In this video, I cover 8 different money-related decisions to consider if you’re planning to leave your job — whether you have another one lined up or not. Here are some of the topics I cover in this video: 401(k)s, FSAs (Flexible Spending Accounts), health insurance & COBRA, life insurance, and more!

While this is a detailed video (and a lengthier one than usual!!) keep in mind that your situation may be unique with other things to consider. This is by no means an exhaustive list, but I hope it helps!

00:00 Start of video
02:15 How to fund your life
06:35 My “quit your job” fund
08:02 Where you’ll get medical insurance
10:31 My COBRA insurance
12:21 How you’ll spend your FSA
14:07 My health shopping spree
14:33 Should you wait for your next stock vest?
16:21 My golden handcuffs at Google
17:08 Who I am
17:30 What to do with your employer-sponsored retirement account
22:46 Oops I cashed out my 401(k)
24:40 What to do with unused PTO
26:12 My “extra” PTO
26:57 What you’ll do about life insurance
31:09 My term life policy
31:31 Benefits and perks to take advantage of
32:19 My ongoing discounts

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⚠️ CONTENT DISCLAIMER: This content is strictly for educational and informational purposes. Lissa does not provide legal, tax, or investment advice. While she is an Accredited Financial Counselor®, her content is not intended to offer investment advice or serve as a substitute for personalized financial guidance tailored to your specific situation.

💁🏽‍♀️ Hi! I’m Lissa — an Accredited Financial Counselor®, personal finance expert, speaker, and so much more ;). I started Wealth for Women of Color because not enough BIPOC women have a safe space to openly learn about money and building wealth from a voice that speaks to them.

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Making the decision to quit your job is a significant financial and personal decision that requires careful consideration. Before you take the leap, it’s important to make a plan for your finances to ensure a smooth transition. Here are 8 financial decisions to make before you quit your job:

1. Create a Budget: Before quitting your job, it’s essential to create a detailed budget that accounts for all of your expenses. This will help you understand how much money you need to cover your monthly bills and will help you identify areas where you can cut back if necessary.

2. Build an Emergency Fund: Having an emergency fund is crucial when you’re transitioning out of a job. Aim to have at least three to six months’ worth of expenses saved up to cover any unexpected costs that may arise.

3. Evaluate Your Health Insurance Options: If you currently receive health insurance through your employer, you’ll need to find alternative coverage once you quit your job. Research your options for individual health insurance plans or consider joining a spouse’s plan if possible.

4. Decide What to Do With Your 401(k): If you have a 401(k) or other employer-sponsored retirement account, you’ll need to decide what to do with it when you leave your job. Options include rolling it over into an IRA, leaving it with your former employer, or cashing it out (though that option may incur penalties and taxes).

5. Consider Income Generating Opportunities: Before quitting your job, think about ways to generate income to support yourself. This could include freelancing, consulting, starting a side hustle, or taking on part-time work.

6. Assess Your Debt Situation: If you have outstanding debts, such as credit card debt or student loans, create a plan for how you will continue to make payments once you quit your job. Consider refinancing or consolidating your debt to lower your interest rates.

7. Review Your Long-Term Financial Goals: Before quitting your job, consider how your decision will impact your long-term financial goals, such as saving for retirement, buying a home, or starting a family. Make sure you have a plan in place to continue working towards these goals.

8. Seek Professional Advice: Finally, before making any major financial decisions, it may be beneficial to seek advice from a financial advisor. They can help you evaluate your current financial situation, create a plan for your post-job finances, and provide guidance on achieving your long-term financial goals.

In conclusion, quitting your job is a major life decision that requires careful planning and consideration. By making these financial decisions before you quit, you can set yourself up for a successful and stress-free transition. Remember to create a budget, build an emergency fund, evaluate health insurance options, decide what to do with your retirement accounts, consider income-generating opportunities, assess your debt situation, review your long-term financial goals, and seek professional advice. With a solid financial plan in place, you can confidently take the next steps towards a brighter future.