I wish that I would have known all of these things and more before I decided to quit. I was ready to be out of my job but I did have a plan and a goal. I want to make sure you’re prepared to take advantage of opportunities now before you make this transition.
Tip #1 – Mark your calendar, plan and act on it.
In reality you should be planning this six months out.
Tip #2 – Know your rights and benefits.
You’re going to want to think about bonuses you were given, once you either started in your position or sometimes maybe you’re due to receive at the end of the year.
Also your 401k, you’re going to need to roll this into another type of investment once you separate.
Taxes can have an implication on you. If you’ve received any type of employee stock and vacation time. People don’t think about this a lot but you’re owed vacation time if you earned it and you decide to separate they still have to pay you in some cases.
Another big tip, locate and download your employee benefits guide and don’t be afraid to call HR. The hotline’s there to help answer questions for you as an employee and a lot of times you can find out everything you need to know about your 401K.
You can get attorneys for certain things that you’re going through in your life, like family transitions, as well as nursing care and daycare. There’s childcare services available depending on the employer.
And, also some things people don’t think about is that your job may pay for certificates and schooling. If there’s something you’re looking into as an entrepreneur or someone that’s getting ready to leave, I would go ahead and think about some of those things.
**Keep in mind you may have to pay some of that back. But, it’s something to look into if they’re going to pay for it and pay for you to go to school if you’re not sure when you’re going to make that transition. I’d at least go ahead and take advantage of those things while you can.
TIP #3 – Go to the doctor an refill your prescriptions.
Insurance is going to be a thing of the past once you separate from your employer. You need to start thinking about that now. There are options out there for something, it used to be called Cobra, I’m not sure if they refer to it the same now but it is an extended insurance coverage plan that you can kind of take with you once you leave. It’s really expensive. I wouldn’t suggest it. I would just go ahead and plan that they’re going to cancel your insurance.
Go to all your doctor’s appointments, get your prescriptions refilled and don’t start thinking about all the what if’s. Remember the I worse case scenario, if you had something happen a hospital has to take you, so you can go to a hospital and get treatment.
You can figure the rest out later but don’t be concerned with insurance just know that you’re not going to have it. Go ahead and prepare for that now and if you talk to your doctor’s, a lot of times they’ll give you your prescriptions 60, 90 days in advance.
It just depends and you can even tell them that you’re going out of the country or that you’re going to be gone for a really long time. You’re not going to be able to come back to visit them. It just depends on what insurance covers and how the doctor themselves are. Just make sure you let them know what’s up and ask them.
Tip #4 – Have an emergency fund in place and a budget.
You’re going to want to prepare for any large expenses and any needed credit. Also make sure that you’re planning six months out for your expenses when you’re budgeting. I would say multiply that by two to three times but six months minimum.
Tip #5 – Start eliminating expenses.
Whenever you get ready to quit your job one of the first things that you’re going to want to do is cut back. I started this probably six months before. Go through, figure out what your necessities are.
Start downgrading things that you don’t need, like your cable bill and eating out. All those little things add up. Make sure to cut those out and have a budget.
Sell all the things that you don’t use or need. You can flip those and get some extra cash to start adding to your budget so you’re going to have that to propel you a little bit further in your entrepreneurial career. Whenever you quit, you’re going to want to have that extra cash.
Tip #6 – Leave on good terms and document everything.
Whenever I got ready to leave, there were certain people that I told and certain people that I didn’t tell. You want to be careful who you tell in corporate America because you don’t know who’s your friend and who’s not until the ball starts rolling. Trust me. Document everything.
Think before you act and don’t get caught red handed. While you’re making this transition from corporate America. I’ve got you covered. I’ve been there. I’ve done it and I can show you how.
I’m sharing tips in my guide for the things you need to document and do. I remember it was so scary whenever I made this transition out of corporate america. But, there are so many things that I wish I would have known. If you’re worried about what you need, download my checklist. I’ve put everything you need to know in my free checklist.
Also published on Medium.