Quitting your full-time job to travel or freelance can be a very liberating experience. I know I was counting the days until I was able to give my notice. But before you make the leap to quit your job, make sure you plan ahead and consider some of these things first.
Be Prepared to Leave Right Away
Most jobs ask that you give them at least two weeks notice. But from time to time some companies because of policy or because they are upset you are leaving will ask you to leave that day. Make sure you go in knowing that is always a possibility.
Save, Save, Save!
Freelancing can be less steady than having a full-time job when it comes to income so it’s always a good idea to keep a cushion. Six months of expenses to start is a good idea. Even if you do have another gig lined up right away, you should still keep a cushion. Often invoices don’t always get paid as promptly as they would if you were a full-time employee.
Save Any Files From Your Work Computer
Before you give your notice make sure you have anything you might need from your work computer in case they ask you to leave that day. Do you use your work email for anything personal? Or have any saved files that you need access to?
Use Your Health Insurance
Your insurance with your employer usually runs out the month of your last day (but check with them to be sure). Make sure you visit all your doctors and use all your benefits before you leave!
Make a Plan for New Health Insurance
You will be offered COBRA if you want to continue with your old insurance plan when you leave but it may be more expensive than a plan you find on your own. Make sure you know who will be your new insurance provider when your plan runs out.
Figure Out a New Retirement Plan
Hopefully you’ve been using your companies retirement plan if they offer it. After you leave though the automatic deductions will stop and you will have to manage your retirement on your own. Make a plan for how you will continue to contribute. (This article is a good place to start your research).
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