The time may come when it is time to move on. After you have exhausted all other options, quitting may be the only thing left for you to do. While you may have wished things turned out differently, making the choice to leave your job and pursue something new is nothing to be ashamed of. As in all areas of life, making decisions that empower you and bring you to new heights in your overall well-being and development are smart ones.
But before you call it quits, keep in mind the things you should never do. Even if you are leaving on what you consider to be bad terms, professionalism and poise are always key to a smooth and sophisticated exit.
Here are four things you should never do if you are planning to quit your job. You may be fed up or just "over it," but quit like a class act and you'll be a better person for it.
Don't Lose Your Cool
You may be at your wit's end, but once you lose control and say something you regret, you'll want to bury your head in the sand. Stay level-headed and be as calm as you can, even if you are quitting at a time of great stress or frustration.
As per The Balance, "Don't tell your boss and co-workers off… even if they deserve it. It is not just about being the bigger person. You never know who will turn up in your life at some point in the future. You may have to work with one of these people again. Even coworkers who are your allies may be put off by your behavior and may form a negative opinion of you."
Take a deep breath and go into the situation with discipline and directness, but never cross that line and risk damage to your professional reputation.
Don't Badmouth or Complain About Your Boss
If you know you are planning to leave the company, keep all thoughts about your boss to yourself, whether that means during "water cooler" chit chat among co-workers or with a potential new employer. It does nothing to help your cause or credibility.
Similarly, do not badmouth the company as a whole either. It stinks of pettiness and lack of appreciation. Instead, The Motley Fool suggests, "Stay positive. Focus on the exciting opportunities you have and how much you will miss your colleagues. Even if employees make a practice of badmouthing the company over lunch or post-work drinks, don't participate."
Remember, you are quitting anyhow, so name-calling is nothing but juvenile and mean-spirited. The rules of kindergarten always hold up.
Don't Sever Ties
You have your valid reasons for leaving, but that does not mean that the relationships you have built and contacts you have collected must be tossed aside and forgotten. If you depart from the company in a classy and friendly manner, you can keep those connections solid as you move towards the next step on your career path.
As per Wishing Well Coaching, "Don't burn bridges. Your network is one of your most valuable career assets. Keep the relationships you have and build new ones in your new place of work. No matter how sure you are that you're never going back to where you are working now, don't do anything you'll regret."
Don't forget, "You may need the company for references," as The Motley Fool notes. Keep in touch.
Don't Give Zero Notice
As per Wishing Well Coaching, "Quitting a job without notice is a sure way to burn bridges with your manager and co-workers, who are all left to pick up the pieces after your departure."
Your employer deserves respect and a decent amount of time to process your decision to leave and find a replacement. Walking in to your boss's office and walking out for good immediately after is in poor taste, unless something truly horrendous has happened.
The Motley Fool suggests, "You should give proper notice -- two weeks in most fields, but more in a few others. During your notice period you should make every effort to tie up any loose ends. Think about what the next person in your job might need and leave a hand-off note containing the relevant info."
You may be eager to move onward and upward but doing the right thing will end your time with the company on a high note.
Quit the quality way. And good luck in your next position!
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.