July 7, 2009, 5:39 am

Think Outside the Box Before Quitting Your Job

by: The Financial Blogger    Category: Career
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boxI may suck when it comes down to ask for a income raise (I actually think it is more related to the current economic situation, but still, I am not proud of failing!), I am quite good when it comes down to come with an original solution.

I was looking for a way to make more money while working less. If I was only trying to make more money, this would have been easy; I just had to spend more time at work or find another job… This decreases your overall hourly rate, but it sure gives you more money in your pockets!

As many of you remember, I am in the process of shopping for a new job and I have to decide if I want to quit my current job or not. So here’s my situation in point form:



I should keep my existing job because:

– I like what I do

– I like my manager and my colleagues

– The time spent in the bus allows me to write my blog 😉

– Overall working conditions are pretty good (good rates on loan, shareholder’s plan, insurance, defined pension plan, etc)

– I have plenty of room to grow within my portfolio

I should quit my job because:

– I would be able to get a bigger salary elsewhere

– I would be able to work 4 times a day at some place

However:

– I owe the bank a lot of money for my MBA (3 years contract)

– I owe the bank a lot of money for my financial planner title (2 years contract)

The money owed was kind of a deal breaker when I started to look around. Other financial institutions would surely give me a bigger salary, but I would have to pay the big bucks to reimburse my MBA and financial planner title to my employer. This can discourage you from quitting your job!

So I had to find another solution. And this is what I did while sweating on the elliptical machine this morning (the only two things I had in mind was “How can I get a better job?” and “Holly …., I still have 20 minutes to go before I’m done sweating!”. So as my body was suffering, my brain was running as fast.

I am about to offer my manager to work 4 days with a reduced pay (great! This is really helping me getting more money in my pocket!). However, I will be able to work the 5th day from home on my internet company. Therefore, I should be able to draw myself an interesting salary for that “extra” day. I have made some calculation and I am getting the best of both world:

– I work less since I will work from home from 8AM to 3PM where I have to “leave” for work at 7:55 and “come back home” at 3:05.

– I will earn more since I am able to withdraw money from the company through expenses that are accepted according to the government.

– On top of that, my declared income will be lower; therefore, I will be eligible for more government allocations along with fewer deductions as taxes (marginal tax rate will decrease).

In the end, if the plan works, I will be able to still do the financial planner job which I really like along with working on my company, which I really like as well! I hope my offer will get approved so I can move on to my new business plan 😀

image source: mrpuzzle.com.au

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Comments

[…] The Financial Blogger: Think Outside the Box Before Quitting Your Job […]

Hi

I like your reasoning and wish you luck with your negotiation.

It can be hard balancing the demands of a regular job and your own business. It certainly makes things a lot easier if you are able to negotiate reduced hours. This is a good way for people to change over from their regular job to relying on their business (if that this their eventual goal).

[…] The Financial Blogger: Think Outside the Box Before Quitting Your Job […]