What does the Great Resignation Mean for your Money?

The Great Resignation has become a buzzword that has come out of the pandemic as people are redefining what work means to them.

Many terms are being used to break down why this Great Resignation is happening and ways to make sense of it.

From phrases such as “The Great Re-evaluation” or the “The Great Negotiation,” one thing is for sure, employees are demanding more from the current work structure and companies are scrambling to appease them to fill in the gap in talent.

At this point, employers are struggling to find workers which begs the question, what does the great resignation mean for your money? How will this affect your financial life and what can you do to make sure that you are being set up for success with this new phenomenon?

The Great Resignation offers an opportunity to ask for more

Many people who are leaving their jobs as part of the great resignation are actually moving into better jobs.

Some are even starting businesses and entering new industries, thus enhancing their skills.

If you have switched jobs, now is the time to make more money as you will be able to increase your salary when you go from job to job instead of staying at your old company.

This creates an opportunity as you can negotiate at the new company and ask for more money with the chance to even negotiate other benefits including more vacation time and the ability to work from home.

Negotiating your salary is of utmost importance and is one of the best ways to ensure that you are adequately paid for your contributions. As employers are struggling to find talent, this could work in your favour and give you a fighting chance to significantly increase your salary.

Increasing your salary will enable you to pay down debt, save and invest more money and ultimately build wealth. It will also provide some relief especially if you are living paycheck to paycheck.

So I challenge you, when you get that job offer, advocate for yourself and ask for more, this can make a big difference in your financial life.

Entrepreneurship is one of the reasons for the Great Resignation and can create financial freedom

One outcome of the pandemic has been the meteoric rise of new entrepreneurs.

With many people starting businesses after being laid off in the pandemic or having more free time, they are now walking away from the traditional 9-5 job to pursue the reward and struggle of being an entrepreneur.

So how does that relate to your money life? Well, entrepreneurship can be the ticket to true financial freedom as there is no limit to how much you can make.

At the same time, it’s not an easy road but with the right business model, perseverance and resilience, it can be a true path to wealth.

With money coming in, you can increase your net worth and become financially secure. With the Great Resignation, people are taking a chance on themselves which can open the door to true abundance and financial prowess.

Low-wage workers are looking for better opportunities

Low wage workers particularly those in the hospitality, leisure and restaurant industries were largely affected by the pandemic.

With the demanding hours and stress associated with these jobs, workers are finding that they want more and are leaving those industries in droves.

This opens the incredible chance for them to build their skills and move into more high-paying jobs with great benefits that can be life-changing.

The cost of living continues to rise and workers who are paid minimum wage are looking to grow their paychecks to meet this demand in order to make ends meet and now is the absolute time to do just that.

Many folks are opting to take early retirement during this time

Let’s face it, COVID-19 has changed the way we assess how we want to live our lives.

It was a sudden change to our routines, relationships, work structure and this is propelling people to make major changes to their future plans.

As a result, many people are choosing to retire ahead of schedule as their nest eggs are performing well with stock market improvements and they feel it’s time to move into the next stage of their life’s journey.

In order to take early retirement, one has to ensure that they have sufficient funds to support their lifestyle and meet their obligations, especially in these times of inflation. This should be front and center before taking the leap.

At this time, people feel confident to move forward into this journey with the appeal of enjoying their twilight years to focus on other pursuits like volunteering or starting new ventures.

How Long will the Great Resignation Last?

The Great Resignation began in the Spring of 2021 and many theories abound about when it will actually end.

It’s hard to predict when it will eventually come to a close but one thing is for sure, it has created many opportunities for making some serious money moves and it’s worth capitalizing on so go get those coins!

If you are looking for more money tips, grab the FREE Get out of Living Paycheck to Paycheck Guide, check out the 90 Day Money Action Plan and start building wealth today.

What are your thoughts on the Great Resignation? Did you quit your job as well? Tell us about it in the comments below.

Photo by Andrea Piacquadio on Pexels.com