Post: #1

I recently read this eBook by Financial Samurai. I've read his blog for years, lots of financial knowledge being dropped if you've never checked it out. Lately I'm figuring if I can quit my job, so I finally bought the bullet and purchased this book. The price is a hefty $85, so below I'll post some quick takes of Sam's suggestions.

I highly recommend this book if you are considering a career change. It is 150 pages long and goes deep into the details, including worksheets, planning charts, and plenty of links to explore topics more. It doesn't only cover the actual layoff, it has deep details about how to organize your financial life including investment recommendations and lifestyle tips.

The book can be summed up by this one phrase: "Get paid to take back your life."

-Read your employee handbook cover to cover

-Check Vacation Day Policy, see what you can keep. Use your sick days because they will go away. Don’t use your vacation days because you may get reimbursed for not using them.

-Check to see if you can take paid sabbatical

-Financial knowledge is beyond crucial. When self-employed you pay taxes 4 times a year. Understand financial statements and expect to pay about 30% in taxes.

-Take a hard look at your money machine and be realistic. Your side business(es) should show a profit for 12 months before quitting.

-There's a large section about planning the actual layoff discussion. Be good with your boss. Have a reasonable excuse (injury, stress, family issues, childbirth, etc.) so it doesn't seem like you're leaving because you hate the place (even if true).

-Save up at least six months of expenses CASH. Even though you will probably get a severance package, be prepared to walk and get no cash from your employer. Be realistic about your budget and track your spending for a few months to see where your cash goes.

-Make sure you get life insurance after you leave. Most people forget that employers provide this and thus go years without a policy.

-Have a purpose. Many people don't know what to do with their life after quitting and end up in depression, financial trouble, etc.

-Be somewhat intolerable at work so they won't mind laying you off. Come in late, get your work done, play music, stink up the office by eating sardines, whistle the same song everyday. BUT be friendly with HR so they'll want to pay you more.

-Read all the fine print of any signed documents!

Guys who have quit their job, any additional advice? Anything you'd do different?

Post: #2

I have read Financial Samurai for about a year or so. I enjoy a lot of his stuff despite that fact he is still blue pill.

I thought about purchasing this but it won't really do anything for me since I am a union employee. I thought about buying it and keeping it tucked away for post retirement if I take a job in another industry.

I am glad to hear you found it useful. You can never tell with those online referrals/reccos.

Post: #3

Do not tell anyone about your plans until you are ready to hand in the letter! Not even anyone outside work. You do not want them preempting you with the layoff.

This way you might even get a substantial raise and slack off for several more months for more money while they find / you train your replacement if you are not immediately replaceable.