How I prepared financially to quit my 9-5 without another job lined up | 9-5 Escape Plan

In this video I go over the key things to consider before handing in your resignation notice, my personal tips on how to create a financial plan to quit your 9-5, a look into our finances, an explanation of how we prepared financially so I could quit my job without another job lined up, and lastly the MOST IMPORTANT thing to plan for before quitting your 9-5.
When I was deciding whether or not to quit my 9-5 job, I was paralyzed by the stress of how we would pay our bills.
I researched a ton and finally settled on a simple way to prepare financially to quit my 9-5 WITHOUT having another job lined up.
This “9-5 escape plan” isn’t full proof and depends on your personal financial situation and how willing you are to take financial risks.
But if you are miserable in your 9-5 and it’s taking it’s toll on your health, quitting without another job lined up may be your only option.
Let me know in the comments below how you've been doing ♡
xx Paige
♡ SIGN UP FOR THE ALIGNED ACTION NEWSLETTER!
mailchi.mp/567a6760c624/align...
♡ JOIN THE ALIGNED ACTION COMMUNITY!
/ 294196139179404
// Bonus Offers:
YNAB (1 month free!): ynab.com/referral/?ref=umi_ag...
Rover Referral ($20 extra!): sit.rover.com/3wNgZt
Instacart Shopper (New shopper bonus!): shoppers.instacart.com/?refer...
Videos you might enjoy:
Why I quit my 9-5: • Why I Quit my Corporat...
Recovering from burnout: • Recovering from burnou...
What my life looks like after quitting: • What my Life Looks lik...
Physical signs it was time to quit my job: • Physical Signs It Was ...
✉ email: [e-mail]
☞ instagram: / paigewest.co
Camera Equipment:
Camera: amzn.to/3lqAGDg
Tripod: amzn.to/3li0iSt
DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!
Timestamps:
0:00 Intro
0:54 Key things to consider before putting in your resignation notice
1:09 Health insurance costs
2:37 401K vesting period
3:43 Bonus payment posting dates
4:44 How to create your own financial plan to leave your 9-5 job
4:53 How many months of expenses to save
5:22 How will your expenses change naturally after quitting
5:49 What expenses can you purposefully cut out?
9:24 Save up for large expenses before quitting
9:48 Move somewhere with a lower cost of living
10:10 Things to consider before deciding to move after quitting
12:34 How to create a backup plan for if you can’t find a new job
15:03 Deep dive into our financial situation and budget
15:18 Intro to You Need a Budget (YNAB)
15:47 Income background
16:23 Our monthly average expenses
17:09 What categories we budget for
18:02 Which categories we included when deciding on our average monthly expenses post quitting
19:03 How many months of expenses we saved for and why
19:56 How much we planned financially before I put in my resignation
20:28 What our financial backup plan looks like
22:24 Ideas to increase your financial backup plan
23:09 How much I make doing gig work
24:09 The most important thing to plan for when quitting your job
24:56 Setting a timeline for your recovery
25:20 Give yourself a full week to do nothing
25:51 Create your recovery plan
26:51 Don’t push yourself too hard and fall back into old patterns
27:41 I’m here if you need me!
Music:
Music by CFEQ - House roast - thmatc.co/?l=F9B90D1D
Music by Naomi - The Coffee Shop - thmatc.co/?l=0109401D
Music by Naomi - Clouds - thmatc.co/?l=D3FDB42F
Music by ninjoi. - Where Do I Go - thmatc.co/?l=CAD3E0B6
Music by Juan Sánchez - Touch & Sound - thmatc.co/?l=0A6E3CF4
#quittingmyjob #burnout #financialplan

[@tenshinowingusu]

Just a bit into your vid, and not sure where you're based, but as of 2019,I believe CA mandates you having health insurance. I think you can be taxed extra or something if you are not insured, but they offer Covered CA, with lower premiums. So just a heads up to others to check what their state laws are.

[@PaigeWestCo]

Thank you so much! I knew that it was no longer required at a federal level but didn’t realize it was required at a state level in some states! I actually just discovered there’s a tax penalty in DC so I’m going to be looking into that this week😅 I’m going to pin your comment because that’s definitely something I should’ve mentioned in the video! Thanks again!❤️

[@tenshinowingusu]

@@PaigeWestCo Yay. Happy it helped you out. Hope you can find something affordable! 🤞🤞🤞

[@PaigeWestCo]

@@tenshinowingusu thank you so much! Me too!😅

[@hobgoblin4614]

Do not, I repeat, do not, and I mean NEVER. NEVER EVER feel bad for sticking around a few extra days to get a bonus. Companies milk the shit out of employees. Those executives are paid A LOT of money. You are getting a very small percentage of what an executive/partner makes. Also, companies lay people off everyday without even thinking. You are a number on a spreadsheet to them. If you quit a few days after getting your bonus who will have just been a number on a spreadsheet.

[@javierjaime9386]

I'm doing ebay right now and sometimes I make the same or more of what I used to get paid at my past job.I exercise daily and it's something I wouldnt do before when I had a job.In terms of health insurance I just go to he doctor in MX and they only charge $5 per visit lol or if I go to the dentist for example they charge around $20 and glasses it's like $50 for a pair of brand new glasses. It pays off to live in the border

[@daniellemayber6509]

Really good point about falling into old patterns and being addicted to stress! I just switched jobs a month ago and went from super stressful work to not being stressed and it was... actually kinda weird! Takes some getting used to. Thanks for sharing and I'd definitely love to hear more about getting stuck in patterns of stress and overworking!

[@PaigeWestCo]

Yes!! It’s crazy how our bodies actually get used to that and crave it in a sense after it’s gone!! I’ll add that as an idea for a future video because it’s definitely something I’ve dealt with a lot in the past few months!!❤️ thanks for commenting!

[@daniellemayber6509]

@@PaigeWestCo Yes would love to see that video!!

[@CyclingMartialartswithMusic]

The stress will creep in. My job was like that then they bombard me with work. Last week I did the work of my boss, another person and my actual work. Same pay.

[@jackiemartin7276]

Thank you for the true transparency! I appreciated seeing your numbers.

[@minimalmiss]

Love YNAB! I appreciate the detailed overview.

[@PaigeWestCo]

Me too!! You’re so welcome!❤️

[@kryssnw]

Super helpful information! Thank you ✨😊

[@PaigeWestCo]

So glad it was helpful! You’re welcome!🥰

[@robhype2372]

I can definitely relate to what was being said in tour video. I work in tech as a software developer in a high performance environment and I have experience most if not all what you have described atleast once over the past couple months. These are serious issues and that's why it's important to have strong support and discipline to put your health first.

[@PlanYourOneLife]

Very good points. I’m can tell that you really thought about everything before you decided to quit your job.

[@PaigeWestCo]

Thanks so much! I definitely was a lot less coherent with my plan when I was in the middle of it all but looking back, I definitely thought things through before pulling the plug!

[@GenZFinance]

absoutely love how powerful YNAB can be and the certainty it provides with spending and saving. this was a great video!

[@PaigeWestCo]

Agreed!! I love YNAB so much!❤️

[@sinshenn]

Love the advice!

[@PaigeWestCo]

❤️❤️

[@lolomissa]

Yes. 🙌 currently cutting out the non essentials trying to save up as much as I can just as an exercise but I am sure it will help long term for future goals when / if any hard times hit. 🙏

[@PaigeWestCo]

Yes that’s awesome!! ❤️ It’s always nice to have a cushion of money just in case!

[@lfgnelkwlgnl4823]

Thank you, loved the absolute openness, and subscribing for that reason! Please keep it going even when you (inevitably 😊) make it big on KZbin.

[@PaigeWestCo]

Thank you so much❤️ this made my day!! I will always be open and transparent here❤️

[@lfgnelkwlgnl4823]

@@PaigeWestCo It's rare to find people who share all of the actual numbers. Yet that's exactly what's most helpful! ❤️

[@PaigeWestCo]

100% agree!! That’s all I wanted to see when I was deciding whether or not to leave my job but couldnt find anyone who was sharing it! So glad it was helpful!

[@CJ-uj6wt]

This lady is really squared away! 👍👍👍

[@PaigeWestCo]

💜💜

[@dynamitestacey2230]

Great video Paige. Thank you so much for your transparency. Keep us updated on how you're doing in your journey and all the best in terms of figuring it all out.

[@PaigeWestCo]

You’re so welcome! Thanks so much for the support💜

[@sammcalilly107]

traveling is a good thing to do when you quit your job, just plan for it in your quit budget

[@lauralucero7846]

Thanks 🎉

[@lloydfrancis9149]

I've become a minimalist, cheers

[@PaigeWestCo]

I’m definitely feeling the pull towards minimalism lately!

[@StuffsewnbyJoan]

What about car and/or car note if you’re doing Instacart? Car insurance?

[@ceciliaramos2280]

Going to Dollar Tree for your toiletries will save you a lot of money. You would be surprised what you can find there.

[@PaigeWestCo]

Such a good idea!! Very true!

[@A__SB]

So after your recovery, are you going to return to an engineering type of job or exit the industry completely?

[@PaigeWestCo]

I haven’t fully decided yet to be completely honest! For now I’m continuing to do side gigs and working on my coaching services until the end of my lease. So by then I’ll have to decide what to do next and where to move😅

[@A__SB]

@@PaigeWestCo Best of luck in your search for something more meaningful to you!

[@PaigeWestCo]

@@A__SB thank you so much Aditya!

[@rinkydinkron]

Please "slow down", "lower your tone of voice" and "relax", Your videos totally stress me out!!!!!!!!

[@feefee8627]

I'm thinking of quiting my regular job for a work at home job it's getting too physical🤔🤔🤔

[@PaigeWestCo]

Working from home can be really nice! Especially if you have some space for a separate work area😊 start doing some research on the jobs/work you’re interested in and chatting with people! You got this!

[@feefee8627]

@@PaigeWestCo Thanks

[@visomething3207]

KZbin doesn't pay well. You need to add a patreon account with your youtube name and do these videos over there so you can earn more money. Continue to post once a week on KZbin to get more subscribers and more patreons Good luck 👍

[@PaigeWestCo]

Thanks for the input!💜 I’m still figuring everything out and definitely don’t plan on living off youtube ad revenue.. not sure how I feel about patreon but I’ll think about it for the future!

[@visomething3207]

@@PaigeWestCo I follow a girl on KZbin, her channel is Morgan Long, she has almost 50k subscribers and doesn't make but 500-800 a month from ad sense. However, she opened a patreon and she's making almost 5k a month from it. Definitely look into it. Perhaps wait until you have more followers so you'll have more patreons, but it's definitely were the money is at. Unless you do youtube sponsorships.

[@sarahpoindexter5718]

But, I really need my 10 step Korean skin care routine?🤣

[@PaigeWestCo]

Buy in bulk.. then quit LOL😂

[@sageflower2680]

We since you are now married no wonder you were able to quit your job without another one. A single person usually can't do that.

[@PaigeWestCo]

My husband was also not working when I quit my job so we had no income for awhile. We had been living off of only my income for almost four months when I left my job. It definitely helped with the amount of time I have after quitting but our expenses are higher than they were when I was single too. Overall, being married helped but also made it harder too! I hope you still were able to get something out of the video!❤️

[@TheUpgrade_Ki]

A single person can do that if they know how to manage money and cut back but if you don’t, you’re right.

[@plants4thewin]

🤣😂, How about cutting out quitting without a plan. LOL...this whole movement is just dumb. Its fine not to be happy, just suck it up and find something else.

[@hanifjones4914]

they can, so they do

[@aaajjjmmm1863]

I can sense how miserable your life is