I don’t want you to quit your job.
That’s not something I would recommend most of the time. It is much easier (and less stressful) to find a new job while you still have a job. And it's definitely a riskier decision than usual under current market conditions.
However, you should be prepared with a financial backup plan! What will you do if…
Your boss suddenly fires you?
You end up on a layoff list (a growing trend now)?
You’re burned out in a toxic environment, and you need to escape quickly?
A friend of mine recently shared a story of how their employer treated them. They were told to lay off their entire team. Get this: the company said that their jobs could be performed by AI now, with a few remaining employees overseeing the tools and processes. Then, my friend started work the day after the layoffs, and guess what? The boss laid them off as well. Nice, huh?
Flipping the switch on an income-generating backup plan is a lot easier if you’ve been working on some ideas for several months or years (e.g., a consulting gig, fractional roles, side hustle income). That gives you time to test and refine models as well.
Things rarely go as planned once you start testing things with actual buyers. It’s better to learn and evolve your financial backup plan while you’re still receiving a paycheck. Less stress = Calmer, better decisions.
I know many folks feel like they can fall back on their savings or apply for unemployment benefits. But, I know some people who have been searching for a new job for years! Those savings and the basic benefits won’t carry you very far.
If you’ve already been working on your backup plan or generating some side hustle income, great! If not, you can design a lifestyle business relatively quickly and with minimal investment. You may never decide to launch it. But it will be ready if you need it.
Always better safe than sorry!
Would you like to brainstorm some ideas with me? You can schedule a complimentary call.
I’m Larry Cornett, an executive coach who works with ambitious professionals to help them reclaim their power, become more invincible, and create better opportunities for their work and lives. Do more of what you love and less of what you hate!
📕 Check out The Invincible Daily Journals!
Your ideas are stellar Larry. I am following your advice. I need a side hustle; a second income would take a lot of stress off my mind. Thank you so much!