When to QUIT your job (6 RULES) — Transcript

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1. 0:00There's one question I keep getting
2. 0:01asked, and it's Nisha, when is the right
3. 0:04time to quit my job? I quit my job after
4. 0:079 years in corporate and 2 months before
5. 0:09a six-figure bonus, and I did that
6. 0:11whilst taking almost zero financial
7. 0:14risk. Fast forward 3 years, and it's
8. 0:16turned out to be one of the best
9. 0:18decisions I've made, but that is only
10. 0:20because I followed these six rules
11. 0:23first. And rule number one is don't quit
12. 0:26just because you hate your job. Quit
13. 0:29because you've made it possible to
14. 0:31leave. Because after a horrible week at
15. 0:34work, or when your boss says something
16. 0:36that just pushes you over the edge, most
17. 0:38of us have had that moment where we
18. 0:40think that is it. I'm done. I'm handing
19. 0:43in my notice. And in that moment, it
20. 0:45sounds like the best idea ever, because
21. 0:48there's no more annoying emails that
22. 0:49you're going to have to deal with, no
23. 0:50more Sunday night anxiety, no more
24. 0:51waking up on Monday wishing you were
25. 0:53somewhere else. But, what we don't think
26. 0:55about is the possibility of
27. 0:58fast-forwarding a few weeks where you're
28. 1:00sitting at home, you've got a rent or
29. 1:02mortgage to pay, bills coming out of
30. 1:03your account, and suddenly you're
31. 1:05thinking, wait, how am I going to pay
32. 1:08for all of this? And that freedom that
33. 1:10you were so excited about doesn't feel
34. 1:13quite so freeing anymore, because now
35. 1:15maybe you're having to rely on your
36. 1:17partner financially, which you don't
37. 1:18want to do. Or you're dipping into your
38. 1:20savings every month, and you're feeling
39. 1:22stressed out, and now you're wishing
40. 1:24that you probably hadn't quit in the
41. 1:25first place. And eventually, you start
42. 1:27thinking, maybe I should just go back.
43. 1:29Because what you've done is swap one
44. 1:31type of stress for another. So, before
45. 1:34you quit, you want to make sure you can
46. 1:36actually afford to live without that
47. 1:39salary coming in. And there are three
48. 1:41ways you can do that. Which one you go
49. 1:43for really depends on your personality
50. 1:45and financial situation. So, option one
51. 1:48is cash. Work out everything that you
52. 1:51actually need every month to survive.
53. 1:54I'm talking about your essential
54. 1:55expenses like your rent, bills,
55. 1:57groceries, insurance, debt repayments,
56. 1:58things that you genuinely have to pay
57. 2:00for. Then, multiply by six and multiply
58. 2:02by 12. That range
59. 2:05you want anything between that range
60. 2:07saved up, depending on how cautious you
61. 2:09want to be. And you might be thinking,
62. 2:11"Why are you recommending 6 to 12
63. 2:13months? That's quite a lot. Isn't your
64. 2:14emergency fund only meant to be 3 to 6
65. 2:16months? That's what you say in your
66. 2:17other videos." Well, my answer is your 3
67. 2:20to 6 months of emergency savings is
68. 2:22there for the unexpected. If you
69. 2:23suddenly lose your job or you have an
70. 2:25unexpected expense. It gives you enough
71. 2:27time to get back on your feet without
72. 2:30immediately panicking about money.
73. 2:32But, when you're choosing to quit your
74. 2:34job, you're probably not going to get a
75. 2:36redundancy package, and you're probably
76. 2:38not planning to start applying for
77. 2:39another job the very next day. You're
78. 2:41quitting because you want to take some
79. 2:43time to do what comes next, whether
80. 2:45that's starting a business, whether
81. 2:46that's changing careers, whether that's
82. 2:49creating something on the side, or just
83. 2:50simply taking a break. And if that's
84. 2:52what you're doing,
85. 2:53I want you to have enough money
86. 2:55so that your lack of savings doesn't
87. 2:58become the thing that you're thinking
88. 2:59about every single day, and that
89. 3:01eventually forces you to go back. You
90. 3:02want enough money behind you so that you
91. 3:04can actually focus on the reason that
92. 3:06you've quit in the first place. And if
93. 3:08you're watching this video and you're
94. 3:09thinking, "That is going to take me
95. 3:11forever to save up." Well, that's where
96. 3:14option two and three comes in, and I did
97. 3:16option three. So, option two is having
98. 3:18another source of income
99. 3:21that can cover just your essential
100. 3:23expenses. I'm not talking about
101. 3:25everything, just the same number that
102. 3:27you've added up in option one, your
103. 3:28fundamental expenses. If you go for
104. 3:30this, you don't necessarily need 6 or 12
105. 3:32months of expenses sitting in cash if
106. 3:34you already have that money coming in
107. 3:36somewhere else. Maybe you've started a
108. 3:37business on the side, maybe you
109. 3:38freelance, maybe you have rental income,
110. 3:40or
111. 3:41investment income coming from your stock
112. 3:43portfolio. The point is that your salary
113. 3:45isn't the only thing that you have to
114. 3:48rely on to keep yourself afloat. But,
115. 3:50this is important. I wouldn't count on
116. 3:51this just because you've had one good
117. 3:54month. I wouldn't say, "Okay, I've got 1
118. 3:55month of proof and I'm going to quit."
119. 3:57I'd actually want to see that income
120. 3:58consistently cover my living expenses
121. 4:01for at least 3 months in a row. Because
122. 4:04that tells me that that isn't a fluke.
123. 4:07It might not be a guarantee that my that
124. 4:09income's going to last forever, but it
125. 4:11does give me a better indication that
126. 4:12I've got something built that I could
127. 4:14actually reliably rely on. And the more
128. 4:16predictable that is, the less cash you
129. 4:18need sitting on the sidelines because
130. 4:20you can confidently still walk away from
131. 4:21your salary without thinking, "How am I
132. 4:23going to pay for my basic living
133. 4:24expenses?" And then, option three. And
134. 4:26that is a combination. So, I had some
135. 4:28cash saved, around 9 months of my living
136. 4:31expenses, and I had enough money coming
137. 4:33in through my YouTube channel and my
138. 4:35investment portfolio to cover my living
139. 4:38expenses. So, I had the security of
140. 4:40knowing that even if things didn't work
141. 4:42out immediately, I wasn't going to run
142. 4:44out of money and didn't need to rely on
143. 4:45anything else. And honestly, that
144. 4:47feeling of just knowing you have a
145. 4:49financial buffer behind you of some sort
146. 4:51and a proof of concept, which I'll talk
147. 4:53about in a moment, that idea can make
148. 4:56such a difference to how you approach
149. 4:58the next thing. So, if you want to know
150. 5:00how I kept my living expenses low at the
151. 5:01time when I made this decision, I've got
152. 5:03a video here that breaks it all down and
153. 5:05how much I spent in a week. And if you
154. 5:07want to know how I built my investment
155. 5:08portfolio so that it could cover my
156. 5:10living expenses and I didn't need to
157. 5:12rely on a salary, I've also got a free
158. 5:14workshop happening this Sunday. All the
159. 5:16details are in the description. It's 45
160. 5:18minutes and it's completely free. Now,
161. 5:20moving on to the second rule, and that
162. 5:22is a quiet quit to reclaim your time.
163. 5:25So, when I started this YouTube channel,
164. 5:28I was still giving my job in banking my
165. 5:31absolute all. I was trying to exceed
166. 5:34expectations. I was trying to go above
167. 5:35and beyond and be the best employee I
168. 5:38could possibly be. And in hindsight, I
169. 5:41wouldn't have done it that way. So, I
170. 5:42started creating content in December
171. 5:442021, but until August 2022, my job was
172. 5:49still the priority and whenever work got
173. 5:50busy, creating content on YouTube was
174. 5:53the first thing that suffered. So, I'd
175. 5:54go weeks, sometimes months without
176. 5:56posting or without doing anything
177. 5:58creative. And I felt so guilty about
178. 6:00doing anything less than 100% at my work
179. 6:03that I'd rather let my passion project
180. 6:04suffer. Eventually, I realized what I
181. 6:06actually needed was more time and
182. 6:08uninterrupted focus. So, I went through
183. 6:09multiple interview process, got another
184. 6:11job just so I could take some time off
185. 6:13in between to be able to focus. Now, if
186. 6:16that same thing happened to me today and
187. 6:17I was in that same position, I'd
188. 6:19approach it slightly differently. I
189. 6:20wouldn't over invest in a career that I
190. 6:23already knew I didn't want long-term and
191. 6:26I probably wouldn't waste energy
192. 6:28applying for new jobs. Instead, I would
193. 6:30quiet quit. Meaning, I'd do the minimum
194. 6:33that I need to do. So, I'll still
195. 6:34protect my reputation because you never
196. 6:36know who you might end up working with
197. 6:37in the future, but I would stop giving
198. 6:39the company all my time and energy and
199. 6:42I'd use that saved energy and time to
200. 6:44focus on what's next. Because really, if
201. 6:46you've decided you want to quit your
202. 6:47job, then your job should really be
203. 6:50funding your next move. It shouldn't be
204. 6:52getting in the way of it. And that is
205. 6:53where we move on to rule number three,
206. 6:55which is and I cannot emphasize how
207. 6:57important this is because I might sound
208. 6:59a bit inconvenient when I say it and you
209. 7:00might have to give up some of your
210. 7:01personal time to do it, but it's so
211. 7:04important. And that is test what is
212. 7:07next. One of the biggest mistakes you
213. 7:10can make when quitting your job is
214. 7:11assuming that whatever you do next will
215. 7:14automatically be better. Because
216. 7:17sometimes you don't actually want to
217. 7:19quit your job, you just want to quit the
218. 7:21current situation that you're in. What
219. 7:23do I mean by this? Say you hate your
220. 7:25boss, you're burnt out, you're bored,
221. 7:27you're unfulfilled, you're underpaid,
222. 7:28and suddenly you're thinking, "Maybe
223. 7:30I'll start a business. Maybe I'll become
224. 7:31a creator. Maybe I'll completely change
225. 7:33careers." But just because something is
226. 7:35different doesn't mean it's better than
227. 7:38the thing you have right now. So, before
228. 7:41you quit, test it. If you want to start
229. 7:44a specific business, start it while you
230. 7:46still have your salary. Get a customer.
231. 7:48Make your first £1 or $1. If you want to
232. 7:51change careers, talk to people actually
233. 7:53doing the job of the career that you
234. 7:55want to do. Find out what their
235. 7:56day-to-day is really like, including the
236. 7:59parts that they hate. And if you can,
237. 8:01find a way to actually shadow them or
238. 8:02try the work before you commit to it. If
239. 8:05you want to become a creator, start
240. 8:07creating. Don't wait until you've quit
241. 8:09your job. Don't wait until you've bought
242. 8:11that camera that's fancy and announced
243. 8:13your new career to everyone. Just start
244. 8:15making the videos now with your phone
245. 8:18and see whether you actually enjoy
246. 8:19creating and whether anyone enjoys
247. 8:22watching them. I'm not saying you need
248. 8:23to prove that your new life will
249. 8:24definitely work, but you do just need
250. 8:26some
251. 8:27proof of concept. Something that makes
252. 8:29you think, "I've tested this for myself
253. 8:31and I know that there's something
254. 8:32there." And if it doesn't work, you try
255. 8:34something else, and then you try
256. 8:35something else, and you try something
257. 8:36else, and you try the next thing. You
258. 8:38just don't want to quit your job and
259. 8:40then discover that the thing you thought
260. 8:41you wanted isn't actually what you
261. 8:43wanted at all. And the beauty about
262. 8:45doing it this way is you're
263. 8:46experimenting while you're still getting
264. 8:48a salary. Number four, calculate the
265. 8:50total cost of saying. There's this quote
266. 8:53that you've probably heard of, and it's
267. 8:54if you love what you do, you'll never
268. 8:56work a day in your life. I don't believe
269. 8:58you need to love your job, but I do
270. 9:00think you need to ask yourself, "Is the
271. 9:02money I'm earning worth what I'm giving
272. 9:05up to earn it?" So, when I was deciding
273. 9:07whether to leave my job, I knew I was
274. 9:09potentially giving up a lot of money. At
275. 9:12the time, I thought my side hustle was
276. 9:15going to pay me around $3,500
277. 9:17equivalent a month, and my day job was
278. 9:20paying me over $20,000 equivalent a
279. 9:22month. Both of these numbers are
280. 9:24pre-tax. So, financially, on paper, that
281. 9:27looked like a really terrible trade. I
282. 9:28was potentially giving up more than
283. 9:30$200,000 a year to do something that I
284. 9:32had no idea whether or not it'd become
285. 9:34anything big. But for me, at that point
286. 9:36in my life, it was totally worth it
287. 9:39because I got a completely different
288. 9:41kind of fulfillment from teaching people
289. 9:42about personal finance. I enjoyed making
290. 9:44the videos. I enjoyed having an impact.
291. 9:46I enjoyed the freedom doing my own
292. 9:48thing, and I could see myself being much
293. 9:50happier doing this than spending another
294. 9:53year in a job that I'd grown to hate.
295. 9:55And that job, despite it making me way
296. 9:58more money, was now costing me in
297. 9:59pursuing other opportunities. It was
298. 10:01costing me my relationships. It was
299. 10:03costing my health, my energy, and
300. 10:04ultimately the life that I wanted to
301. 10:06build. But, but, but, that doesn't mean
302. 10:10this is the same decision that is going
303. 10:11to work for you. And in fact, I have
304. 10:13some friends making over 200,000,
305. 10:16300,000 a year now, and they absolutely
306. 10:19hate what they do. But that money is
307. 10:22paying for the beautiful home that
308. 10:24they've bought. It's paying for a
309. 10:25full-time nanny. It's paying for
310. 10:26incredible experiences with their
311. 10:28family, for financial security, for
312. 10:30opportunities for the children that they
313. 10:32didn't have growing up. So for them, the
314. 10:34trade-off is worth it. They're willing
315. 10:37to give up some fulfillment and fun and
316. 10:39maybe some freedom in exchange for the
317. 10:41things that money enables them to have
318. 10:44because those things are what they value
319. 10:47more. And neither
320. 10:49is right, neither is wrong, but you do
321. 10:51have to ask yourself,
322. 10:53"What is this job costing me, and is the
323. 10:56trade-off worth it?" If you're watching
324. 10:58this thinking, "I'd love to start a
325. 11:00business one day," chances are you
326. 11:01probably already have an idea. The part
327. 11:03that is stopping you is everything that
328. 11:05comes after. Building a website, setting
329. 11:07up payments, managing inventory,
330. 11:09shipping orders, it can feel very
331. 11:11overwhelming and has definitely kept me
332. 11:14overthinking for far too long. When I
333. 11:16started my business with Shopify, it
334. 11:17took away all of those constraints. It
335. 11:19handled the technical side so I could
336. 11:21focus on what I actually enjoyed, which
337. 11:23is creating content, building a
338. 11:25community, and a product. Having one
339. 11:27platform that streamlines the setup and
340. 11:29the back end is such a huge unlock.
341. 11:31Whether you're selling online or in
342. 11:33person, Shopify has everything you need
343. 11:36to help you do that. And it grows with
344. 11:38you as your business grows, whatever
345. 11:40stage your business is at. So, if you
346. 11:42haven't already, sign up at
347. 11:44shopify.com/nisha.
348. 11:46That's shopify.com/nisha.
349. 11:50Number five, be really aggressive with
350. 11:52your money right before you quit.
351. 11:55Because the months before you quit are
352. 11:56not the time to start spending more
353. 11:58because you're thinking, "I'm miserable.
354. 12:00I hate my job, so might as well enjoy
355. 12:01the money whilst I'm here." I would
356. 12:02actually, and what I did was the exact
357. 12:05opposite. I got extremely disciplined
358. 12:07with my money and really cut out any
359. 12:10unnecessary spending. I would pay down
360. 12:11any debt. I'd
361. 12:13massively build up my cash reserve. I'd
362. 12:15cut back on all the things you want but
363. 12:16don't actually need because every extra
364. 12:20you save now is money you don't have to
365. 12:22earn or think about immediately after
366. 12:24you leave. And you'll be very, very,
367. 12:26very thankful that when you're on the
368. 12:27other side of that decision. Because
369. 12:28that discipline that you really had up
370. 12:30until the time that you quit, maybe it
371. 12:32gives your business another six months
372. 12:33to work. Maybe it simply means you can
373. 12:35say no when the wrong opportunity comes
374. 12:37along. Maybe it means having
375. 12:39another month off. And you don't have to
376. 12:42live in this extreme disciplined place
377. 12:44forever. You're just creating a
378. 12:46temporary period of financial intensity
379. 12:50so that when you leave, you have as much
380. 12:52freedom in that part of your life as
381. 12:55possible. And number six, I have here
382. 12:58follow the law of least regret. You can
383. 13:00do everything I've talked about in this
384. 13:02video and still not feel ready. You can
385. 13:05have the savings, you can have the plan,
386. 13:07you can test what's next, and you can
387. 13:09still think, "What if I make the wrong
388. 13:11decision?" And when I got to this point,
389. 13:14I
390. 13:16used the law of least regret.
391. 13:18Ask yourself, "Which decision am I least
392. 13:22likely to regret?" So, imagine yourself
393. 13:2510 years, 20 years from now.
394. 13:27You stayed, you made good money, you
395. 13:29were comfortable, maybe your life was
396. 13:31pretty fine, but you never found out
397. 13:34what could have happened had you left
398. 13:36and given that thing a go. Now, imagine
399. 13:39the other version. You left, you gave it
400. 13:42a shot, whatever that thing is that you
401. 13:43wanted to do. Maybe it paid off, maybe
402. 13:45it worked brilliantly, maybe you had the
403. 13:47best time of your life. Maybe it didn't.
404. 13:49Maybe you eventually had to get another
405. 13:51job, but at least you know you tried.
406. 13:55Which version would you least regret?
407. 13:58So, for me, the answer was super clear.
408. 14:00If what I was creating on the side had
409. 14:02never taken off, and today I was still
410. 14:04in banking, I don't think that I would
411. 14:07be that upset. I'll be able to look back
412. 14:09and say, "Well, I tried. It didn't work,
413. 14:11but at least I gave it a shot, and now
414. 14:13I'm really grateful that I have this job
415. 14:14because I've tested the alternative, and
416. 14:17I'd rather have a salary and something
417. 14:19that I can rely on." But,
418. 14:21if today I was still in banking, looking
419. 14:25back at my life, and I thought, "What
420. 14:27could I have built if I just given
421. 14:29myself the chance?" That would be a
422. 14:31position that I would really regret.
423. 14:34Most failure is recoverable. You can get
424. 14:36another job, you can make more money,
425. 14:38you can change direction, but some
426. 14:40opportunities, they are time bound. They
427. 14:42don't always come back. You might only
428. 14:44have a certain amount of time or energy
429. 14:46or freedom or appetite for risk at any
430. 14:48given point in your life. And if you
431. 14:50keep telling yourself, "I'll do it one
432. 14:52day," you might eventually find that
433. 14:54that one day has passed and it's not
434. 14:57coming back. So, if you're at a place
435. 14:59where you're at crossroads, ask
436. 15:01yourself, "Which of these decisions will
437. 15:03I most regret 10 years from now?" Thanks
438. 15:06so much for watching. If you like this
439. 15:07video, you might enjoy this video, which
440. 15:09is all about how life is so short and
441. 15:11how to spend it wisely, and how to take
442. 15:12some risks. Thanks so much for watching.
443. 15:15See you later.