We just talked about Amping Up Your Side Hustle in the last post from February 2, 2022. If your side hustle has escalated to the point where you think you could go full time, or if you just want to swap gigs for something new because there’s so much work out there, you’ll want to reference this checklist before you quit your job so you don’t burn a bridge or leave cash on the table.
- Think Health Care FSA. Flexible spending accounts don’t move with you from job to job. Use the funds before you quit or the money is gone.
- Think Checkups. Your new job may have a probationary period before health insurance kicks in. Get routine checks out of the way and fill those prescriptions before you make the move.
- Think Vacation Time. Different employers have different rules about how residual vacation time is treated when an employee leaves. Make sure you know the rules and don’t lose your benefit.
- Think Health Insurance. We just said there could be a gap between when your old insurance ends and the new insurance kicks in. Fortunately, there are lots of remedies. COBRA continuation coverage allows you to continue in your old insurance plan so long as you pay the entire premium, including the former employer portion. Or you can apply on the Affordable Care Act website.
- Research you 401K. Know the rules on how you roll over your 401K and what fees and tax implications may be involved.
- Think Future. It goes without saying that you make your exit on good terms. You never know when the leap doesn’t work out and you need to go back.