Quit Your Job Without Going Broke | Financial Planning To Quit Your Job
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- Опубліковано 21 лип 2024
- Hey there! In this video, I walk you through how to financially prepare for a long break from work. We'll cover important steps like assessing your financial situation, figuring out how long of a break you need, and planning your finances. So you take a well-deserved break from work without any financial stress.
I'm not a financial advisor!
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► Timestamps
0:00 - Intro
01:04 - Asses Your Financial Situation
01:55 - Alternatives to Quitting: Considerations Before Taking a Sabbatical
02:23 - How Long of a Break You Need
02:39 - Financial Planning for Your Sabbatical
03:57 - Healthcare
07:11 - Where to Keep Your Savings During Your Sabbatical
08:26 - Working Backward to Get Your Target Quit Date
12:00 - Q&A
12:07 - Is there anything you'd do differently to prevent burnout?
13:04 - Did you have to pay back the sign on bonus?
13:38 - How are you doing mentally after quitting?
14:02 - Home much were you earning?
14:32 - Will you keep living in NYC/Jersey City?
14:53 - How will employers react to a gap year?
15:30 - What gave you the sense of safety to quit your job?
15:58- Do you have any regrets?
17:17 - What the perks at Google?
17:42 - Will we get more UA-cam content during your sabbatical?
BUSINESS INQUIRIES
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Welcome back! I’m not a financial advisor but this is the planning I did for my sabbatical! There is Q&A at the end :)
Thanks for sharing this great inspo sis! I quit my my job as an RN last two years ago after almost 17 years in the field. It was not an easy decision, but life is too short to dread going to work everyday. No amount of money can buy real happiness, but friends I'm not asking you to resign from your job or abandon your business but be wise!
I don't really like my job but I love what it provides for me and my family. This pandemic has people rethinking working
What do you do now ma'am and how did you do plan yourself before quitting
@@labeebasonia3781 right now I run my own business and While I was still in service I planned towards early retirement, making about 2k weekly from my retirement investment portfolio trying so much to build more side hustles and extra income
Wow impressive you're making quite a fortune speaking of investing I have heard about this but I don't really know how to start can you explain?
There's a lot of investing options real estate, cr ypto, ETFS stocks but my best advice get a professional lead you into profitable one that's exactly what I did
as someone who just quit her job as well, welcome to the fun-employment!
Thank you 🎉🎉
The blueprint! Research + careful planning + hard work + discipline - good idea to make space to enjoy life and not postpone everything until retirement/ later in life. Inspirational!!
Exactly life is too short 👏🏿👏🏿
Here’s a tip on health insurance from someone who works in healthcare. Having health insurance is more expensive than not having it. When you get a bill or when you go to the doctor and you tell them you’re uninsured, guess what they do? They just write it off. Thats it.
Exactly and paying cash out of pocket is not hard as long as you don’t have a bad health issue
@@wilson8979why are there people with 100k of medical debt then?
For the person that asked about the gap in her resume … I’m a recruiter and a 6 month break today isn’t that big of a deal. She’s taking a sabbatical and has great experience and company on her resume which over rules any apprehension about the gap in work. Also seems like she left off in really good terms and has good relationships with her team at Google so it may be an option to go back there if she’d like or gain referral once she’s ready to go back to work. 😊
If a company has a problem with you taking several months off between jobs then you probably won't want to work there anyway.
You. Can just do consulting or do a small business. With a few clients to fill gap
I'm a nurse of 29 years. I wanted to take a break also. But of course I need healthcare insurance which is tied to my employer. I decided to change my status to PRN. So now I make my own schedule and work one to two days per week. I was able to keep my coverage at the same cost (not COBRA) because of the number of hours I worked in the previous year. I do pay dental and vision through COBRA.
I have a rental home that is paid for. It covers my current mortgage minus $150. I just started renting a room in my home to a travel nurse. So that income covers that $150 plus utilities, groceries and miscellaneous expenses. So when I do work, it just goes to savings. The one drawback is that my contribution to my retirement account has decreased significantly.
SN: I do have an emergency fund.
Congratulations! You're better then me, when I ever take a sabbatical I'm going to forget about code and tech completely, screw recruiters 😊 In the US, we're so brainwashed, people in other countries don't feel the need to make our work breaks "productive", when we even get work breaks 😅
Quitting a job is honestly so brave. I really appreciate the tips, as I think a lot of people feel stuck when a good position is no longer serving them (emotionally, physically, mentally) like it should
Honestly, as someone who's jealous because my circumstances make this impossible, I'm so happy for you! You've been through a lot and you've also worked your butt off to get where you are - you deserve a break! I'm excited for the content and watching you live your life amazingly! Lots of love!!!
I am sooo exicted for you!!! I took an 8 months break. Learnt to code in Swift and travelled to Ghana and Nigerian and other places too. Accra is more friendly to solo travellers than lagos. In December it is so much more fun if you know people there who are plugged in to the social/ arts scene.
Accra is very easy to navigate and there is a huge diaspora party scene in December.
I did Nigeria and Ghana solo. And what helped was finding local travel groups on instagram, so that I could explore more remote places. I went hiking, camping and chased so many waterfalls.
I can't believe that you have haters. You're the perfect combination of ultra-successful and down-to-earth, which amazing and very hard to find.
Theyre just jealous of her femininity
i wouldnt say ULTRA successful...because she still has so much potential and she is just at the beginning of her career..She has less that 6 years experience...so she is still kinda early in her career....Her potential is HUGE though
me, (just now landing my first corporate job) watching this video and taking notes ✍
X2 😅
Love this video! Financial planning is so important and these past 3 years has shown us the importance of that more than ever. I wish I had planned well, kept my expenses low and had an emergency fund for more than 6 months because you’re right in this job market it can take you past 6 months to find something. After my layoff it took me almost 11 months to find employment again- & keep in mind I was doing everything right during those months - networking, started a side hustle, reading and learning new skills but there has been hiring freezes for so long. So you’re right to plan for more than 6 months!!
Where did you finally land? Same role or you had to take a hit and take a lower role to get back into the saddle?
Wow this is eye opening, thanks for sharing!
@@1anre Still in digital marketing- not the same role. I was doing demand generation in my previous agency now I'm doing Paid Social. Paid Social was where I wanted to go next. So I stuck to the plan. Funny enough I have a slight increase in my salary.
@@TessaAz impressive!
@@destinyschild5768 omg yess!!! The interview process is crazy these days. Some of these silly companies are asking you to write 1200 word essays or literally do massive tasks before you even pass through to round 2 it's crazy.
Thanks so much for this 🙌🏾🙌🏾 I hope you enjoy your time off
Súper exited for the next part of your journey!!!! 😊
Great video ❤ thank you for this helpful information
This is an excellent video! Thank you for sharing.
Go girl, live your best life 🎉
Bulky,you are an inspiration.I shall grow with you.
like the information you provided and it gives a lot to think about when leaving a job.Enjoying the Channel
I wish you all the best and do not let anything bring you down okay ypu are doing amazing
Congrats 👏🏽 & best of luck going forward 🍀
wow , thanks for this video God bless you. Your vidoes have been very helpful
Love this! I’m so excited for you! I can’t wait to see your Japan and Amsterdam vlogs 🩷🩵💜💛
Thank you for this video. I have been trying to figure out why I am so burned out! This shed some new light on it for me. 😊
I love how grounded and methodical you are as a person. So inspirational!!
I knew my girl would have a plan in place best of luck on this new venture.
I will definitely be excited to see you when you come to Accra
A well thought out plan.
Best wishes for your “sabbatical” and beyond👍🏾
What an informative video Bukola! I’m excited to see what is in store for you these next few months!
Thank you so much!
Amazing video. I'm currently a student & intern & very happy this video was recommended to me! I dont rly have any plans to take a break from the workforce (as I havent rly started yet lul) but I'm happy to learn that this is an option. Def gonna subscribe! Very interesting:]
This video was super interesting, even for someone working in Sweden.
Many things aren't the same here, but it's cool to hear about!
HEY DUDEST, I WAS SURFING UA-cam AND RAN PAST YOUR SITE ON A TALK SHOW. I AM SO IMPRESS WITH YOU HAVING THE COURAGE TO DO WHAT YOU DID WITH YOUR JOB. I AM GOING TO SUBSCRIBE TO YOUR CHANNEL. THE SENIOR
I really appreciate this video especially the healthcare section. I was about to buckle down and start researching from nothing, but then I found your video😍😍😍😍 thanks!! ❤️❤️💪🏾 we got this 🎉 I'm planning for 3 months
Great video ⭐️
I love your videos, going to Lagos alone at this time might be an extreme sport. However, you're going to be just fine with family.
Totally unrelated but I made the garlic shrimp pasta you made in one of your previous episodes, so delicious, thanks for sharing!
Girrrrrrl congrats. 🎉🎉🎉 Very excited for this next stage in your already very impressive journey. You're so young and so wise, so I'm expecting sensible fun and adventure!
I'd add to your planning advice to ensure that all your professional devt is as up to date as it can be before you leave, so that you're immediately attractive to employers whenever you decide to return.
Love the new twist in your videos! Fatima's tips are the best 😂
this is great content 🙌🏽
This video taught me how to go about it if I ever choose to take a short break in my career (6 months/less than a year). Very useful video. Good content ❤
I can’t understand haters in your videos for the life of me. I think you’re super inspiring and your voice so soothing 😊
I love seeing this and that there are people who can do this(I ain’t one but i can dream lol). Those 2 weeks paid vacation time is no enough to deal with burnout.
Thank you for sharing! This is motivating and I absolutely love seeing young intelligent black women LIVING!!!❤🙌🏾
Thank you for sharing this!! Glad to hear you're doing well
Thank you too!
Go girl! Love this for you. Honestly thanks for sharing this, even though I’ve always known preparing financially is very important I wouldn’t have thought of the extra 6 months buffer. Mental preparation is something I’d love to hear you speak on, what were the kind of fears you had before quitting. I feel like even when I’m financially ready, I’d be too scared to do it. Combining work + content creation is kil ling me and I want out 😢
Hope you have fun in Lagos! I’d love to go by the end of the year too
Glad you are doing well, girl!
Awww thank you!
As someone who is going on almost a year of being on a sabbatical, I totally recommend it if you can do it. Now I feel great & rested to return to work.
That’s really good to hear! What did you do during your sabbatical?
@@Bukola1 I got to travel to my mom’s home country twice (never been prior) & also to several states in the US, went back to school to work towards my degree, and recently started a self-paced tech program to learn front-end development. I plan on going back to school full-time & working part-time until I find the right position for me. The sabbatical has changed my mindset on the idea of work & what I want to do with my time & life. The only thing I recommend is to not take it too easy because the time goes by extremely fast. 😆😏😊
Always love your videos ❤❤
Awww thank you I appreciate that!
Natural beauty and brains … super proud of this young lady .. Keep your head high and mind above the non sense ..
So brave! I’m soon doing the same (i will have 14 months pay during that time) and i will move to cheaper home during that time 👍 great advice in this video
You are always dropping gems on your channel. Thank you so much. I am trying to not burn myself as an engineer, but I am finding myself wanting to program drones or bots lol
Congrats on your sabbatical!!
I’m planning to take a 6 - 12 months sabbatical next year. Thanks for sharing how you planned for your career break.
I'm going back to school to become a become a software developer and your channel is such an inspiration. Hope I'll get to work remotely one day, or maybe even take a 3 month sabbatical :) Until then, datastructures & algorithms has me crying nightly lol
I hope you have amazing trips! You worked hard saved and this is so well deserved and needed❤
Thank you so much!!
I enjoyed your tips, Im older than you (55) I plan to use your tips and retire early but I plan not to return to work, and do my own thing 😊
Bukola, love your videos!!!! Would you be willing to expound on where you put your savings while preparing for your sabbatical? Of course not as a financial advisor but just to give us different options on places and which financial vehicles you used to help save. Thanks and keep the videos coming
Saw one of your first videos some years back and just tuned into this one. Congratulations for choosing you and taking time away. After a recent layoff from a Silicon Valley company I've decided to step away from a 25+ year career. Overall it's been wonderful and I'm proud of all I've accomplished but I'm not interested in working for others anymore. I bring in income from several investment portfolios. I teach others how to do the same and I travel. I just got back from Accra, heading to Portugal soon, and thinking about living in South Africa for a stint. Life is good. All the best to you!
I'm currently going through the same thing, exactly the same. Burnout, need to take a time off, the financial planning. So happy you're talking about this, really appreciate the insights of someone a few steps down the road from where I am. Hope this time off ends up being exactly what you expect it to be! 🥰
How your planning is going so far? Considering this so bad, but need to pay my debts first, I'm building my emergency fund on the side so hope when complete my debt next year will be fully funded on my savings. I'm very depleted from my job and have lost all the joy of life. Hope be strong until there😢
Very informative Video Bukola
Thank you ❤️❤️❤️
I can't people were hateful to you about your life choice. People can really just be so bitter and how does that help them at all? Thanks for the good tips!
Very prudent planning 👍
This lady is highly intelligent. Listen to how she speaks OMG. Go girl. You are beautiful and smart, talented!
Very inspiring
Yes!!! so excited to watch this video. You are living my dream. I am hoping to quit my job and take a one-year sabbatical in about 4 years. I'm already planning out what I am going to do on my sabbatical 😊
4 years will likely change your sabbatical interests. 4 years ago, I was super interested in exploring everywhere.
Now I prefer visiting only black-friendly places around the world…. So not places like Spain, Russia, certain US States (Montana, South/North Dakota, other LOW diverse areas), etc.
yeah! same here. im already planning the grand retreat years in advance, wrote down a month by month plan to tendering and finally saying my bye bye (meanwhile while still getting roped into new project) currently about 36 mths to go.
just need that adult break, years after leaving school and entering the rat race to figure where i am now and figure out where i want to go next.
all the best to your great escape! 💪🏻
Girlll this video came in at the perfect time, about to quit my job as well. Thank you for these details ☺️.
No problem! Hope you have a great funemployment ❤❤
i have been contemplating quitting my job since January and i finally did it last week. i even started a youtube channel which i am still growing. looked at all angels but the toxicity at work was too much i just decided to jump and leave and trust God in the journey.
You are so smart wow well done 👏👏👏👏👏❤️
Girl I’ll be back in Accra this December!!! Let’s go lol
Hey, fellow UA-camr here, but also I QUIT MY JOB!
It feels AMAZING but 100% did I PLAN as well!
MONEY is important and I need to support myself so I really needed to calculate and have a buffer.
I'm in Europe so there are differences regarding insurances etc... compared to the US.
Actually after I quit and started traveling, I made money online, and I made sure to start making money online BEFORE I quit. The ways to make money is what I share in my videos.
Then, I sold my home and everything because I wanted full freedom and travel full-time.
To be honest, I spend hardly any money now, so the buffer I made, I never touched it.
When you travel, you no longer need office clothes or expensive ''stuff''.
NO matter what age you are, if you read this and want to quit, you CAN!
I'll be waiting for you in Accra
Please also visit Francfort during your time in Germany. I will be glad to meet and/or give you some tipps
I quit my job last July. I used to live in Canada, its a country with provinces and the province I lived in has really bad wok ethics, racism is rampant, and there is so little support when work situations get really intense. I have been learning more about financial planning since relocating to Zambia with my boyfriend. While he is able to work remotely, I have more of a process to navigate and it's inspiring to discover the different ways to bring in income, learning to balance rest and saying no to things I don't want to do. Thank you for this video.
How do you like Zambia? It must be a very nice change.
Hello Bukola, thanks for your videos. Can you share with me your main Dashboard Notion Template please. Thanks
I’m down for Lagos and Accra in December!!
I like the idea of working for a certain amount of time and then having the rest of the day free.
If I can influence your content decisions, lol, may I request more financial tips and techniques, coding, and networking videos? Thanks in advance, Bukola!
just saw you on casey neistat's new video!!!! congrats on the marriage haha!!!
Thanks a lot
No problem! Thanks for supporting me with a comment 🙌🏿
Omg i’m going to Accura at the end of the year! I’m thinking about spending a week there and a week in another country. Please let me know if you go!!
I don't think you need to worry about having a 6-month employment gap, especially in your field and if you have good references from Google. When you're ready to go back into the workforce, just make sure you frame your need to take this time off around your lack of grieving time following your relative's passing. This should put a potential employer concerned about your ability to handle stress or a fast paced environment at ease, since a family death is always viewed as a tragic and unexpected event. I wish you the best in your journey - wish I was your age making your salary, lol
I love the comment quitting your job is expensive.. something to talk about it
I used to work on STD and LTD and it’s really hard to get disability. Most contracts state you have to be disabled. Also, you have to be treating with a provider. Being tired does not make you disabled. Getting state disability in states like NJ is a bit easier to get. But again you have to be under the care of a provider and treat with a provider
I'm going to Lagos, Nigeria last quater via London.
I took a break as well. You can get free insurance. Medicare will approve you. I also was add the max to my HSA. Always opt for HSA for single healthy individuals
My last month, I did all of my check ups 😂😂. So Medicare is only for my peace of mind
I put my funds into a CD as well. I am getting $300 in monthly interest. 😊. Take a break is so doable
at 0:50 she said "if you a brokie or hater, just leave now. I got my money and Im using it"
Hi Bukola, hope you're well and enjoying your sabbatical. Just wondering (and of course you don't need to answer), is there a reason why you decided to rent rather than buy a property? Of course now that you've taken a career break it wouldn't be wise to buy and I can see you intend to travel. But just wondering when you were previously working, is there a reason why you chose to rent?
Hi! Where did you get your top?? It is so cute!
Kudos!!! Enjoy your sabbatical! During the planning, did you take into consideration volunteering to get laid off (so you would get severance/benefits.) I'm not sure if this is even possible but just a thought.
Take a 'leave of absence' from your job if it's an option. You would have a job to go back to and that unknown would not be an issue.
Are you willing to go somewhere cheaper than NY during your sabbatical?
I'm from Europe and have private healthcare. so interesting usa doesnt have universal healthcare.
I hope you enjoy your time off from work! Hopefully your UA-cam gets even bigger and you make double what google paid you lol
That would be amazing lol
Why not take a leave of absence and come back in six months? I know Amazon has that option for people. My skip level took 6 months off and came back.
Was thinking the same thing
Tbh I didn't know this was an option! But thanks for sharing it
Hey girl super inspired by your bold move! I live between London & Lagos (predominantly Lagos). Would love to connect with you - I'm a PM in tech and happy to recommend places in Lagos and meet up if you decide to come in December! Let me know and we can share socials!
what do you mean you live between london and lagos?
Accra is doable solo. I moved here 6 years ago solo. I'm Nzali from Nzali Takes Africa on UA-cam
In 6 months can u do a video on how u planned for taxes with the money that you put in the market, please?
Yes will do, planning to do a 6 month update :)
Guess who represented y'all with the "will we get more youtube content during this period of rest from work"
Me!!!!!!!!
😂😂😂😂😉
Y'all are welcome
Congrats to quitting! Taking time off is different from being fired; applicants should be able to clearly explain gaps in employment.