I work as a compliance manager at a small mortgage lender. I've been with this company for 2.5 years. I'm making $37k a year, and I really think my job is worth more than this, but I had to literally threaten to quit (~6 months ago) in order to get my last pay increase. But that's beside the point. I'm single and my income is more than I even need to meet my living expenses. I have no debt.
The boss is a sociopath (no exaggeration) and is slowly driving people away. He just dropped a big pay cut on the loan officers last week, and now a couple of them are talking about splitting off to start their own brokerage (they've done this previously and only joined our current company because they thought it would be a good opportunity - not the case). I could potentially go with them and be an assistant of sorts, as well as manage their compliance. It would be strictly commission and probably a huge pay cut at first, and probably a 40 minute commute each way (currently my drive is only 10 minutes). I have $20k+ in the bank and could float along on that if needed, but it's scary to think about not having much of a paycheck for a while. My lease expires in July, and I'd consider moving closer to the new office at that time. The new company/job is hypothetical at this point, but I think there's a very good chance of it happening. If things go well, I think I would be earning at least what I earn currently, and potentially more. And I'd be working with people I like and respect (and who respect me!), rather than a complete lunatic. But it's definitely a risk.
For some perspective, my current boss is verbally abusive and generally a horrible person to be around. He has made a lot of horrible financial decisions (like designing a brand new 4000 square foot office space for 15 people, and now he can't or doesn't want to pay the $9000 monthly rent!). He is engaged in some questionable behavior (certainly unethical and possibly worse), and I'm genuinely concerned he's going to get himself into trouble and try to bankrupt the company and run. When the aforementioned loan officers quit, he will be in even worse shape financially. It will get really, really bad. I'm stressed out and miserable at work already, and I don't know if I can deal with it for much longer. Especially if/when my boss gets more desperate.
So, do I quit with my coworkers in the next month or so and hope we can be successful? Or go down with the ship and hope to at least get unemployment, and then maybe join the new company when they are more established?
I'm also sending out resumes and hoping more opportunities will pop up, but so far no bites. I'm hoping it's the time of year and not just me!
Everyone in my life is telling me to quit immediately and just get the hell out of there, and even if the new opportunity doesn't work out, at least I'll have escaped the pressure cooker. What do you guys think? Thanks in advance. I really need some direction.