becomes a whole lot easier and a side effect may just be that you end up doing a better job.  If you only have a few months to go it could work out and if it doesn't at least you have spent a nice couple of months trying an interesting experiment. 

If people question your change in behaviour just blame the hormones ;).

BTW - I'm in the same boat - counting down the months (about 6 to go).  I have a slightly different experiment going to provide biggest bang for buck to my employer in the short time I have left.  The way I see it, it isn't a one way street.  I have been well paid and well looked after for a few years so I want the last few months to be really beneficial to them.

Finally, I have seen advice to include sick days in the days you don't have to work between now and pulling the pin.  Please don't, unless you really expect to get sick.  Taking sick leave with no good cause is stealing in my book.

tooqk4u22

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Re: Ready to quit?
« Reply #10 on: October 17, 2012, 07:09:05 AM »
I agree with the others that you should stick it out until after the baby is born - financially it is better and health care is better.  What state are you in?  Some companies include maternity leave under the disability coverage and some states actually require it some as much as 12 weeks.  Don't leave money on the table.  Cobra is also expensive - remember you will be paying the full premium.   

iamsoners

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Re: Ready to quit?
« Reply #11 on: October 18, 2012, 11:20:53 AM »
Thanks to everyone for the input.

Sometimes, you think you're ambivalent about a choice until your friend takes the chocolate pie and leaves you the cherry pie and you realize that you really wanted that chocolate pie.  Just by having this conversation I realized that I need to stick it out until the end of the year but it's not emotionally possible for me to continue beyond that. 

We'll find a proper solution to the healthcare dilemma, and I'll find a way to make some money after quitting.  I'm thankful that, even though we aren't fully FI, we're free enough to make this decision (no debt, cheap rent, huge cash reserves (that generate a few hundred dollars in income every month)).  FU money is the best.

iamsoners

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Re: Ready to quit?
« Reply #12 on: October 18, 2012, 11:23:53 AM »
Oh, and JJ, I really appreciated the advice--that's something I hadn't thought about but if I can find fun ways to make co-workers happy over the next few months, that will be a great conspiratory side project!

KulshanGirl

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Re: Ready to quit?
« Reply #13 on: October 18, 2012, 11:43:00 AM »
Even Cobra takes paperwork and isn't seamless sometimes.  I would be freaking out at even the thought of a healthcare switch or hiccup during pregnancy.  Take it from me, who had an unexpected C-section ... that would have been disastrous for us - a $34K hospital bill.  Any paperwork snafus can put you on the hook for that bill while it gets worked out, I wouldn't risk it.  No matter how much you are unhappy at your job, you should really, REALLY stick it out until the birth.  No amount of work dissatisfaction is worth the risk, especially knowing that you WILL quit just a few months later.  Please, please stick it out.  Health insurance is a nest of hornets, don't poke it! 

salmp01

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Re: Ready to quit?
« Reply #14 on: October 18, 2012, 12:28:05 PM »

Quote
Cobra is also expensive - remember you will be paying the full premium.


I just checked with my company and cobra for me + 1 is nearly 1k/month.  If I get a private plan itís around $200/month.  Keep in mind that you wonít be able to get private insurance that will cover your pregnancy.  Private insurance typically doesnít have pregnancy coverage until 1 year to 18 months after you acquire the insurance. 

iamsoners

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Re: Ready to quit?
« Reply #15 on: October 18, 2012, 02:54:28 PM »
Lucky for me, I'm the benefits administrator at my organization so I have a pretty good handle on the process and costs of COBRA.

DoubleDown

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Re: Ready to quit?
« Reply #16 on: October 19, 2012, 12:41:50 PM »
Congratulations!

Agree with the above sentiments -- keep your "big girl (maternity)" pants on a while longer and stick it out :-)

Like KulshanGirl said, keep the insurance. In my case my beautiful first-born was born 5 weeks prematurely, spent about 3 weeks in the Neonatal Intensive Care Unit at a cost of $154,000. That's health care costs for ya. I thank God for that health care, as she survived and with no after-affects, but it can be a calamitous event financially without decent insurance (it cost me $10 co-pay in total through my HMO).