- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
6 Things To Do Before Tendering Your Resignation
For many of us, the office has become the only place with any hint of a social life. But for many others, it is a place of disgusting politics, mental abuse, or even a soul-sucking black hole.
What used to be a virtue to stay with an employer for years has changed. These days, you could be greeted with raised eyebrows by just mentioning that you have stayed loyal with the same employer for 3 years.
Maybe you have finally made the decision to go into real estating full time, maybe your dream job has just become available, or maybe you need to leave the current employer for personal and family reasons.
There are countless other reasons why you might want to leave your company. It could be that you are severely underemployed, your boss has an addiction to mentally torturing subordinates, your colleagues at workplace are too boring, or simply that you are overworked and underpaid.
Whatever the case, if you have already decided to leave your job, hold your horses!
Take a step back and consider the following things before slapping your resignation letter on the desk of Human Resource.
1) Check the details of your benefits
Even though many of us know the benefits we are entitled to better than we know our jobs, there are a lot of people who don’t keep track of them too.
If you are one of those who don’t scrutinize benefits, it is time to act.
These are your entitlements and no one can fault you for utilizing them. Everybody would probably be doing the same as well.
What you specifically want to look for are any benefits that are set to reap big rewards from by staying a little longer at the company.
For example, the obvious one is that you will be a fool to leave the company now when the annual bonus is set to be announced in 3 weeks.
Other such benefits could include those regarding:
- pension plans
- social security
- company loans, etc.
As weird as it sounds, there is a strategy to choosing a date to submit your resignation letter. But you don’t have to feel guilty about having a game plan. Your organization can do the same to you without blinking if they have to.
The rules are written and that serves as a basis for you to act accordingly as long as you don’t break them.
2) Make full use of the benefits you are entitled to
When benefits come with your pay package, you will be a fool not to use them.
Now that you are still employed by your company, book your dental appointments, get your health screening done, max out that reimbursement for new glasses, etc.
You know that MRI spinal scan you have been holding off? It’s time to book a slot with the clinic.
Some big retailers or service providers also have special tie-up rewards for employees of certain organizations.
If you work for a multinational corporation, the odds are high that there is a flurry of discounts and privileges you can get just by displaying your staff pass.
For example, you could have a special corporate deal for mobile plans, a corporate discount for buying your groceries from a specific supermarket chain, or even a staff discount for your company’s own products.
Make your purchases and get everything you need before leaving your job.
3) Borrow what you need from the bank now
If you already foresee that you will need to borrow cash, it is advisable that you do it now.
Because once you quit your job and do not start a new one immediately, a lender might classify you as jobless without income.
This will make it difficult for your to even obtain a basic credit card, let alone a loan.
For example, if you have an intention to buy a house in 1 month, you might want to get your mortgage now or delay your resignation.
Can you imagine buying your house and finding out later that no lender will approve your loan?
No income = no credit.
Other credit facilities you want to think about include study loans, renovation loans, personal loans, car loans, etc.
Some people have a plan to draw down their home equity via a HELOC or term loan to live on after leaving employment.
If this is your plan, you want to apply and acquire these facilities before you quit.
You will find it tough to obtain these facilities once you have no job. And if you are starting a business after resignation, you might have to wait a couple of years for income to stabilize before a lender would entertain any application for credit facilities.
4) Pay off your bills
Sometimes, it’s not that we are too broke to pay up the bills. Sometimes we are just too lazy and purposely want to make our creditors wait for their money.
The most common one I can think of is the phone bill. It is something that I almost always pay after the due date. And I do this consciously.
But when you are serious about quitting your job, you want to clear off all those outstanding bills and debts.
If you are unable to, why are you quitting anyway?
Not only clearing them off will give you less stress, it also helps to improve your credit rating when these financial liabilities are from the bank or other lenders.
5) Get material that helps your new job
I’m not talking about commercial espionage. But rather, about gathering things like “best employee” certificates that will aid you in getting a new job. If you had put your blood and tears into your position for the last 3 years, it will be a travesty not to have your hard work on record.
You might not be one to blow your own trumpet. But you cannot deny the fact that it could help in getting your next job. There is no harm that these recognitions can do to you.
Your direct superior or department manager are the best people to endorse your colorful testimonials. They can also be your references should you still be on good terms with them.
So avoid bad-mouthing anyone when the finishing line is in sight.
6) Save your contacts
The relationships you’ve built in the office are real.
And one day these relationships could make a big difference on where your career goes.
The obvious reason why you have to do this now is because your company might revoke your access to the contacts file to prevent leaking customer contacts.
Even if you are going into a totally different industry, it is possible that some of your former colleagues and business acquaintances might move into that industry as well.
This is when you can build something out of the relationships you have built up in your former job.
However, do check whether retaining these contacts are against corporate policies.
Finally, before you start to embark on a new adventure, why not take a break and do a little travel to clear your mind.
This is definitely something you should do if you are the type who deprive yourself of these simple enjoyments. Without work stress, this is the best time to go for a vacation.
Feeling recharged and refresh will give you a clearer mind in making your next move in your career… be it in real estate or not.