A billionaire who retired at 35 revealed why he always tells people to never quit their jobs and instead look to get fired.
Sam Dogen, 47, a former investment banker, said he didn’t follow his own advice when he quit his job earlier this year after re-entering the workforce for the first time since 2012.
While Dogen had a large retirement fund that allowed him to never work again, he offered his thoughts on leaving work for others who are not so fortunate.
“If you get laid off, you get unemployment benefits. You get a severance package, deferred compensation, subsidized health care. You get tons of stuff that gives you a huge financial advantage for your next venture,” he said. CNBC.
Sam Dogen, 47, a former investment banker who was able to retire at 35, revealed the most beneficial way to quit his job
Dogen, the billionaire founder of Financial Samurai, said he learned the secrets of leaving his job responsibly through his experience of recently resigning.
Since 2012, he has been living as a stay-at-home dad, and while he doesn’t work, he earns about $380,000 a year through passive income, mostly from a portfolio of stocks and investments.
But after selling much of his portfolio to finance a new home, he returned to work, but quit four months later.
Because he resigned, Dogen did not receive any severance pay, unlike when he left his workplace in 2012.
He said his severance package included three months of base salary and a six-figure severance check.
For those looking to do the same, he said the most important thing is to understand the power you have as an employee leaving a company.
“As a former boss, the worst thing that can happen is for a valued employee to resign and give you two weeks’ notice or less,” he said.
Dogen, the billionaire founder of Financial Samurai, said he learned the secrets of leaving his job responsibly through his experience of recently leaving his first job in a decade.
To start the process, Dogen said it’s vital to communicate to bosses that you’re unhappy, along with a warning that “ultimately, I’d like to leave if these changes aren’t made.”
“Maybe you’ll get a raise, maybe you’ll get more flexible hours. Great!” she continued. “No employer wants someone who no longer puts their heart into their work.”
Dogen said leaving on bad terms is a big no-no in this scenario, and if it comes to that point, then making your exit as easy as possible for your employer is the way to go.
He suggests telling bosses, “I’m willing to stay as long as possible to help make the transition possible, but with that in mind, let’s talk about a severance package.”
In 2012, Dogen said he remained in office for two months after having this conversation, during which time he helped train his successor.
“Most of the time, your employer will work with you, especially if you are an above-average employee,” he added.
Dogen pointed to the WARN Act, which requires large companies to give their staff 60 days’ notice before carrying out a round of layoffs.
If this happens, it may be the ideal way to leave a company, as companies generally give the equivalent of 60 days of base salary.
Dogen said getting fired can be a blessing in disguise and warned disgruntled employees that getting fired can have far more advantages than quitting.
He added that many people can seek additional cash compensation on top of their base, which can be one to three weeks of salary for each year served, as “standard.”
Looking ahead, Dogen said getting fired can be a blessing in disguise and offers far more benefits than quitting if you’re unhappy.
“If you are laid off, you receive unemployment benefits, severance pay, deferred compensation and subsidized health care,” he concluded.
‘You’ll get tons of stuff that will give you a huge financial advantage for your next venture.’
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