3 Tactics For Your Career “Get Out” Fund

January 13, 2024
2 mins read

3 Tactics For Your Career “Get Out” Fund

By Careers Expert

Saturday, April 29, 2017.

No one likes to think that, one day, their career might become untenable to the point they want to flee. We all like to think that we make sensible decisions, which means we would never find ourselves at such a point.

That’s not always the case, though. It’s a sad fact that something might look wonderful going into it: the dream job you always wanted, have worked for and strived for. Then you find yourself in the midst of the dream and realise it’s become a nightmare. As http://www.xojane.com/it-happened-to-me/i-quit-my-dream-job-because-i-wasnt-any-good-at-it shows, your expectations of the perfect match for you don’t always live up to reality.

The purpose of a “Get Out” fund is to allow you to do just that. It’s an amount of money that you can wrap around yourself like a security blanket, safe in the knowledge you can always run away if you have to. If you need to quit the job that’s making you depressed on short notice, then you have funds to fall back onto.

Putting a Get Out fund together can be difficult, especially if you have other people in your life who are aware of your finances – such as a partner or flatmates who might query what’s happening. So let’s run through three tried and tested tactics for getting your fund together.

1. Earn Through Different Means

Earning more money to provide for your fund can be tricky when it might be the job you’re currently in that you want to flee from. Spending more time in a place you clearly dislike can almost feel like a punishment, rather than the beginning of your liberation.

It therefore makes sense to utilise the online earning options to make money, such as completing surveys and doing small tasks, such as those mentioned on https://www.surveyssay.com/mypoints-review. These might be small increments of cash, but at least they don’t require more hours at a job you hate.

If you’re in an industry that allows freelance, it might be worth circulating your CV and seeing if there is anything out there.

Get ready to run.

2. Keep It Separate

When you have got the money for your Get Out fund together, stash it far away where you can’t access it. Of course, there is no absolute point where it’s complete – keep adding to it wherever possible. Just make sure it’s hard to access for everyday spending, but easy enough if you need to use it for its intended purposes.

As a general rule, stay away from bank accounts that require you to lock the money away for a specific length of time. The interest rates might be higher, but there’s no point having this fund if you can’t use it when needed.

3. Aim For Six Months’ Worth of Expenses

Any amount of money to get you out of a job you loathe is a going to help, but your main goal should be six months’ worth of basic expenses. This gives you time to look for a new job without financial needs pressing into you from the moment you leave your bad job. After all, you wouldn’t want to have to rush into re-employment and then find you hate that job just as much.

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