Infomarine On-Line Maritime News - I quit my job to finally pursue my passion — but it meant a huge pay cut and now I’m always broke. Did I make a mistake?

But there could be financial implications to career regret. If you’re unhappy at work and putting in a minimal amount of effort, you’re less likely to be considered for a promotion (and salary increase). If you leave, however, you may end up having to take a lower-paying job — at least temporarily.

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If you’re worried about quitting over practicalities like paying your mortgage or receiving health insurance, you could try running “low-cost experiments” such as volunteering, Jon M. Jachimowicz, an assistant professor of business administration at Harvard Business School’s Organizational Behavior Unit, told HBS Working Knowledge. (4)

“There are so many ways that we can experiment that don’t require us to quit but remind us that we can consider quitting,” he said.

It’s a good way to test the waters, particularly in a tight job market and while the economy is particularly precarious.

Only 22,000 jobs were added to the U.S. economy in August, according to the Bureau of Labor Statistics. And the jobless rate ticked up to 4.3%, with more than one-quarter of unemployed workers remaining jobless for more than six months.

Plus, job hoppers are “no longer getting a big bump in pay,” according to an analysis by the Bank of America Institute, with job-to-job pay raises “moderated to around 7% in July.” (5)

According to BofA Global Research, “job prospects are likely to remain tough for younger workers as global trade tensions heighten economic uncertainty and some sectors swiftly embrace AI, potentially crowding out entry-level positions.” (5)

Coming up with an exit strategy

Since you could be job hunting for several months, it’s a good idea to make a plan before you quit.

Is your issue with the job itself or is there something larger at play? Maybe you’re bored and need a new challenge, even though you like your team or the company. Or maybe you like your job but don’t get along with your manager.

Consider whether you could look for growth opportunities internally, such as upskilling for a new role or transferring to a different department. Talk to your manager or HR about your career progression and if there are any opportunities to take on new projects or expand your role.

The good part is, if you get promoted, you’ll likely make more money, too.

If leaving is the best option, you may want to start job hunting before handing in your resignation. Research the job market (and salary range), speak to others in the industry about their experiences, update your resume and set up a few job interviews.

If you want to completely switch careers, like Jo, you may need to upskill or retrain, so budget for this as well. If that’s the case, consider online courses or night classes that you could complete while you’re still working (if such options exist). That way you’re earning money — not spending it — while you experiment with a new career choice.

If Jo had taken online courses or night classes in design, he could have tried out a few freelance gigs before quitting his full-time job. Maybe he would have been happy in his old job while pursuing his passion on the side (and even bringing in extra cash). Or maybe those side gigs would lead to full-time job opportunities in design gradually with time, once he’s built up his portfolio.

If you’ve decided to quit, try saving up at least three to six months-worth of expenses before you leave in case your job search takes longer than anticipated. If you have high-interest debt, you may want to focus on paying that off before you leave.

Remind yourself that switching to a new career takes time; you’re essentially rebooting your career and have to once again build up expertise and a new network of connections.

While Jo is making 40% less than he did at his old job, it doesn’t mean it will always be this way (assuming that’s not the industry standard). As he gains more experience, he may be more suited for mid-level jobs that pay more. Or maybe he can eventually run his own business and set his own rates.

In the meantime, he may need to rein in his spending and adjust his lifestyle to survive on a much smaller income or look for sidegigs to supplement his salary.

As Jachimowicz told HBS Working Knowledge: “The pursuit of passion is not a train with a destination, but a train with many different stops along the way. It’s OK if you take detours along the way to figure out where you’re going.” (4)