Want To Quit Your Job And Chase Your Passion? 8 Things To Consider Before Taking The Plunge

Stories of professionals leaving high-paying corporate jobs to follow their passions always captures attention.

Most recently, a Chennai-based techie resigned from her Rs 30 lakh-per-annum job to travel full-time, calling it the biggest decision of her life. Earlier, a Bengaluru woman quit her HR job, which paid her Rs 1.5 lakh a month, to pursue baking. 

These stories are motivating, but such decisions work best when done after meticulous planning rather than on impulse.

Before quitting, ensure that you have at least six to 12 months of living expenses in a liquid fund. This can help cover rent, EMIs, insurance premiums and daily costs when the income becomes irregular. For those quitting their high-salary jobs, lifestyle costs are usually underestimated, so a good emergency corpus is not negotiable.

Passion projects take a long time to yield any real monetary gains. Consider the worst-case scenario by mapping out zero earnings for many months. Many passion projects have delayed cash inflows during the early stages of operations.

As soon as you resign, the health cover provided by the employer comes to an end. Buying a separate health insurance policy before resigning ensures that it is continuous without any breaks and also avoids higher premiums or exclusions later. Medical emergencies can derail even the best-laid plans.

Leaving a corporate job means retirement benefits like EPF contributions stop. Therefore, disciplined investing becomes even more important. Either increase the SIP allocations or look for other alternative methods of investment to remain on track.

Moving away from a high-paying job may require lifestyle adjustments. Dining out less, travelling differently or postponing big-ticket purchases may be necessary. Being mentally prepared for this shift reduces stress later.

Before you quit your job, try your passion on the side. Starting as a side hustle makes you understand the challenges, gauge demand and see if it's something you really enjoy doing every day. This is one way of figuring out if a full-time switch makes sense.

Spouses, children or ageing parents change the risk equation. Open discussions with family members and joint financial planning are important before making irreversible decisions. Passion should not come at the cost of financial security for dependents.

A break does not have to mean burning bridges. Keeping skills updated, maintaining professional networks and being open to returning to work is important.

Quitting a stable job to follow your passion is a personal thing. But you need to remember that while passion may fuel the purpose, planning keeps the journey sustainable.