I quit my job - update

[valerier62]

A few weeks ago I posted about quitting my job. I thought some people here might enjoy an update.

I quit for my own mental health reasons and was only able to scrape together 3 months worth of emergency savings before quitting. Some people thought this was a risky move and that was a fair call.

I’ve only been out of work for 2 weeks, I had been working on a business plan and will work towards online workshops because I enjoy teaching and have some decent tech skills.

Next week I’m starting a 6 month contract on a awesome day rate, I’ve had to incorporate to accept the contract so bughuntersam is now a fully legit business. Let's just say it's a little more than my last contracted day rate of $650 per day. I've worked in tech for 10 years and specialise in software testing. I help teams find bugs in their software, hence the bug hunter branding.

As I thought I’d be out of work for some time, I reduced my living expenses down to their bare minimum.

I’ve moved this week too. My old rent was $460 per week for a 2 bedder in North Sydney, my new place is $380 per week for a 2 bedder in inner west Sydney. I’m splitting it 50/50 with my housemate (so I’ll be paying $190 per week which is awesome for Sydney), it’s within 6km of the city, close to a train station, is larger and lighter than my old apartment and just generally better. I used this spreadsheet to manage inspections and to help find a place this cheap.

I had this photo shoot done of my old place because I was proud of how I furnished it all with second hand furniture. It cost me less than 4K to furnish that place buying almost everything needed for an apartment.

But now that I’ve reduced my expenses and I’m starting work again, I could now pay off the rest of my personal loan in less than 3 months. I have 14k left to pay off. That debt was 35k at its peak.

Once the loan is paid off. I’ll be building that emergency savings up to 6 months. If I’m still contracting by then I’ll maximise first home savers via super (I currently have an extra 12k in there for it, so contributing up to another 18k to take me up to 30k).

I know this is purely self promotional, but I felt like celebrating with you all. I hope some people here find this useful.

EDIT: reworded the rental breakdown to make it easier to read

 

[hhawk18]

@valerier62 It’s not self promotional - this is a great story of being able to turn things around. Good on you!!

 

[caughtup]

@valerier62 I am so proud of you.

It's a hard lesson to learn, but the most valuable. No one can change your life and circumstances except you.

Well done, I look forward to further updates.

 

[danika718]

@valerier62 Omg i follow you on LinkedIn!! You are amazing, keep promoting financial numeracy as so many people make these choices blindly!!
And if you are ever down on your luck I would pitch in to a Gofundme for you any day!

 

[valerier62]

@danika718 Thanks for the show of support, it’s greatly appreciated

 

[br4god]

@valerier62 So many people think that increasing income is their only way to a better life.

Reducing stress, debt, living expenses and building some security is such a vital role. I'm glad to hear things are working in your favour. Well done on taking a well calculated and considered risk and following a game plan to a better quality of life.

 

[jrminoh419]

@br4god Absolutely correct, up until last year id always managed my finances by earning more, granted I was lucky to be in the position to do this, and it’s given me a hell of a lifestyle, but the biggest change has come from scaling things back and realising that retirement or at least semi in my 30’s is now a viable option, and a lot of the shit I used to spend money on was an absolute waste.

Live and learn though.

 

[justified112]

@br4god Being content with your lot in life is important. There's a lot that money can do to reduce stress and sadness but that ends fairly quickly if you can't manage your spending habits and the "keeping up with the Jones's" attitude.

 

[pneuman777]

@valerier62 Good job!

 

[andrealadona]

@valerier62 Congratulations! Sounds like some great changes.

 

[friardan]

@valerier62 well done mate . I could feel your positivity bursting through the post .

 

[has56]

@valerier62 Well done mate - realistic and inspirational. How about a follow up in 6 months? Warts and all.

 

[valerier62]

@has56 You’re on. I’ll even put it in my calendar so I don’t forget

 

[aspieforgod]

@valerier62 This is the sort of ‘good news story’ that people need to see. Leaving a job only seems frightening because Capitalism wants you to be afraid. But if you step up and walk out, the sky doesn’t fall down. We each have the capacity to resolve the problems, and come out better off.
I had a terrible run of ‘permanent’ jobs, leading up to being delighted that I was sacked - and I have been working as a contractor for 3 years now. It’s better.

 

[valerier62]

@aspieforgod I wanted to have a bit more emergency savings before making the leap and I wanted to try a different role in the previous company for a bit but just wasn’t getting the support I needed.

I’m glad to hear it’s working for you.

 

[tatig]

@aspieforgod

Leaving a job only seems frightening because Capitalism wants you to be afraid.

Rubbish...

Leaving a job is frightening because you are entering a period of uncertainty. You will be unemployed for an undetermined amount of time, with a very real limit as to how long you can sustain it.

In addition to that, it's well established that people who are employed have an easier time finding new work - that is that employers tend to favour hiring people who are employed. And the longer you spend unemployed, the more difficult it becomes.

These are genuine reasons to be concerned or afraid about just quitting your job.

That doesn't mean you shouldn't leave if you feel that it's the right thing for you to do, and it doesn't mean it will be the end of the world. But pretending the consequences are some kind of made up Capitalist conspiracy is ridiculous.

 

[speaklifecom]

@tatig

But pretending the consequences are some kind of made up Capitalist conspiracy is ridiculous.

I fucking hate all those just quit your job and do it posts and news articles. Must be fucking nice to have safety nets and talk like that. And if you look closely thats usually the case.

 

[fer0822]

@tatig Exactly. Choosing to live frugally is one thing. Once you have to live frugally, it's a different matter.

At first all change may be for the better. Longer term, financial constraints (if you don't get another job easily, or you don't get a well-paid job quickly) it can become a source of stress.

 

[whateverittakes]

@aspieforgod OP is also in an industry that is growing and doing well and her skill lends well to a consulting business. This advice isn't really applicable for say a warehouse person. Some skills are just hard to run a business with.

 

[meg008]

@valerier62 Congrats things seem to be on the up for you