You have to have a job — it’s a fact of life. Unfortunately a lot of the time, your day job isn’t exactly what you want to do for the rest of your life. If you want to quit your day job, here are a few times when it’s okay to turn in your two weeks notice, and unfortunately, today may not be the day to do it.
You Have Started a Business Where You Are Actually Making Money
A lot of people quit their day jobs to start a business or to work at home, but you have to have a plan before you do this. As a matter of fact, it is a better idea to start a business while you are still working your day job and not quit until you are making enough money at your new business to sustain yourself. Many businesses have become successful even though they were started up at night or in a person’s free time.
It takes a lot of time and money to start a business and it isn’t for everyone. You have to have to have enough money saved up or have investors lined up to help out in the beginning or your business will fail. This is why you really shouldn’t quit your day job to start a business.
Additionally, not everyone is a natural entrepreneur, so don’t think you can quit your day job if you have never started a business before or you have no idea what you are doing. Of course, there are entrepreneurship classes that can help you become better prepared for this adventure.
After Getting a Degree and Securing a Better Job
One time when it is OK to quit your day job is after earning a degree and securing a better paying job. This is probably the most common way it is done, too. This does not only apply to earning an undergraduate degree, either. Earning a master’s degree or doctorate degree can greatly increase your earning potential.
There are colleges and universities in most major cities around the world, and chances are good that you live near enough to one to take some classes while you are not at work. Of course, going to school at night isn’t an option for everyone, which is why there are online universities where you can earn a degree without ever stepping foot in a classroom.
You should do a lot of research when looking for an online master’s degree program, or any other type of online degree program. There is quite a bit of difference in tuition costs, program difficulty, and support. Also, don’t be afraid to switch schools if your first choice isn’t working out for you.
Your Spouse Gets a Better Job in a New Place or Makes Enough that You Don’t Have to Work
Being married definitely has its advantages — one of which is having two incomes in the family. Sometimes people get promoted and have to move to a new place. This is the perfect opportunity to quit your day job and pursue something new because you have to move to a new area.
Promotions happen all the time, but this doesn’t mean you should depend on your spouse to find a new job so that you can quit yours. You should definitely be working towards a degree or promotion of your own in case your spouse doesn’t get a promotion as quickly as you’d like.
You Win the Lottery
Yes, the chances of winning the lottery are pretty much slim to none, but it’s still fun to dream about. Plus, people really do win the lottery — just read about Sheelah Ryan, Joan Ginther, and Michael Prozer for proof.
If you win the lottery, you can definitely quit your day job. However, you’re going to still have to be careful with your money and manage it well so it will last. Whenever someone wins the lottery, they get bombarded with plea cases and cries for help, and the money can go fast if you are not careful.
You Want to Start a New Career Path and Have Saved Enough Money to Make This Happen
Sometimes there is only so far you can go up in a job. When you have reached your earning potential and there are no more opportunities for advancement, you should look for a new job at a different company where you can still progress. Once you have saved enough money to get by for a while, you can quit your old day job. Don’t quit your day job just because you can’t move up anymore, though. Look for new career opportunities that will let you have a fresh start and have room for advancement.
Some people have the same job their entire lives, but this doesn’t have to be the case for you if you are unhappy with your career. You can look for an apprenticeship to try something new. That way you can quit your day job once you are making enough money on your new career path.
Additionally, pursuing a new career might require you to work two jobs until the new career works out. This can be a stressful situation, but it can definitely make you happier in the long run.
You Are Not Taking Care of Yourself the Way You Should
Jobs are often stressful, and too much stress can really take a toll on your body. For instance, researchers from Oregon State University and Boston University conducted a study and found that men with a lot of stress have a 50 percent higher early mortality rate than men who live relatively stress free.
Bosses can add to your stress, as well as long hours or physically demanding careers. If there comes a point in your life where your job is causing you to be unhealthy, you should look for a new job so you can quit your day job and live a healthier life.
All of these situations are times when you can quit your day job. However, don’t quit your day job without a plan in place first. As a matter of fact, don’t quit your day job ever until you can replace the income. Can you think of any other times when it is OK to quit your day job?
This guest post was written by Natalie Bracco. When she’s not busy in the kitchen, you can find her writing about technology, travel, food and finance.
Disclosure: I was not financially compensated for this post.