Before you tell your boss you’re resigning, consider the positives.
Job hugging is the new job hopping
Job-hugging is a new form of job-hopping due to the slowdown in the labor market.
It is not a given that high-stress jobs are the same as high-paying jobs. But the two often go hand in hand.
Earning a high wage may come at the cost of long hours, a demanding boss, and limited time for the things you love. And it’s definitely not a situation where you’re trapped forever.
If you’re stressed and unhappy at work, you may want to quit and find a less demanding job, even if it means taking a pay cut.
But before you do that, consider the benefits of sticking with that job a little longer.
Higher wages now can lead to greater profits later.
It’s not reasonable to force yourself to stay in a stressful job for the rest of your career. But if you leave it alone for another year or two, it could have a big impact on your household finances in the future.
For one thing, a higher salary may allow you to maximize your 401(k) plan contributions. You can also increase your retirement plan contributions further if your employer offers generous terms.
The more money you can save now, the more likely you are to reach the savings goals you set for yourself. Conversely, taking a lower-paying job may mean having to reduce contributions to your retirement plan. So if you stick with it for another year or two, you can potentially reap big rewards.
For example, let’s say you’re 51 and can put $36,000 into your 401(k) plan this year between your contribution limit and your workplace match. Let’s also assume that you intend to retire at age 67, which is the full Social Security retirement age.
If your portfolio returns 8% annually, just below the average return of the stock market, that $36,000 could be worth more than $123,000 after 16 years.
Additionally, the higher your wage during your career, the more Social Security you may receive in retirement. So if you can sit a little tighter, you could potentially increase your annual retirement income.
How to deal with a stressful job
If you’re tired of your work-related routine, you might be itching to escape your current situation. But if you have a way to cope with the job, you might be able to stay at the company a little longer.
First, set boundaries. Make it clear to your boss and co-workers that there are certain times you will not be able to work.
Also, set boundaries with yourself. It is not the boss who demands long working hours, but rather you I feel like I have to pull the plug in order to move forward. There may be a way to train your brain to scale back.
Next, prioritize self-care when you’re not in the office. Make time for activities you enjoy and focus on eating well to maintain your energy. If you earn a higher wage, you may have more room in your budget to purchase healthy meal delivery kits to save time on meal preparation.
Finally, set an appropriate end date. Imagining having to stay in a stressful job forever can be very demoralizing. Instead, say something like, “I’m going to do this for 12 more months to reach a specific savings goal and that’s it.” You can also start a countdown and reward yourself for completing it each month.
Of course, if you really can’t stand your current job, it may be best to quit immediately. It’s not worth staying in a stressful job if it can actually harm your health.
Before you submit your resignation letter, make sure that quitting on the spot won’t jeopardize your financial future plans.
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