Many Ask: Is it a Bad Time to Change Jobs?
Not a lot of people are lucky enough to truly love their job. While the pay and benefits might be great, just getting up and heading out the door isn’t always an exciting or even appealing idea. So, the only solution is to find a new job, but in the current economy many people often wonder - is it a bad time to change jobs?
The problem with switching to a new company or even a new career is often the fact that many people live paycheck to paycheck, and ending employment to dedicate time to a job hunt might be impossible due to the total lack of income that would occur during such a time.
Are there any solutions for those considering a job hunt? Many financial experts suggest putting aside a few months of expenses as a means of establishing financial security, but this is often impossible. Some people actually use their vacation time to do a job hunt, but this too can be difficult because a single week does not allow for a great deal of time or potential. So, where can a consumer turn to find financial support that would help them complete a job hunt?
Currently, there are a few options for obtaining income while looking for work, and these include credit card advances, personal loans and payday loans. Each has its benefits and drawbacks, and each will require the individual to consider the impact of such a move on their credit and their budget, but their availability makes it much easier to answer the question “is it a bad time to change jobs?”
First, the use of a credit card advance is for those with accounts that can make such funding available. The funds supplied through the advance will be added to the total balance, with a higher rate of interest accruing, but with the same repayment terms. While this is a fast and simple approach to getting some quick funding, it might be extremely costly over the long term.
Next, a consumer who is wondering “is it a bad time to change jobs?” might also consider a personal loan. Of course, this is something most banks will require a valid reasoning to obtain. For example, a consumer who says they are about to quit their job will probably be declined on their application because the bank has no guarantee that they will be repaid.
Finally, there are payday loans. These are available to almost anyone who applies and they require no credit check or mountains of documentation. For someone who is wondering if they can survive during a job hunt, a payday loan can ensure a fixed amount of income.
Many wonder if it is at all advisable to entirely quit before looking for new work, and there is no single answer to such a question. The things to consider are the individual budget, monthly or weekly expenses, benefits plan and other items that come with the job, such as retirement income and vacation or sick days. These issues can really help to answer the question because they can really address whether an equivalent job can be found.
Doing some advance planning and investigation is often quite eye-opening because it reveals some truths about an individual and their career. For instance, someone who believes they are unhappy in their job, and who has decided to switch jobs might determine that they “have got it good” right where they are after investigating employment elsewhere.
Of course, this can work in the opposite direction as well, and someone who does a little bit of leg work may discover that the answer to “is it a bad time to change jobs?” is a definitive “no”.
This brings us back to issue of financing the job search. If that little bit of investigation has determined that a new job might not be a bad idea, then it is time to sit down and work out a realistic plan of attack and a realistic budget.
This budget must include everything from upcoming bills or expenses to such things as food and “everyday” essentials. With this figure in hand the individual should consider the best way to give notice at their job. Two weeks is the traditional amount of time, and the budget must include the last two weeks at work as well as the two weeks following.
This is the total amount that should be requested for the payday loan or personal loan, and the repayment plan should be addressed at the same time. This should allow for flexibility because a delay in finding work could mean that repayment terms may need a bit of alteration. There are some excellent and reliable lenders who provide such accommodation and flexibility with all of their loan products.
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This entry was posted on Thursday, July 23rd, 2009 at 8:30 am and is filed under Jobs & Employment. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
