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Is it Time to Quit Your Job?

It's Thursday. Which means a lot of you are probably starting to look forward to the weekend. That alone might not be a sign you should quit your job, but read on for 4 signs that are - and the impacts they can have on your finances.

You're not getting paid enough. Either because you've been at your company a long time, you've got skills they aren't paying you for, or you failed to negotiate up front, not getting paid enough is number one. It's the unfortunate truth that you are more likely to get more money switching jobs, than you are from your current employer. Waiting around for your company to recognize your worth and reward you for it, is futile. Be your own best advocate, check out a salary calculator (Salary.com or Payscale.com) to see how much you should be making, and don't take less than you deserve.

More income is the best way to improve your ability to become financially secure. It impacts how much you will earn via future raises, how much you can save for the future, and how easily you can weather a financial emergency. It drives your ability to meet your financial goals much more than trying to spend less.

You're getting paid too much. Wait, didn't I just tell you to make more money? Yes, but I also find that those of you who get paid too much have a lot of trouble as well. Your jobs are more likely to cause you stress that can lead to divorce, health problems, and high levels of anxiety. You're likely suffering from lifestyle creep that eats into all those benefits that making more money was supposed to bring.

I often work with clients who are wondering how they can live on less. They want more time with their families, more time to travel, or just more time to relax. They want to downsize from the rat race. The numbers on your paycheck aren't the only ones that matter. Figuring out what you NEED to make to reach other goals in your life can free you to consider a job change.

Your benefits are awful. Employee benefits can be a powerful tool to help you reach your financial goals. I love employers who offer great 401k plans, a high company match, Health Savings Account contributions and good insurance plans, student loan payoff, education assistance, legal plans, disability insurance, transit benefits, generous leave policies, and subsidized childcare. When you've got job offers, make sure to factor in all of these extra perks - put a dollar figure next to each one to help you compare when salaries might be unequal.

Make a list of all of the benefits you currently use and check to see if your employer offers ones you haven't taken advantage of. Then make a list of all the potential benefits that you would find valuable in a new job. Perhaps your current employer is open to adding benefits? You won't know unless you ask. Benefits that make your financial life easier to deal with can make a job decision, stay or go, become a no-brainer.

You've been thinking about it for a long time. Whether it's because your boss is awful, you don't like your work, team morale is low, or you just can't get excited to get out of bed, thinking about leaving might be a sign you need to move on. It's hard to quantify how this affects your finances, but if you're miserable in your job, you're less likely to be inspired to work on your future financial goals. Necessary tasks such as paying the bills and budgeting become even more miserable.

Understand why you've been thinking about it, and what it might mean to make a change. Are you afraid of change or the unknown? A lot of people I work with think about doing something for a long time before doing it. In the meantime, their finances get put on hold "until the timing is right". Guess what, there's not going to be perfect time to make a job change. Check out my Job Change Financial Checklist to help yourself get over that hump!