How to quit your job and still pay the bills (2024)

My daughter quit her job with no job to go to yet– she’s never been happier. But only two days priorshe was in tears. Months of bullying, manipulation by managersand being promised magic that never eventuated took its toll on her self-confidence and self-esteem.

But now she’s jumping for joy. She’s claimed her power back and made a stand for what she believed. And she’s done it all with her eyes wide open – clarifying first what she really needed in a job to feel happy.

Do you want to quit your job? Do you feel overwhelmed thinking about what else you could do? Or are you looking for a blueprint for success?

Quit a job you hate and start living again

Sometimes all it takes is one line, one sentence, one book to radically change your life. As one manwho purchasedMid-Life Career Rescue: What Makes You Happywrite to me“I wish I had this book ten years ago! Making a career change was really challenging, and overwhelming. This book is quick and to the point, very well organized making it a great easy-to-use resource. The step-by-step tools are what set it apart, though. I’m recommending this to my cousin who has been wanting to make a change but doesn’t know how. I really hope this book pushes him into action to find a career that makes him happy! Great stuff.” ~Jason Sperling.

Is lack of finances holding you back?

‘I’d love to quit my job if my mortgage would let me,” someone wrote to me.

I hear you! I’ve been there too. Here’s a few things you may want to consider:

1.) Plan your great escape. If you can’t afford to quit right away, make an escape plan. Put the challenge out there, “How can I quit my job and still pay the bills?” Ask friends, family, Google. Listen to your intuition. Could you negotiate a four day week to give you time to develop a hobby into a career? Is it time to spruce up your CV and activate a job search plan?

2.) Do some creative accounting. Could you take out a loan with family to see you through? Leverage off a loan interest credit card? Sell your kids? (I’m joking!) You get the idea. My daughter’s using her downtime to promote her business ideas – hours after resigning she generated the equivalent of a week’s wages.

3.) Utilise equity. Burt Munro, of ‘The World’s Fastest Indian’ fame mortgaged his home. Could you use the equity in your own home to finance your career? If you don’t want to remortgage you could try asking for a mortgage holiday. Many banks allow 2–3 months of no mortgage payments.

4.) Share the load. Who else has a stake in your success? Perhaps they may be able to inject more cash into your joint cash flow. Keri had always earned more than her husband. Her dream career meant taking a $40k drop. Together they worked on a strategy to help him advance his career and earn more money. Not only is he happier in his job but now Keri has built a flourishing business as a corporate life coach.

5.) Seek investors. Use other people’s money to create the momentum you need. Remember there’s good borrowing – borrowing to increase wealth – and bad borrowing – borrowing so you can consume more. Most people spend all their spare income on non-asset-producing consumption. Banks, family members and friends are all possible sources of investment income. Sam Morgan, who established TradeMe, convinced his dad to back him, and earned him millions of dollars in return. You may not pay back millions but if your idea is sound, your investors can sleep at night knowing they will be repaid.

Money doesn’t have to be an obstacle to making a change to more fulfilling work. With sound planning, a willingness to prioritise and juggle conflicting demands, financing your career can be more affordable than you think.

This is an edited extract from “Midlife Career Rescue: (What Makes You Happy): How to confidently leave a job you hate, and start living a life you love, before it’s too late” by Cassandra Gaisford. To purchase your copy and learnhow to follow your passion to prosperity, click here to go to your online bookshop.