Would you take an early retirement package over a job?
Even if you really needed the money, would you tell your boss to,”take this job and shove it” in this economy? Tim did. What makes this story interesting is that he and his wife really needed to make more money. I mean…really needed the money.
He had been through a number of jobs over the last few years. Nothing seemed to work out. It got to a point where he and his wife Cathy were about to lose their home. Things got so desperate that they were depending on coupon sites like Groupon just to be able to make ends meet. (In case you don’t know, here’s an explanation of “what is groupon“.)
Just before that happened, a job came along that seemed perfect. They thought they had been rescued. The pay was great and Tim had plenty of room for advancement. But Tim quit two weeks after he signed on. Why?
Because the firm out and out lied about what they expected from Tim. Without going into too much detail, let’s just say that the employer wanted Tim to do things he found morally unacceptable – contrary to their promises.
What would you have done in Tim’s place? What would you do if you were in Cathy’s place? Although this isn’t exactly a case of a retirement package, it raises the same issue. How do you decide if it’s time to take an early retirement package? This couple made a family decision that it would be better to leave the job and risk losing their home rather than compromise Tim’s morals.
Do you think Tim and Cathy made the right decision? Why? What would it take for you to quit your job?
I am fortunate not to be in that situation since I amself-employed. This could be another reason for you to consider entrepreneurial ideas and get your own thing going. But I am inspired by Tim and Cathy’s decision. I can only hope that I’d be as strong as Tim and Cathy are if I were in that situation. What do you think about it?
Do you hate your job or dislike your boss (or do you dislike your job and your boss?) Are you willing to bail out now, despite the terrible economy?
If you are thinking about making the jump, here are two tips to help you gather your gumption:
1. Track your expenses.
Unless you already have a new job lined up, you have to figure it will take some time to find a new job. You should have at least enough cash to last you 9 to 12 months . You can’t know how much you need unless you know what you spend on average. (To learn a cool way you can track your expenses in less than 5 minutes per month, subscribe to the blog and I’ll send you my free special report.) So if you spend $5000 each month on average, you’ll need around $60,000 in cash reserves to pull the plug on your old job.
2. Be clear on why you can’t stand your old job.
Nothing is worse than leaving one job and finding a new one that’s even worse. The best way to make sure this doesn’t happen to you is by being very clear on what bugs you about what you’re doing now. Is it the money? Is it the tasks you are asked to do? Is it the pesky customers? (A friend of mine works in the Juvenile Corrections Department…talk about your tough customers!)
3. Learn from others.
The best way to avoid make dumb mistakes is to talk to lots of people at the new job – even before you leave the old one. If Tim made one mistake, it might have been this\. While I know that he spent lots of time with the people who wanted to hire him, I don’t know that he spent much time with the people he’d be working with. Don’t repeat that error.
Leaving your job now is a complicated issue. Your job might be so bad that you want to quit now even if you don’t have all the bases covered. Have you ever been in a situation like that? How did it work out? Would you do what Tim did?
Photo By Tambaco the Jaguar, Flikr
Funny about Money says
My father was a deck officer in the Merchant Marine. One week he came into port, walked off the ship, and quit his job with one of the world’s largest oil companies, which owned the tankers he commanded.
He had seen something on the dock that he didn’t like–what, I never learned–and he refused to be associated with it.
This was during the late 50s or early 60s, when America still had a merchant marine fleet to reckon with. And my father was at the top of his trade; anyone who mattered knew of him. Within a few days, he had a new job with a different gigantic oil company.
Today you couldn’t easily land another job, no matter who you are, just because of the economic conditions. But my father’s example gave me the message: don’t hang around an employer whose ethics you can’t stomach. Many years later, I quit a job on a magazine after watching the publisher give my editor the shaft. My thinking went along these lines: “A person who will do something like that to someone else sooner or later will do the same thing to you.” True, it was a self-interested twist my father’s model…but what it really amounts to is that when you lay down with dogs, you get up with fleas.
Neal says
I’m sure your dad is proud of you. No doubt about it. You did the right thing and something few others would have done. You have true grit!
I am inspired by both you and your dad. Thanks for sharing this.
chuck wintner says
You’re columns always seem to synch with my current needs. While I love my career, my employers often try to get me to compromise my ethics with threats of termination. So far, I have been able to hold both my job and integrity, but it is a daily struggle. I am trying to build a private practice to become less dependent on an employer.
Am I your friend who works in juvenile corrections? Yes, the kids are tough, but not as tough as the system that punishes them, but fails to correct them.
chuck
Neal says
David, I agree. Not everybody would make the same choice that Time did. That’s why I wanted to share his story. I do think they will make out fine.
Michael,
Sounds good. I wish you the best of luck and I hope you keep me posted.
Michael Moebes at Mobius Financial says
I recently left my job to do work I find to be more fulfilling. These are some great tips to consider before making such decisions. Thanks!
PS- Enjoyed your post re: IRAs at Frugal Dad.
David (Marketing Integrity) says
A good reflective post Neal. Sometimes I think we are willing to compromise our morals and ethics for the sake of comfort and security.
This case-study though really would be tough given the self-preservation nature we all have. We all would like tho think that we would follow Tim’s lead in a similar situation, but truth be told many would compromise. I applaud them for their strong moral grounding, convictions, trust, and faith that doing the right thing will lead to reward even though unseen at the moment of decision. I hope they make out well!