As economy recovers, workers consider voluntarily quitting; here's what you need to do to prepare

Tuesday, July 27, 2021
Can you afford to voluntarily quit your job?
"You got to do three things: you have to plan, plan and plan," says a financial advisor.

SAN FRANCISCO (KGO) -- The pandemic has changed what we want from a workplace, and some are questioning if they want a workplace at all. In April, four million employees quit their jobs voluntarily, a record high. It is a big step, one that Jerry Milenbach has taken before and plans to take again. Milenbach is a commercial real estate analyst.

He is in that position right now: "I am because of a relocation."

He says he made the decision on his own and is receiving wonderful support from his employer.

"I love the position I'm in, love the people of the company, but it just so happens that there's an opportunity that came up," Milenbach says. "I'm put in a position of okay, are there other positions, are there other industries, other jobs, that are going to be suitable for me?"

So what will it take for Milenbach to pull this off?

San Ramon-based George Noceti is a wealth advisor with Morgan Stanley.

He says, "Well, you got to do three things: you have to plan, plan and plan."

How do you do that? Noceti says, "You know your month's budget, you figure out all your mandatory costs that you have to do. Your variable costs: going out enjoying yourself a little bit. Multiply it times six months."

A huge number that is not easy to come by, but Noceti says you must try.

"That's the number you need to have, in general, before you decide to take off for two, three or four months, and then you need a couple of months of the backend to get a job," he says.

If the math does not add up, really think hard about if this is the right thing to do.

Jerry Milenbach concurs. "I do agree with that. You do have to definitely plan. There are people that are going by the shoe strings and are able to succeed at it, but the best thing to do, I suggest, is to plan."

Take a look at more stories and videos by Michael Finney and 7 On Your Side.

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