Can you afford to quit your job and be part of the Great Resignation?

[gregkl]

Says many people are leaving their jobs for better jobs, but then says more people are quitting than being hired.
huh

I read an article in LinkedIn that said that many of this so called "Great Resignation" are people leaving for better jobs. But there is a number of people opting to retire earlier than planned. So, based on this its some of both; getting better/different jobs and getting out completely.

Either way I guess calling it the "Great resignation" is somewhat accurate.

 

[1gunaholic]

Somebody needs to talk to Brandon and Harris about following this trend.

 

[KittySlayer]

I think they're talking about maxing out their contributions to their 401K's.

Yes, maxing out the tax deferred contributions limited by law. You can save more for retirement outside your 401(k) plan if you choose. I usually max out at Thanksgiving so those fatter paychecks are nice around Christmas.

 

[yeahbaby]

Keep getting closer every day as I have been maxing out the 401(k) for the last several years. Two years from my planned date but close enough to quit if I had to. Have one annoying executive manager whose behavior may push me over the edge sooner than planned because I am old enough I don't need to be treated like that and won't tolerate it. If Biden can keep from F'n up the stock market I am good to go soon.

Interesting that at the same time there is a trending post on Quick/Cheap meals. Might have to make some recipe cards. Although right now I am getting ready to go to Ruth's Chris for a free steak for an Investment Advisor's dog and pony show.

I was really fortunate in that the last few bosses I have had were great. Although over the years I worked for some real losers. Nothing worse than working for a jackass boss. It sure makes being motivated for work tough. I think the worst are the micro-managers. I was a manager and always treated my employees with respect.

 

[Vodnik4]

The pandemic craziness just brought to a point several issues that were festering for a while in my workspace. But work was going, money kept flowing, and it was easier to stay.
Last year, boss and all the coworkers kept pestering me about the jab, and I got vaccinated just to keep working. But that completely broke the trust and ended the stable, if not exactly happy, existence.

Now that the economy is more stable, I’m looking to change jobs — and as long as I’m at it, looking for promotions, better projects, better work environment. As previous poster stated, quitting one job for a better one.

 

[Shadow01]

I retired from my primary job with a lump sum pension at age of 50. I got a new job to allow my rollover to grow and count time until I am 59 1/2. Push comes to shove, I can walk out now at 56. That almost happened with the vax mandates and could be a reality as my employer said all exemptions will be re-evaluated in the future. I have zero concerns if I become a walkout.

 

[Crash7]

I can retire about 6 months after I die...


Sent from my iPhone using Tapatalk

 

[Wstar425]

Yes. But maybe not in America. And maybe not for people. But maybe.

New law in the works to get your CDL you must have attended a school. Can’t heve your dad or uncle train you then take the driving test and get your license anymore. That’s about $6000.00, but of course companies will sign you up to indentured servitude and pay that for you. Meaning they deduct it from your check and pay the bill for you with your money, not theirs. What a deal. But they pay it!!??!!

Still, probably quite a bit cheaper than becoming a heart surgeon. Anyway, truck drivers are heart breakers, not heart takers. Also, we never die we just get a new Peterbilt.

 

[jake blue]

Before the Great Resignation I couldn't afford to quit. Due to COVID, the Great Resignation, and all the other roller coaster loops we've been through the last two years, now I'm making so much more money doing the very same job that I don't WANT to quit!

I can't speak for any other career fields, but a lot of company truck drivers have finally begun to be realized for the truly essential role they play in the economy and compensated appropriately for it. Even if I had a notion to quit, I can't in good reason give up what suddenly became a six-figure annual income and I only work 4.5 days a week, home every weekend!

This is nearly what truckers would be making if their income had kept pace with inflation since the era of trucking deregulation! So even with a $6k front end investment for the schooling, that's a small price to pay based on the earning potential as it is today. Now whether it remains this lucrative in the long term only time will tell and history suggests it won't but in the meantime I'm fattening up my bank account! If it does turn mediocre again then I'll reevaluate my position at that time.

 

[jake blue]

Without taking this too far off topic but I might also mention that this is part of the problem with the supply chain disruptions. Because fuel is a trucking company's second largest expense after payroll, when they have to raise pay to recruit or retain drivers and then diesel skyrockets 40%, freight rates inevitably go up and shippers sometimes can't afford to pay these higher rates. The index for this is called Rejected Tender Index and it has been climbing steadily since 2020. Industry wide rejected rates average 25-30% which in simplest terms means 25-30% of goods don't get put on a truck simply because the shipper can't get anyone to pick it up for the price they're willing to pay. Then they either go back with a higher price or find an alternative mode of transportation but this inevitably falls back to the consumer in the form of higher prices. So when you see that empty shelf in the store that was full last month, it's probably because the trucking company raised their rates and the manufacturer or distributor couldn't afford to increase without renegotiating their prices to the receiver retroactively.

 

[Timjoebillybob]

I'm the same age as you and just paid off the last of my debts (except for the mortgage). My plan is to get aggressive with the mortgage payments now. I recently refinanced from a 30 year to a 15 year, which meant a big jump in the monthly payment, but without the other debt, I'll still be able to pay well above my standard payment. I'm hoping to retire at 67. Don't think I'll have the house quite paid off by then, but I'll be a lot closer.

Instead of just paying extra, you may want to look into getting an amortization schedule from your mortgage holder. It will list all payments remaining and the amount of principal and interest for each payment. If you just pay extra it will come off the "end" of the loan highest principal and lowest amount of interest. But you can specify where you want the extra to go. So you can pay off the principal of the earlier payments and not pay the interest on them, rather than pay off the later payments where less goes to interest.

Interesting that at the same time there is a trending post on Quick/Cheap meals. Might have to make some recipe cards. Although right now I am getting ready to go to Ruth's Chris for a free steak for an Investment Advisor's dog and pony show.

Dang Ruth's Chris for a free meal? I've been to a couple of those and best I got was chicken or fish at a admittedly decent restaurant but nothing like that.

 

[KittySlayer]

Dang Ruth's Chris for a free meal? I've been to a couple of those and best I got was chicken or fish at a admittedly decent restaurant but nothing like that.

I don’t know what mailing list I ended up on but I get about four of these types of invites for steak dinner offers each year and the wife and I go to one or two. Drinks are on your own ticket so it is not totally free but still a cheap date night. I like to hear what other advisors have to say and it reinforces I’m working with a smart advisor.

 

[Timjoebillybob]

I don’t know what mailing list I ended up on but I get about four of these types of invites for steak dinner offers each year and the wife and I go to one or two. Drinks are on your own ticket so it is not totally free but still a cheap date night. I like to hear what other advisors have to say and it reinforces I’m working with a smart advisor.

Not sure how I ended up on any of them myself. They weren't for financial advisors though. It was insulation, something to help with electric usage, a "fire safety" sales spiel (ended up getting kicked out of that one...) and similar.

And yep a cheap date night.

 

[guardman7]

Yes, Thanks to following Dave Ramsey.

 

[DoggyDaddy]

Instead of just paying extra, you may want to look into getting an amortization schedule from your mortgage holder. It will list all payments remaining and the amount of principal and interest for each payment. If you just pay extra it will come off the "end" of the loan highest principal and lowest amount of interest. But you can specify where you want the extra to go. So you can pay off the principal of the earlier payments and not pay the interest on them, rather than pay off the later payments where less goes to interest.

I'm not sure I'm following. Anything above and beyond my minimum payment goes to remaining principal.

For example, my monthly payment is about $1300. I recently sent them a payment of $1700. so the first $1300 goes toward my normal principal and interest and escrow, and the extra $400 goes to principal only.

 

[actaeon277]

I'm not sure I'm following. Anything above and beyond my minimum payment goes to remaining principal.

For example, my monthly payment is about $1300. I recently sent them a payment of $1700. so the first $1300 goes toward my normal principal and interest and escrow, and the extra $400 goes to principal only.

Which is why I tell new homeowners, that ANY extra payment helps.
ESPECIALLY at the beginning of the loan.
Granted, at the beginning of the loan, people usually have less extra to give.
But, if you were to take a $1000 payment..
at the beginning you might pay $100 principal and $900 interest.
So, if you paid $100 extra, it would all go to the principal, and it would be like you made 2 months payment.
But, if you paid $100 near the end, when a $1000 payment is $900 principal and $100 interest..
You only made 1/9th of an extra month payment.

 

[actaeon277]

Half a week, and my FINAL vacation will be over, and I will retired and poor like Doggy Daddy.

 

[gregkl]

Which is why I tell new homeowners, that ANY extra payment helps.
ESPECIALLY at the beginning of the loan.
Granted, at the beginning of the loan, people usually have less extra to give.
But, if you were to take a $1000 payment..
at the beginning you might pay $100 principal and $900 interest.
So, if you paid $100 extra, it would all go to the principal, and it would be like you made 2 months payment.
But, if you paid $100 near the end, when a $1000 payment is $900 principal and $100 interest..
You only made 1/9th of an extra month payment.

Yeah, that is where we are. We were doing the half payment every two weeks but when I ran the calculation, it doesn't really save us much at all.

 

[jamil]

Half a week, and my FINAL vacation will be over, and I will retired and poor like Doggy Daddy.

I told you you’d miss it.

 

[actaeon277]

I told you you’d miss it.

miss what?