My Personal Finance Story: Quitting a High-Paying Job, Here’s What I Learnt

I was once an IT engineer. After studying (or pretending to) for many years I started my career in an MNC, switched jobs, moved up the ladder and 11 years later was heading a team of 5 at a well known Telecom MNC. The salary credit SMS from my bank on the 1st of every month used to put a big smile on my face month on month. And then I quit the job, initially thinking of it as just a short break to spend some time with my 18-month-old son. However, the break turned into a career change, and here I am 7 years later doing work in the food industry, something I would have never imagined in my life earlier. Do I regret it? Hell, no! But could I have done a few things better? When I look back, the answer is a resounding Yes especially when it comes to handling my finances. So here is what I learnt in my roller coaster journey from a high-paid executive to the one with no income to now when finally there is a steady income.

Build a Run Up and a Security Net

I know a lot of times, quitting a job to follow your passion is impulsive but planning it is going to help you in more ways than one. Have a timeline set where you give yourself 6 months or so to ease out of your job, build a financial corpus and a security net which will see you through the initial phase. Use this time to plan how are you going to earn some money, maybe do a couple of smaller test projects along with your job.

Put your Passion to Scrutiny

This is probably the toughest to do when we are passionate about something, we faill to see the problems. But work with sheets, data and plan exactly how you are going to be making money from your passion. Set a realistic goal initially. It is okay to not target what you were making in your job but set a number you can live with and a plan on how to reach there.

Keep a Lifestyle Check

Another very tough thing to do, it might be while before the money starts to come in. Are you ready to do some lifestyle adjustments to keep pace till that time? I know it is selfish but if you are married and have a partner having a talk with them and leaning on their steady income for a defined period is a wise idea.

Passion is Not for Free

Last but not the least, in a country like India people assume that if you are doing it out of passion you don’t need to ask for money for it. Worse if you are an artist or creator. This is a battle you will have to fight all through. Many times you will be tempted to do something for free to get a break in the system but remember it is a vicious cycle if you do so. As a matter of principle, I don’t work for free and no one should. Remember this as a golden rule because there will be times when you will be tempted to work for free. There will also be times when you will be frustrated because things are not going your way but hold on, if you are true to your work the tide will turn. Just have a timeline in mind.

And most of all, be ready to find a new passion or a hobby because as much as it is exciting and fulfilling to turn your passion into paying work, one still needs something to do to tune off the stress. Good luck and enjoy the ride. Money will usually follow.

Monika Manchanda is an IT person turned into a food blogger, consultant, home baker and a amatuer food photographer. Sin-A- Mon Tales is her canvas for food memories. She is also a web columnist, food consultant for menu and recipe design and takes culinary workshops for adults and kids. She is also an avid reader and a traveler.