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Life Kit

Can I afford to quit my job?

Life Kit

NPR

Education, Self-improvement, Health & Fitness, Business, Kids & Family

4.54.9K Ratings

🗓️ 28 February 2023

⏱️ 19 minutes

🧾️ Download transcript

Summary

Longing to quit your job and follow your passion? Or perhaps take a break to travel? Or move to a new place? First, you'll need to look at your finances. In this episode, Jill Schlesinger, a certified financial planner and business analyst for CBS News, walks through her five steps for assessing your financial situation before a possible life change.

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Transcript

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0:00.0

You're listening to LifeKit from NPR.

0:05.4

Hey everybody, Mary El Cigara here.

0:09.0

Have you ever found yourself toiling away at work,

0:12.0

feeling completely burnt out and thinking,

0:15.0

you know, what if I just quit?

0:17.6

Could I do that?

0:19.2

Or maybe your work situation isn't dire,

0:21.8

like it's fine, but you're ready for something new.

0:25.1

You wanna try another kind of job

0:26.6

or start your own business.

0:28.8

Or maybe you wanna leave a marriage

0:31.3

or move from your cold, dreary home state

0:34.6

to a tropical climate

0:36.4

that also happens to be more expensive.

0:38.9

So often these callings feel impractical and out of reach

0:43.6

and you might feel like,

0:45.2

how could I leave something I've invested so much into?

0:48.9

This is called the sunk cost effect.

0:50.4

It's actually like behavioral economics

0:53.3

and it's actually pretty dangerous

0:55.7

because just because you've sunk some time, energy

0:59.5

and money into something

...

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