There is an endless debate regarding the 9 to 5 job. Some people feel they should keep their careers because this gives them a sense of stability and security. But the world has seen some drastic changes in the past few decades, and things are pretty different now.
We will give you 5 points to consider before deciding to quit your day job.
The pandemic changed everything
There have been many changes in how employment is perceived, which have been happening in the last few decades. With that said, there was a massive change in the level of security and stability of 9 to 5 jobs since the pandemic started in early 2020.
People started to find themselves out of a job after being employed for several years and even decades. The concept of looking for a steady paycheck that provided safety and security started to fade away, and it was no longer a viable option.
The modern world is entirely different from what it used to be 30 years ago. Back then, the best way to achieve stability was to become an employee for a reputable company that would provide a competitive salary, robust insurance, and exceptional retirement benefits. This was the ultimate way for anyone to feel that they could achieve their goals and feel safe and protected. Now that things have changed so drastically, the tables have turned. Entrepreneurs, freelancers, and independent workers generally have more stability than those working for a company for a monthly paycheck.
How to determine if your 9 to 5 is worth keeping
You must keep many things in mind to decide if you should keep your 9 to 5. We want to clarify that this is simply advice, and ultimately you need to determine what is best for you. This article is meant to give you some ideas on how you can decide if your job is worth keeping.
The following are five questions will guide you make that decision:
- Does your job offer substantial benefits?
You must ask yourself if your current job allows you access to insurance, bonuses, or other benefits. This is very important because it will give you insight into how much value there is in keeping that job.
- Has your employer invested time and money in your development?
An excellent way to determine where you stand within a company is to consider how much time and money they spend to help you upgrade your skills. If your company is constantly sending you to training and assigning you to development roles to learn new skills and build your network, then they are investing in you so that your skills can be beneficial to their business. This is a pretty good sign that they see leadership potential in you.
- Is the company strong enough to survive in the coming decade?
Many companies are not headed in the right direction to survive the coming decade. It could be due to products and services that are becoming obsolete or due to the way they approach their business. You need to make the time to look ahead and see if this is the case with your employer.
- Do you feel that the paycheck is worth the commitment?
Working for a single business and having no other sources of income can always be tricky for most people. You need to take the time to analyze if the paycheck you are getting every month is worth the time you are spending as an employee. This will be very important when determining if it is worth keeping that particular job. In some cases, the paycheck might be smaller than industry standards, but the stock options might be worth a lot, enough to compensate or raise your total worth above average.
- Do you feel happy and rewarded for your job?
This is not about how much you earn with your current job position. This is about how happy you feel about the work you do. When you get up in the morning, do you feel motivated to work, or does it feel like a chore? If your work is constantly causing you stress and you don’t feel appreciated or rewarded for your contributions, then finding one that will value your talent and skills should be considered. Watch out for the Sunday anxiety – you know, the one that messes up your Sundays due to the incoming Monday stress – that is no way to live!
How to approach the transition from 9 to 5 to independent work
If you have decided that it is time to get away from the 9 to 5 life once and for all, it is a good idea to start by working on a side business first. Even if you only have one or two hours a day to spare, you should use that free time to start working on that business to get some side income.
This may take longer due to the lack of time, but many successful business owners start by working one or two hours daily to nurture their new business idea. Think of it as planting a seed and watering it just a little bit every day. Eventually, it will turn into a plant, and you will reap the benefits.
One of the biggest mistakes people make when they have a steady job with a good paycheck is that they do not look for any additional sources of income. They feel safe and secure in their current position, but the truth is that things are no longer safe for most 9 to 5 employees.
Many people have decided to become their own boss, achieving success. You need to take your time and evaluate what you can do on your own to see how viable it can be for your future.
Our goal is not to convince you to quit your day job. The goal is to help you determine if keeping your 9 to 5 is the best idea for your long-term financial success. Once you decide that, you will have a broader view of the possibilities that could encourage you to start your own business.